The crypto market finally made its move higher. In the past week, most cryptos are up by an average of 8% while the crypto market cap breached the $1 trillion mark. Bitcoin specifically managed to finally breach its psychological price of $20,000. Where will Bitcoin reach before 2023? Let’s assess in this conservative Bitcoin price prediction.
Bitcoin Price up by 8% – What happened?
A couple of positive events happened last week which drove Bitcoin prices higher. After extended consolidations, prices are bound to increase when a small positive news surfaces. However, the events that happened were kinda major:
- The UK approved cryptos: Whenever a country (specifically a powerful one) acknowledges cryptocurrencies, this is a big deal for the crypto market. This is because is reassures investors that they’re investing in a “legitimate investment” and don’t risk losing everything they invested.
- Elon Musk purchased Twitter: Elon is known to be a crypto enthusiast. As the platform got officially acquired, the crypto community believes that Twitter would integrate NFTs or cryptocurrencies on its platform. This is probable as Binance was one of the investors that backed Elon in the Twitter purchase.
Bitcoin Price Prediction – Where will Bitcoin Price reach before 2023?
If we look back in June, it took Bitcoin 1 month to increase by $5,000 in its best-case scenario. If we assume the same starting November 1st, 2022, we can notice that Bitcoin prices might reach anywhere between $25,000 and $30,000. This is assuming that the crypto market continues to grow on a steady uptrend. However, adjustments might occur, bringing BTC prices towards the lower bracket.
In a LinkedIn post, we asked the crypto community about their assumptions for BTC prices before 2023. The results were mixed, but 60% assumed that Bitcoin prices will remain in consolidation between $18,000 and $22,000. They mostly predicted price adjustments that would bring BTC prices lower.
Will Bitcoin Crash before 2023?
A Bitcoin crash is a big word for Bitcoin currently. There is no apparent reason for a crash. On the contrary, prices are expected to increase. The worst case would be another consolidation around the current price of $21,000. This means that if you wanted to jump back on board, you might want to do so before the market increases further. However, don’t forget to place your stop-loss triggers to avoid any losses in case the market turns sour.
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