Bitcoin Price Prediction – This Is Where BTC Will Reach Before 2023!

The crypto market has finally made its way to the top. Over the past week, most cryptos have risen by an average of 8% while the market capitalization of cryptos has crossed the $1 trillion mark. Bitcoin specifically managed to finally break through its psychological price of $20,000. Where will Bitcoin reach before 2023? Let’s evaluate in this conservative Bitcoin price forecast.

Bitcoin Price Up 8% – What Happened?

A few positive events happened in the past week which pushed Bitcoin prices higher. After prolonged consolidations, prices are bound to rise when a bit of positive news surfaces. However, the events that happened were quite significant:

  • UK Approved Cryptos: Whenever a country (especially a powerful country) recognizes cryptocurrencies, it’s a big deal for the crypto market. In effect, it reassures investors that they are investing in a “legitimate investment” and that they are not at risk of losing everything they have invested.
  • Elon Musk bought Twitter: Elon is known to be a crypto enthusiast. While the platform has been officially acquired, the crypto community believes that Twitter would integrate NFTs or cryptocurrencies on its platform. This is likely because Binance was one of the investors that backed Elon in buying Twitter.
Bitcoin price prediction: BTC/USD 4-hour chart showing BTC price rising
Fig. 1 BTC/USD 4-Hour Chart Showing Rising BTC Price – GoCharting
exchange comparison

Bitcoin Price Prediction – Where Will Bitcoin Price Reach Before 2023?

If we look back to June, it took Bitcoin 1 month to rise $5,000 in its best case scenario. If we assume the same from November 1, 2022, we can notice that Bitcoin prices could reach between $25,000 and $30,000. This assumes that the crypto market continues to grow on a steady uptrend. However, adjustments could occur, bringing BTC prices back towards the bottom bracket.

In a post on LinkedIn, we asked the crypto community about their assumptions for BTC prices ahead of 2023. The results were mixed, but 60% assumed that Bitcoin prices would remain in consolidation between $18,000 and $22,000. They mainly predicted price adjustments that would lower BTC prices.

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Will Bitcoin crash before 2023?

A bitcoin crash is a big word for bitcoin right now. There is no apparent reason for an accident. On the contrary, prices should increase. The worst case scenario would be another consolidation around the current price of $21,000. This means that if you wanted to get back on board, you might want to do so before the market rises further. However, remember to place your stop-loss triggers to avoid any losses in case the market turns sour.

BTC/USD 1-day chart showing potential Bitcoin price prediction
Fig.2 BTC/USD 1-day chart showing potential Bitcoin price prediction – GoCharting

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