It seems almost certain that the price of bitcoin (BTC) will remain at $42,000 in 2023. Despite this prediction, however, experts warn that the approval of a Bitcoin Exchange Traded Fund (ETF) has not yet been fully factored into current prices.
Bitcoin ETF application meets deadline, approval possible in January
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Bitcoin news
Bitcoin is in for a big rise
The crypto market has historically proven to be volatile, with price predictions varying widely. These specific predictions are made by individuals with significant experience in the world of bitcoin. To get started with crypto trader Chase:
“Technically, H4 is in a downtrend and wants around 40.5K in my opinion. But with that said, ETF approval should come within a week or two,” wrote popular trader Crypto Chase on X (formerly Twitter).
Crypto trader WhalePanda expects a limited upside around the approval, followed by a correction.
“Approval of the ETF takes us to approximately $50K. (…) Then just a steady rise like in a normal bitcoin bull markets, passing $70k in April-May with some stagnation in the summer and then ending the year around $100k-120k.” Said WhalePanda in one X-post.
According to the analyst, BTC could decline slightly in the months leading up to a potential ETF approval. The longer it takes, the greater the decline he predicts. However, he no longer sees the price falling below $38 thousand.
First Bitcoin ETF, followed by altcoins
The issue surrounding the spot Bitcoin ETF continues to cause division, even towards the end of the year. Adam Back, the CEO of the blockchain startup Blockstream, repeatedly emphasized that the price increase of the Bitcoin Spot ETF has not yet been fully reflected in the market valuation.
Altcoins are expected to perform optimally in the coming year. Dutchman predicts that Michael van de Poppethe founder and CEO of trading company MN Trading.
“The total market capitalization of crypto increased from $1 billion to $1.62 billion. The upside is excellent, but seems to be reaching a potential high. The area around $1.85 billion or $2.10 billion could be an area of consolidation,” he summarizes.
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2023-12-31 20:06:24
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