The bitcoin price has remained flat in the past 24 hours, sticking to its $16,796 from yesterday while the wider market teeters downwards slightly. Its current price marks a 1% increase in a week, although the world’s first cryptocurrency is down by 1.5% in a month and by 75% compared to its all-time high of $69,044, set back in November 2021.
Despite the ongoing stagnation, more than a few figures within the cryptocurrency industry have been predicitng that bitcoin will enjoy significant gains this year, with some going even so far as to set a target of $250,000. However, other experts believe that BTC will experience a few more falls before it sees light at the end of the tunnel, with analyst Clem Chambers forecasting a bottom of $13,000.
Bitcoin Price Forecasts For 2023 Are In and Here’s What The Bulls and Bears Think
BTC’s technical indicators suggest that it should be due a rally sooner or later, with its relative strength index (purple) languishing below 50 pretty much exclusively since early November. Similarly, its 30-day moving average (red) has remained well below its 200-day (blue) since the start of last year, again signalling that a rebound is overdue.
Numerous commentators and industry figures do indeed believe that bitcoin will enjoy significant rallies this year, with estimates ranging from the modest to the exceedingly bullish.
Long-term bull Tim Draper is continuing to hold to his $250,000 price target, for instance, with the entrepreneur suggesting that it could reach this milestone as early as the middle of this year. His argument for this optimism is that bitcoin hasn’t yet really benefitted from an influx of retail investors, who will come to the cryptocurrency eventually as part of a “flight to quality.”
Whle Draper’s is probably the most optimistic voice among prominent investors, there are still a healthy number of other experts who expect BTC to gain this year. Altana Digital Currency Fund founder Alistair Milne has put out a target of $45,000, depending on the extent to which central banks tolerate higher-than-average inflation.
Optimistically, Milne also forecasts that bitcoin will end up between $150,000 and $300,000 by the end of 2024, when the next reward halving is due.
Of course, not everyone is especially positive. Analyst Clem Chambers, who predicted a market crash in 2022, now holds that bitcoin will fall to around $13,000 before it improves, although he does believe it will recover in the longer term.
His reasoning is based largely on the assumption that the contagion effects resulting from the FTX collapse have not fully played out. As such, early 2023 may bring a few more high-profile collapses and bankruptcies, with bitcoin and the wider market falling again as a result.
This is a realistic assumption, and based on the current macroeconomic climate, it’s hard to imagine BTC enjoying a substantial rally in the next few months. However, with inflation slowing and rates likely to stop rising as a result, who knows what the second half of the year may bring.
Short-Term Gains with New Altcoins
Either way, it’s clear that bitcoin holders and investors may be waiting a little while longer yet before they have some real joy. As such, traders looking for shorter term gains may prefer to look to newer altcoins, with presale tokens having a particularly lucrative 2022, even with the bear market.
For instance, Lucky Block (LBLOCK) and Battle Infinity (IBAT) recorded gains as high as 6,000% and 3000% compared to their initial presale prices of $0.00015 each. Another example, Tamadoge rose by as much as 1,800% after listing on OKX in October.
This is the kind of market-beating performance the two coins below are looking to replicate, with each still in the process of offering tokens to the public before exchange listings. They each have strong fundamentals, and each looks set to have a good start to 2023.
Fight Out (FGHT)
Running on the Ethereum blockchain, Fight Out (FGHT) is a move-to-earn platform that brings real-life workouts to Web3. Pushing things further than the first wave of M2E platforms such as STEPN, it will track and reward a much wider range of workouts, including boxing, weightlifting and yoga, while also offering in-app and IRL courses at its own branded gyms.
Dash 2 Trade (D2T) – Overfunding Round Before Listing
Another Ethereum-based platform, Dash 2 Trade is a comprehensive trading intelligence platform. Scheduled to launch in the next few months, it will provide real-time analytics and social trading data, giving investors of all experience levels the resources and tools they need to make better trading decisions.
The sale of its D2T token has raised over $13.8 million and the Dash 2 Trade team is now running an overfunding round before D2T lists on January 11. It has already confirmed listings on BitMart, Changelly Pro, and LBANK Exchange, with more exchanges set to follow.
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Rebecka Schroeder