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Bitcoin price predictions for 2023 are here and here's what the bulls and bears are thinking

techsm5

Source: Trading View

Bitcoin price has been stable for the past 24 hours, holding its own at yesterday’s $16,796 while the broader market wobbles slightly lower. Its current price marks a 1% increase in a week, although the world’s top cryptocurrency is down 1.5% in a month and 75% from its all-time high of $69,044, set in November 2021.

Despite the current stagnation, more than a few figures within the cryptocurrency industry have predicted that bitcoin will see significant gains this year, with some even setting a target of $250,000. However, other experts believe that BTC will experience a few more drops before seeing the light at the end of the tunnel, with analyst Clem Chambers forecasting a low of $13,000.

Bitcoin price predictions for 2023 are here and here’s what the bulls and bears are thinking

BTC’s technical indicators suggest it should be driven by a rally sooner or later, with its Relative Strength Index (purple) languishing below 50 pretty much exclusively since early November. Likewise, its 30-day moving average (red) has remained well below its 200-day moving average (blue) since the start of last year, again signaling that a rebound is overdue.

Source: Trading View

Many commentators and industry figures indeed believe that bitcoin will experience significant rallies this year, with estimates ranging from modest to extremely bullish.

Long-term bull Tim Draper continues to hold his price target of $250,000, for example, with the trader suggesting he could hit that milestone as early as the middle of this year. His argument for this optimism is that bitcoin has yet to really benefit from an influx of retail investors, who will eventually come to the cryptocurrency as part of a “flight to quality.”

While Draper is probably the most optimistic voice among high-profile investors, there are still quite a few other pundits who expect BTC to gain this year. Altana Digital Currency Fund founder Alistair Milne has set a target of $45,000, based on how well central banks tolerate above-average inflation.

Optimistically, Milne also predicts that bitcoin will finish between $150,000 and $300,000 by the end of 2024, when the next halving reward is due.

Of course, not everyone is particularly positive. Analyst Clem Chambers, who predicted a stock market crash in 2022, now estimates bitcoin will fall to around $13,000 before improving, although he believes it will recover in the longer term.

His reasoning is largely based on the assumption that the contagion effects resulting from the collapse of FTX have not fully manifested. As such, the start of 2023 could bring some more high-profile meltdowns and bankruptcies, causing bitcoin and the broader market to fall further.

This is a realistic assumption, and based on the current macroeconomic climate, it is hard to imagine BTC enjoying a substantial rally in the coming 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 the new Altcoins

Either way, it’s clear that bitcoin holders and investors may be waiting a little longer for real joy. As such, traders looking for short-term gains may prefer to turn to newer altcoins, with pre-sale tokens having a particularly lucrative 2022, even with the bear market.

For example, Lucky Block (LBLOCK) and Battle Infinity (IBAT) saw gains of up to 6000% and 3000% from their initial presale prices of $0.00015 each. As another example, Tamadoge rose 1,800% after listing on OKX in October.

This is the kind of above-market performance that the two coins below seek to replicate, with each still offering tokens to the public ahead of exchange listings. They each have strong fundamentals and each looks set to be on track for 2023.

Fight (FGHT)

Running on the Ethereum blockchain, Fight Out (FGHT) is a movement-to-win platform that brings real-world workouts to Web3. Taking 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 integrated classes and IRL at its own branded gyms.

Launched in December, its token sale has already raised over $2.6 millionn, with 1 FGHT currently costing $0.0166, although this price will increase in the next stage of the sale.

Visit Fight Out now

Dash 2 Trade (D2T) – Overfunding cycle before listing

Another Ethereum-based platform, Dash 2 Trade is a comprehensive trade intelligence platform. Scheduled to launch in the coming 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 raised over $13.8 million and the Dash 2 Trade team is currently conducting an overfunding round ahead of D2T listings on January 11. It has already confirmed listings on BitMart, Changelly Pro, and LBANK Exchange, with more exchanges expected to follow.

Visit Dash 2 Trade now


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