Bitcoin Again Above $20,000, Will 2023 Be a Recovery for Cryptocurrencies?

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After months of waiting, Bitcoin once again crosses an important psychological threshold. Here’s what might happen in the near future.

In recent days, cryptocurrencies such as Bitcoin and Ethereum have seen a clear price recovery, with Bitcoin once again outperforming their share. $20,000 Valuation lost last August.

Several factors have driven prices up, including institutional investment and the growing popular acceptance of cryptocurrencies as a legitimate form of investment.

What will happen to Bitcoin now? Will Bitcoin hit $30,000 in valuation by 2023?


bitcoin 2022

bitcoin 2022

In line with Bitcoin’s historical trend, the long consolidation phase after the crash, also considering that in recent months we have had to absorb the drops in confidence caused by scandals, even important ones like the Ftx one, which risked dragging down important realities like Crypto .com behind it (we were the only ones in Italy to cover the story of the crypto.com Bank Run in those hours), the current one could be a phase of restarting the increases destined to stop the conquest of new highswhich today would mean betting a valuation of $100,000.

If this scenario were to materialize, this moment would be perfect to go back to buying Bitcoins, we remind you that for Money.it subscribers there is the possibility of having 6 months of commission-free operations with a primary Italian exchange, with the possibility, therefore, to save tens or hundreds of euros on your next cryptocurrency purchases. Sign up to access the promotion.

Bitcoin at $100,000 in 2023?

Can the new record in the area of ​​\u200b\u200b$100,000 be reached as early as 2023? With Bitcoin, it is really difficult to predict the weather, as with its huge volatility in trending phases, we have already seen prices multiply or drop a fraction in very short timeframes, often over the course of a single year.

The situation from an indefinite long-term perspective is different where Bitcoin, due to its intrinsic deflationary nature given by halving schemedefined at the birth of Bitcoin and immutable, it will inevitably tend to appreciate gradually reaching new highs as long as 2 conditions are met:

  1. Possession of Bitcoin does not become illegal and seriously prosecuted in much of the world
  2. The interest surrounding the technology and the use of BTC as a store of value in digital format due to its scheduled scarcity continues to be considered the reason for choosing bitcoin

It is therefore possible that this increase, equal to x5 compared to current prices, will occur during this year, on the other hand, another factor that we have not yet considered in this article but which is decisive in defining the speed of the upward trend of Bitcoin, the interest rate from central banks, will not change direction this year, at least according to the banks’ own announcements.

Indeed, it is excellent news for Bitcoin holders that prices are rising in a scenario where interest rates are still rising: when they are cut again instead of raised, we will almost certainly see further spikes in the price of Bitcoin, as we saw now seen different in the past. The hint of a recovery in the uptrend of these days therefore really bodes well for the future of the quintessential cryptocurrency over the next 12/24 months and, as always, the entire industry in tow.

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Source: Money It

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