Will Bitcoin’s Price Go Up Before 2023?

• • Some experts believe that Bitcoin’s price will surge before 2023.
  • There has been an argument about this, others believe that BTC is bound to fall.

There is a heated debate in the crypto community about whether the price of Bitcoin’s token BTC, will go up in the coming year 2023. Several analysts are predicting that it could come between $12,000 and $16,000 in the months to come. This is in relation to the unpredictable macro environment, inflation, stock prices and the federal reserve data. According to Elon Musk there is a possibility that recession could last until 2024.

Bitcoin enthusiasts, influencers and maximalists predict that Bitcoin’s price could surge up to $80,000 and beyond. There is a strong case matter that BTC is likely to drop in the coming months ahead but also has potential to rise towards mid to late 2023.

Bitcoin’s period of growth and investor confidence runs together with the four year market cycle, which includes buying an uptrend and selling a downtrend. Generally, the accumulation part is expected to begin in 2023 but some argue that it will probably not happen until 2024.

In a tweet by Kevin Svenson, we can clearly see that a bull market had began around April when the 80-week bear market finishes up.

#Bitcoin Average Bear Market Length pic.twitter.com/3in9MsLaK2

— Kevin Svenson (@KevinSvenson_) October 19, 2022

The unpredictable nature of Bitcoin through its halving events encourages its prices to increase over time. Halvings result in the reward for miners being cut in half. The next one is scheduled to occur in April 2024. Despite the market’s instability Bitcoin’s deflating nature results in price appreciation for long term investors.

In another pessimistic view, other experts stipulate that we will not see a rise soon or next year 2023. Gareth Soloway of InTheMoneyStocks indicated that there is a small chance it could even plunge to $3,500:

There will be a pivot in Bitcoin as it matures as regulation helps people feel more confident… I think in the near term we’re going to see a little bit of a bounce then a wave down to $12,000 to $13,000, and then I do worry that you’re going sub $10,000 to $8,000 maybe even worst case scenario $3,500 very small percentage but that would be the equivalent of Amazon.com collapse in the dot com era.

If BTC falls to $12,000 or below it may not be profitable for miners to run the ecosystem and this would mean that transactions are no longer processed which could a problem that would severely affect the industry.