Bitcoin’s 40% Rally in 2023: Will the Positive Trend Continue?
After an exceptionally bearish 2022, Bitcoin (BTC) has seen a remarkable rally in the start of 2023, with the asset surging more than 40%. However, the crypto markets remain highly volatile, with BTC oscillating between the $20,000 and $23,000 marks. Analysts are uncertain if the positive trend will continue, but are optimistic about the long-term potential of the asset.
At the time of writing, BTC was trading for $23,593 and had recorded a 2.6% drop from its weekly high of $24,229. BTC’s 24-hour trading volume is $15 billion and it holds the top position according to the CoinMarketCap ranking. Its market capitalization stands at $449 billion.
Ark Investment Management, headed by Cathie Wood, believes that the price of bitcoin could rise by a whopping 6,326% over the next decade, taking it to a market value of $1.48 million by 2030. According to Ark Invest, the value of Bitcoin could skyrocket to nearly $1.5 million by the year 2030, representing a massive 6,326% increase from its current price. In ARK's worst-case scenario, Bitcoin's value is still predicted to reach a high of $258,500 by the year 2030. Under the company's “base case” prediction, Bitcoin is expected to reach a value of $682,800.
Despite the positive start to 2023, there is still uncertainty surrounding the market as investors wait for US macroeconomic data to stabilise. If the data shows that inflation is not slowing down as expected or even increasing, it will be favorable for the US dollar and harm the positive trend in cryptos.
The CPI data for January 23, scheduled to be released on February 14, carries a lot of importance.
Trader Tardigrade believes that a decrease in value followed by a recovery to a higher value would be a good opportunity for investors to buy (go long), and he believes that the bear market is still ongoing.
0. “Bitcoin can't break $24k as investors await super important Fed chair speech – This is what you can expect” Crypto News Flash, 6 Feb. 2023, https://www.crypto-news-flash.com/bitcoin-cant-break-24k-as-investors-await-super-important-fed-chair-speech-this-is-what-you-can-expect/
1. “Bitcoin Price Prediction as $20 Billion Trading Volume Comes In – Can BTC Reach $30,000 This Month?” Cryptonews, 5 Feb. 2023, https://cryptonews.com/news/bitcoin-price-prediction-as-20-billion-trading-volume-comes-can-btc-reach-30000-month.htm
2. “Bitcoin could hit $1.5 million in just 7 years according to a new report from Cathie Wood’s ARK Invest” Yahoo! Voices, 1 Feb. 2023, https://www.yahoo.com/now/bitcoin-could-hit-1-5-211052974.html
3. “Bitcoin (BTC) drops below $23,000. Can BTC go below $20,000?” The News Minute, 6 Feb. 2023, https://www.thenewsminute.com/article/crypto/bitcoin-btc-drops-below-23000-can-btc-go-below-20000-172920
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