As 2022 is wrapping, Coinspeaker presents the plausible expectation for Bitcoin price in 2023 in this exclusive Advent Calendar series.
Dear Readers, as the year is coming to an end, we believe it will be insightful to help you prepare for the coming year. The cryptocurrency ecosystem, particularly Bitcoin (BTC), saw very impressive growth in the 2021 Calendar. The digital currency’s growth pace was not sustained in 2022 by reasons of the various headwinds the ecosystem faced.
The gloomy and bearish outlook of the cryptocurrency ecosystem this year has given quite a number of traders a scare about what 2023 holds for Bitcoin. As a leading crypto news platform, we bring you the projections of the proposed Bitcoin price for the coming year.
Bitcoin Price Action: How Far Has Bitcoin Come?
Bitcoin is the premier digital currency, one that defines the pace of growth for other cryptocurrencies (collectively called altcoins). Bitcoin started trading at a price of $65.53 more than 9 years ago according to data from CoinMarketCap, and despite its massively reduced price of $16,860.23, the coin has printed a growth of over 25,600% over time.
In November 2021, Bitcoin (BTC) hit its biggest price mark rising up to $68,789.63. The price mark at the time gave reassurance to every stakeholder in the blockchain ecosystem that the digital currency might actually be on its way to breaking the $100,000 price mark as popularly predicted by many industry veterans years ago.
The price retraced its bullish course this year and it plunged to its lowest level, $15,599.05, in over two years in November. This was triggered by the collapse of Sam Bankman-Fried’s FTX Derivatives Exchange. The bankruptcy of FTX offsetted the recovery trend for most cryptocurrencies which had been under consistent onslaught all year long.
Notably, the month of November signaled two different events within the past 12 months. While that of 2021 signaled the zenith price of the coin, that of this year showcased the lowest since Bitcoin crossed the $20,000 benchmark.
So, What Is the Price Prediction for Bitcoin in 2023?
Bitcoin might have been battered, but its fundamentals are still very strong and it still presents a promising investment option for both retail and institutional investors.
Except for a major event surfacing to refuel the price of Bitcoin, the digital currency is bound to enter the new year with a price tag of $18,000. Should investors choose to forgo the events of 2022 and approach the coin with a renewed mind, we can see Bitcoin’s price close in January at $21,000.
Here is a summarized projection of Bitcoin for each month in the coming Calendar Year. The price is computed to reflect the close price for the month.
- January 2023 – $21,000
- February 2023 – $24,000
- March 2023 – $25,500
- April 2023 – $30,000
- May 2023 – $28,000
- June 2023 – $31,000
- July 2023 – $35,000
- August 2023 – $44,000
- September 2023 – $42,500
- October 2023 – $50,000
- November 2023 – $56,800
- December 2023 – $70,000
Based on these projections, we can be sure that the price of Bitcoin is likely to see bullish growth beyond its previous high by the end of 2023. The intermittent retracement in the price is evident in the market reaction to periods of price surges.
Bolstering Factors
As far as Bitcoin is concerned, the maximalists are beginning to win the argument that any other investment besides that of BTC might be a waste of funds. With the bankruptcy of Celsius Network, Voyager Digital, FTX, and BlockFi, the industry is beginning to see that some outfits are not real to bank on.
With Bitcoin not under the control of anyone, the digital currency may continue to witness enhanced accumulation by companies looking to integrate digital assets. Popular investment advisor, Robert Kiyosaki popularly called Rich Dad has also continued to advocate for investment in Bitcoin, Gold, and Silver, all considered to provide a certain amount of protection against inflation.
Why buy gold, silver, Bitcoin? Bank of England pivot means buy more GSBC. When pensions nearly collapsed it exposed Central Banks cannot fix…INFLATION. Pension have always invested in G& S. Pension funds now investing in Bitcoin. They know Fake $, stocks & bonds are toast.
— therealkiyosaki (@theRealKiyosaki) October 7, 2022
The Bitcoin price prediction for 2023 is the first in the series of predictions we would be sharing in our Advent Calendar, stay tuned for more episodes each day of this month.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Source: https://www.coinspeaker.com/bitcoin-price-2023-coinspeaker-advent/