2022 is very tough for all cryptocurrencies, including Bitcoin. In fact, the world’s largest cryptocurrency, Bitcoin has lost almost 65% of its market value throughout 2022. Crypto enthusiasts are caught off guard by a series of negative events such as the crash of Terra Luna, the collapse of the major crypto exchange FTX, and the impending macroeconomic situation.
But there are many questions on everyone’s mind: what will happen next? Will Bitcoin rise to its previous highs?
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This is a detailed reading that will help you discover all the Bitcoin price opportunities in 2023. Will Bitcoin Rise Again in 2023?
(The bullish view)
Bitcoin, the world’s largest cryptocurrency, which is at a nine-month high of $28,000, continues to trade in a fashion that has rallied above the $27,850 level at the time of writing. Bitcoin started to correct its price as soon as it could not clear the stop level of $ 28,000 necessary last week. However, it continues to hold the $27,000 level and the immediate resistance level at $28,000. However, the global
cryptocurrency market capitalization is trading at around $1.16 trillion, which is up almost 0.68% in the last 24 hours.
BTC may be struggling to touch the $28,000 level, but its potential continues to grow. BTC dominance is at a nine-month high, more than 45% for the first time since June 2022. In fact, Bitcoin’s dominance continues as many altcoins such as Cardano (ADA), Polkadot (DOT),
Avalanche (AVAX ), Litecoin. (LTC) and others have fallen, with BTC holding above $27,500. BTC saw a sharp retracement of more than 20% after the previous muscle session. As of this writing, Bitcoin is trading well within a healthy range of the 27,500 level. Just a week ago,
the world’s largest cryptocurrency, Bitcoin, fell below the $20,000 level. This week, a tech spinoff from Silicon Valley Bank sent the US banking system into a panic. Although the future of Bitcoin is still unknown, retail investors should be alert and cautious of any bitcoin
movement, as it has been a turbulent month for bitcoin. Bitcoiners should remember that the currency is still trading at almost 65% of its peak. The reason for this change is the state of the economy in big markets like the US and the UK.
India’s stance on cryptocurrencies continues to be tough, with the government placing all crypto-related transactions under the Money Laundering Act. In a statement published in the official gazette, the Ministry of Finance in India said that all transactions involving virtual
currency or digital assets will fall under the jurisdiction of the Prevention of Money Laundering Act (PMLA).
At first glance, the new development may seem harmful to the crypto community in India. On the ground, the company has accepted this decision as a whole because it is a step to control this opportunity, since there are no regulators, the enforcement agency will start immediately with any change.
It should be noted that the price of Bitcoin showed a positive signal once it broke the critical level of $16,800. The price went up again and continued to show the current signal. Many expect the situation to stabilize and BTC to continue its supportive run this month. One of the
reasons why experts are afraid of Bitcoin is that the next year, 2024, is the year for the reduction of Bitcoin activity. The Bitcoin Halving event happens every four years when Bitcoin’s reward to its miners is reduced (the miner’s fee will be reduced to 3.125 BTC). This event is
generally seen as a good thing for the price of Bitcoin, as the disruption helps reduce the supply. Historically, the halving has been seen as a very positive sign to give Bitcoin’s price a boost. History of Bitcoin
So if we look at the data, Bitcoin’s past semi-events can establish long-term drivers for Bitcoin’s price. The Bitcoin halving event is directly linked to the deflationary event that reduces its supply, which helps the price of BTC rise further. Since Bitcoin, being a decentralized
cryptocurrency, cannot live by the government or central bank, the total supply of Bitcoin is therefore limited.
Also, large investors known as “Bitcoin Whales” have started to accumulate BTC again. According to data from on-chain aggregator Santiment, large Bitcoin whales hold between 1,000 and 10,000 BTC in their wallets, indicating that investors have filled their wallets with more BTC, which may indicate sign of bitcoin recovery.
Could Bitcoin Reach $100,000 By 2023? We all know that BTC is up more than 80% since the beginning of this year. O
