The price of Bitcoin has remained stable over the past 24 hours and is up to $16,796 yesterday, while the broader market is slightly lower. While the world’s first cryptocurrency is down 1.5% on the month and 75% from its all-time high of $69,044 set in November 2021, its current price is up 1% for the week.
Despite the ongoing stagnation, more than a few figures in the cryptocurrency industry are predicting that bitcoin will make significant gains this year, with some even going so far as to target $250,000. However, other experts believe that BTC will experience a few more dips before seeing the light at the end of the tunnel, with analyst Clem Chambers predicting a bottom of $13,000.
Bitcoin Price Predictions for 2023 and What the Bulls and Bears Think
BTC’s technical indicators show that its relative strength index (purple) has only dipped below 50 since early November, prompting a rally sooner or later. Likewise, its 30-day moving average (red) has remained well below its 200-day (blue) since early last year, again suggesting a rebound is overdue.
Numerous commentators and industry figures indeed believe that bitcoin will enjoy significant rallies this year, with estimates ranging from modest to extreme bullishness.
Long-term bull Tim Draper, for example, continues to hold his $250,000 price target, suggesting the entrepreneur could reach that milestone by 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’s is probably the most optimistic voice among prominent investors, there are a healthy number of other pundits who expect BTC to make gains this year. Alistair Milne, founder of the Altana Digital Currency Fund, set a target of $45,000, depending on how well central banks tolerate higher-than-average inflation.
Optimistically, Milne also predicts that bitcoin will end up between $150,000 and $300,000 by the end of 2024, the time of the next bounty halving.
Of course, not everyone is particularly positive. Analyst Clem Chambers, who predicted a market crash in 2022, now believes bitcoin will recover in the long run, but thinks it will fall to around $13,000 before recovering.
His reasoning is largely based on the assumption that the contagion effects caused by the FTX spill are not fully manifested. So early 2023 could bring a few more high-profile crashes and bankruptcies, sending bitcoin and the broader market down again.
This is a realistic assumption, and based on the current macroeconomic climate, it’s hard to imagine BTC getting a significant rally in the next few months. But with inflation slowing and growth likely to eventually stall, who knows what the second half of the year might bring.
Short Term Profits With New Altcoins
Either way, it’s clear that bitcoin owners and investors may have to wait a little longer before experiencing real joy. As such, traders looking for shorter-term gains may prefer to look at newer altcoins, with pre-sale signs having a particularly lucrative 2022 even in a bear market.
For example, Lucky Block (LBLOCK) and Battle Infinity (IBAT) have gained as high as 6,000% and 3,000% compared to their initial sale prices of $0.00015 each. Another example is that Tamadoge rose 1800% after entering OKX in October.
It’s the kind of market-beating performance that the two coins below are trying to replicate, each still in the process of offering tokens to the public ahead of exchange listings. They each have strong fundamentals and each looks like a good start to 2023.
Fight Out (FGHT)
Running on the Ethereum blockchain, Fight Out (FGHT) is a for-profit platform that brings real-life training to the Web3. Taking it further than the first wave of M2E platforms like STEPN, it will track and reward a wider range of workouts, including boxing, weightlifting and yoga, while also offering in-app and IRL courses at its branded gyms.
Launched in December, its token sale has already raised more than $2.6 millionn, 1 FGHT is currently going for $0.0166, although this price will increase in the next phase of the sale.
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Dash 2 Trade (D2T) – A pre-listing crowdfunding round
Another Ethereum-based platform, Dash 2 Trade is a comprehensive trade intelligence platform. Scheduled to launch in the next few months, it will provide real-time analytical and social trading data and give investors of all experience levels the resources and tools they need to make better trading decisions.
The D2T token sale raised over $13.8 million The Dash 2 Trading team is now conducting an extreme funding round Before the D2T listings on January 11th. It has already confirmed listings on BitMart, Changelly Pro and LBANK Exchange, with more exchanges to follow.
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