The love month has been a roller coaster ride for crypto investors and traders due to the market volatility, but crypto analysts are confident that Q3 and Q4 of 2023 will turn out best for BTC. The leading cryptocurrency Bitcoin showed its best performance recorded up nearly 40% in Jan 2023. That led the analysts to believe how high this trending digital asset could fly in upcoming years.
Cathie Wood, the Ark Investment CEO, recently shared her BTC prediction. She believes that Bitcoin may reach $1.48 million by the end of 2023. Earlier, Cathie predicted that the largest cryptocurrency would surge to $1 million. Recently the second largest investment bank, Goldman Sachs, has called Bitcoin the “world’s best-performing asset of 2023.”
According to major economists, nations facing hyperinflation can adopt Bitcoin. Currently, El Salvador and the Central African Republic have adopted Bitcoin as legal tender. Some countries, such as Japan and Switzerland, have introduced new regulations for crypto assets and their service providers. Some countries, like the US, UK, UAE, and European Union, are at the drafting stage. So there is a possibility that Bitcoin and other crypto assets will be widely accepted in the future.
Earlier, John Boozman, the United State Senator from Arkansas, commented that bitcoin is considered a commodity more than cryptocurrency. He said that US federal courts and the Securities and Exchange Commission (SEC) see cryptocurrency as a commodity.
Crypto investment is just like a roller coaster ride
The crypto market is off to a good start at the start of the year, with leading cryptocurrencies like Bitcoin and Ethereum. But suddenly, the tables are flipped in the middle of Feb 2023. The unanticipated price drop of crypto assets is due to the sudden announcement of an investigation by the US regulator Securities and Exchange Commission (SEC), on Kraken for breaching the nation’s security laws.
According to CoinMarketCap data, at the end of January, BTC reached $23,000, up from $16,000 at the start of the year. BTC experienced a 40% growth rate in its value in Jan 2023. For the past seven days, Bitcoin’s price has been swinging between $21,500 to $22,800. Currently, the BTC is trading at $21,845, up by 0.55% in the past 24 hours.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other devices. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/02/12/cathie-wood-shared-predicted-bitcoin-price-is-she-right/