What’s on the Cards for Bitcoin in 2023?

Happy new year to everyone! Not a few days have passed since we entered 2023, and the boldest (and darkest) Bitcoin predictions are already here. Nothing has changed in regards to the price. Those calls for a Bitcoin rally in the last few days of 2022 didn’t come to life. Bitcoin’s price is clinging to the mid $16,000, with slight pushes at the $17,000 level and newfound volatility.

But, enough about that – the price is obviously stuck at the moment and will be for at least January. We’re here to talk about the wildest and boldest Bitcoin price predictions experts have already set.

What’s on the Books?

Predicting Bitcoin’s price by the end of the year is ungrateful. Whatever you say, you will most likely be wrong. Bitcoin’s volatility is too hard to catch up, and recent global finance and inflation developments aren’t likely to help its case. Decentralized finance was supposed to move independently of centralized finance and any pressure from that system, but in the end, it was clear that they’re pretty much correlated.

2022 was a very tough year for crypto. But, the clouds may clear up in 2023. Some Bitcoin bulls, like Tim Draper, are very optimistic with their price predictions. Draper says that BTC is on course for $250,000, which pretty much looks like every crypto investor’s dream. He said that this prediction might become true in mid-2023. Even after FTX’s collapse, he’s stayed with that outcome.

In order for it to reach that level, Bitcoin must make a 1,400% jump. That seems very unlikely in the current geopolitical and financial climate, but hey, stranger things have happened. Despite depressed prices, Draper might be right about one thing. The dam is about to brake as the market is obviously bottomed up.

The 2024 halving is also supposed to help Bitcoin’s price get back on its feet, if Draper’s prediction fails. This event takes place every four years, cutting Bitcoin mining rewards in half. It essentially squeezes supply to Bitcoin miners, and might have a positive impact on the price. At least it did previously, although the last halving in 2020 didn’t help the price a lot.

Miners Are Squeezed by the Price and Energy Slump

The reason why many aren’t banking on the halving solution is the state of Bitcoin mining. In short, Bitcoin miners are squeezed by the price and energy slumps around the world. Prices have never been higher, inflation is rampant, and the Russia-Ukraine war is taking its toll. Miners use power-hungry machines to verify transactions and create new tokens, and this seems impossible with the energy prices right now.

However, according to some experts, the fact that miners are selling their equipment might ease pressure on Bitcoin and its prices. Historically, miner capitulation has indicated major bottoms, and that might be happening right before our eyes. Just like Draper’s, this is a positive prediction for BTC’s price which may not come.

On the other side of the Moon, the worst pessimists have predicted a 40% drop this year. Bitcoin investor Mark Mobius expects the price to hit $10,000 this year, and he’s bent on sticking with this decision. We’ve just started the year and it’ll be a wild ride for sure. Let’s see who gets on top.

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