The price of the world's first cryptocurrency has increased by 1% in the last week, but it has decreased by 1.5% in a month.
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The bitcoin price has remained constant in the last 24 hours, remaining at $16,796 from yesterday, even though the overall market has dropped slightly. The price of the world's first cryptocurrency has increased by 1% in the last week, but it has decreased by 1.5% in a month and by 75% from its all-time high of $69,044 in November 2021.
Despite the current standstill, several analysts in the cryptocurrency sector have predicted that bitcoin will experience major growth in 2023. Several have already set a target price of $250,000 for this crypto. Analyst Clem Chambers predicts a bottom of around $13,000; however, other analysts think BTC will see a few more drops before it hits a high at the end of the journey.
Here are the bullish and bearish predictions for the price of bitcoin in 2023
Given that BTC's relative strength index (purple) has been stuck below 50 for the majority of November, according to technical indicators, it should eventually be due for a rally. Likewise, since the beginning of last year, its 30-day moving average (red) has been significantly lower than its 200-day moving average (blue), indicating that a comeback is overdue.
Several analysts and industry leaders predict that bitcoin will experience major price increases this year, with predictions ranging from conservative to extremely positive.
Long-term bull Tim Draper, for instance, is sticking to his $250,000 price target, with the entrepreneur estimating that it could be achieved as early as the middle of this year. His reason for optimism is that bitcoin has yet to benefit from an infusion of retail investors, who will soon rush to the cryptocurrency as part of a "flight to quality."
While Draper is undoubtedly the most enthusiastic voice among notable investors, a fair number of other analysts believe BTC will rise this year. Alistair Milne, the founder of Altana Digital Currency Fund, has set a target of $45,000, based on how much central banks can tolerate inflation that is higher than usual.
Milne predicts that bitcoin will be worth between $150,000 and $300,000 by the end of 2024 when the following reward halving is due.
However, not everyone is particularly optimistic. Clem Chambers, who predicted a market collapse in 2022, now thinks bitcoin will drop to roughly $13,000 before recovering, while he believes it will recover in the long run.
His justification mainly rests on the assumption that the FTX collapse's contagious impacts have not yet fully appeared. As a result, early 2023 may see a few further high-profile bankruptcies and collapses, which would cause bitcoin and the market as a whole to decline once again.
This is a valid assumption, and given the current macroeconomic environment, it is difficult to see BTC experiencing a significant surge in the next months. But then who knows what the second half of the year may bring with inflation dropping and rates expected to stop increasing as a result.