#BITCOIN , Ethereum Forecast for 2023 and Other Cryptos to Watch for upcoming year

in #steem2 years ago

▀▄▀▄▀▄ ฿𝐢𝐭𝐜𝐨𝐢𝐧 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐟𝐨𝐫 𝟐𝟎𝟐𝟑 ▄▀▄▀▄▀

Bitcoin is ending the year at around $22,777.69 ($16,800 USD), down from about $26,440.44 ($19,500 USD) on the eve of the FTX crisis. If contagion continues to reverberate from FTX’s bankruptcy, BTC has more room to fall.

Even Cathie Wood, CEO of Ark Invest and a well-known Bitcoin advocate, acknowledges that large financial institutions may take a step back from crypto in the near term because of FTX.

Despite standing by her BTC prediction of $1 million USD by 2030 in a recent Bloomberg interview, Wood said, “The one thing that will be delayed is perhaps institutions stepping back and just saying, ‘OK, do we really understand this?’”

With crypto’s reputation badly dented by the crises and scandals of 2022 and wider markets hurting, another leg downward to $13,559.20 ($10,000 USD) may not be so far-fetched for BTC in 2023.

JPMorgan Chase & Co. analysts agree that the bottom is not in yet. The bank sees Bitcoin’s floor at around $17,630.80 ($13,000 USD), with “a cascade of margin calls” across the market following recent events.

Strategists also use Bitcoin’s production cost to forecast how far prices could fall. “At the moment, this production cost stands at $20,339.18 ($15,000 USD), but it is likely to revisit the $17,630.80 ($13,000 USD) low seen over the summer months,” the JPMorgan team stated in a note.

▀▄▀▄▀▄ 𝙀𝙩𝙝𝙚𝙧𝙚𝙪𝙢 𝙁𝙤𝙧𝙚𝙘𝙖𝙨𝙩 𝙛𝙤𝙧 2023 ▄▀▄▀▄▀

Where Bitcoin goes, Ethereum typically follows—or at least that has been the case so far.

After the Ethereum merge in September 2022, a major network overhaul for the second-largest crypto by market capitalization, some analysts are speculating that the price action of the pair could soon decouple.

“ETH is yet to benefit in terms of value from the recently launched proof-of-stake merge,” Kemmerer says. “Part of the reason is because of the crypto winter.”

Kemmerer believes the crypto could rise as high as $3,390.26 ($2,500 USD) in the next six months. While this is an aggressive bull case, the fact remains that the same developments driving Bitcoin’s price are impacting ETH. The macroeconomic climate must cooperate for upside gains to return.

If it doesn’t, Ethereum will likely fall further. Having dropped below $1,356.10 ($1,000 USD) in June, it would not be surprising to see a three-digit price for ETH again in the next six months, should more negative catalysts crop up.

▌│█║▌║▌║ 𝐔𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐂𝐫𝐲𝐩𝐭𝐨𝐬 🚀 ║▌║▌║█│▌

As bad as it’s been for Bitcoin and Ethereum in 2022, the situation has been significantly worse for other speculative altcoins.

While the bear market is raging, altcoins are not where investors probably want to be, and that predicament won’t change anytime soon. Many altcoins are facing an uphill battle to establish legitimacy during the bull market, a task that has proved harder now with less liquidity in the market.

Until Bitcoin and Ethereum recover, altcoins will continue their downward trend. And much like bear cycles of days gone by, many will cease to exist entirely.

Stablecoins represent an even more interesting case for 2023.

Crypto exchange Binance delisted several stablecoins in September, including USD Coin (USDC), the fifth biggest cryptocurrency at a market cap of $58 billion ($43 billion USD). Circle, creator of USDC, announced shortly after that they would launch a euro-backed stablecoin on Solana (SOL) in the first half of 2023.

Some analysts are predicting that competition could promptly pick up even more. This is due to the growing number of American state-sponsored stablecoin projects, known as central bank digital currencies (CBDCs).

Canada announced in November 2022 that it was launching a consultation on crypto, stablecoins and CBDCs. The Bank of Japan is piloting a rollout with major banks in early 2023. Turkey even announced it would launch a stablecoin next year, and many more countries are slated to do the same. One of them is far beyond the rest: China.

So far, China’s CBDC development has been limited to local areas, but next year could change that with wider adaption.

For current stablecoin issuers such as Tether (USDT), Circle and Binance, that means competition is heating up.

“Stablecoins are really in a tough spot because there’s little question that the advent of CBDCs is going to eat away at their market,” says Richard Gardner, CEO of fintech company Modulus Global.

The market for stablecoins is as difficult to forecast as the price forecasts of Bitcoin. Ethereum, or any other cryptocurrency.

One thing is certain: Risk in the crypto sector remains elevated.

Here are highly Predicted The Bear Market That will Explode in 2023 :
♦ Dash 2 Trade (D2T)
♦ RobotEra (TARO)
♦ Calvaria (RIA)
♦ io (IMPT )
♦ SuperFoodz (SBF)
♦ Hempzilla

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