It’s that time of the year again! Every January, we pause to take a look at the past year and analyze the progress made by digital assets and the wider crypto market. We then use this information to make our bitcoin prediction for the future.
In Short - Factors that can influence the price of Bitcoin in 2023
1. Market sentiment:
Positive or negative news about bitcoin can influence the perception of the general public about the cryptocurrency. This can cause the price to rise or fall
2. Regulations
The decisions of governments and financial institutions around the world can affect the price of bitcoin. For example, if a country were to ban bitcoin, the price could fall.
3. Adoption
As more and more people and businesses start to use bitcoin, the demand for it increases, which can drive the price up
4. Competition from other cryptocurrencies:
The rise of other cryptocurrencies can cause the price of bitcoin to fall if it loses market share
5. Security of Bitcoin exchanges:
If a major bitcoin exchange is hacked or suffers some other security breach, it can cause the price of bitcoin to fall
6. Mining difficulty:
The difficulty of mining new bitcoins can affect the price of bitcoin, as it can make it more or less expensive to produce new coins
Keep in mind that these are just some of the many factors that can influence the price of Bitcoin, and it's difficult to say for certain what will happen in the future.
Bitcoin Remains the KING
Bitcoin killers will still be around in 2023 - despite having done nothing so far. Bitcoin is a revolutionary technology. It's the most popular cryptocurrency in the world, with a market cap of over $8 billion dollars and an estimated total user base of over 100 million people. If you're looking for an investment in 2023 that will grow at an impressive rate over time, Bitcoin might be your best bet.
Bitcoin has also been around longer than any other cryptocurrency. It was released as open-source software in 2009 by Satoshi Nakamoto (whoever he or she is). Since then, it has continued to evolve constantly; there are now more than 1600 different cryptocurrencies out there that all claim to be superior versions over BTC! Are They? We doubt that.
Bitcoin's decentralized nature means any single entity or person can't control it; instead, everything happens through consensus among users on blockchain technology which makes this type of group decision-making possible without needing any central authority controlling how things should operate within their ecosystem where everyone has an equal say in what happens next - unlike traditional financial institutions like banks where only big companies have power over who gets access based upon who pays more money into them first.
By summer 2023, Institutional investors will have gobbled up over 35% of all BTC in circulation
By summer 2023, institutional investors will have gobbled up over 35% of all BTC in circulation. This is due to the fact that bitcoin is a safe haven asset and store of value, which helps investors make money when markets are unstable or uncertain. In addition to this, it also has appeal as an inflation hedge against geopolitical risks and economic uncertainty.
Bitcoin whales (those with more than 0.1 BTC) would account for almost 70% of BTC supply by 2023
The vast majority of bitcoin whales are large holders of bitcoin, and they can influence the price in many ways. They can sell their holdings at any time, which may cause a temporary drop in price. They can also buy more bitcoin at any time, which will cause an increase in supply and lower prices (assuming they don't wish to sell). If there is a large enough buying or selling spree, it could send shockwaves throughout the market that last for weeks or even months!
Because these people have so much money invested in BTCs, they have more power than most investors do when it comes down to influencing how many coins are created each day—and therefore how much value each coin has relative to others within its class."
Bitcoin’s price action in 2023 will be dictated by Wall Street and not by Redditors
The price of bitcoin will be determined by the actions of institutional investors, not by people on Reddit. There is a difference between an online discussion board and investing in a financial asset. If you want to make money from bitcoin, you need to understand that it is not for everyone and that there are some risks involved with investing in cryptocurrencies at this time.
Bitcoin price prediction 2023 should also be taken with caution because many factors could influence its price such as politics or new regulations around cryptocurrencies being introduced by governments around the world."
2023 will go down as the year of NFT bubbles bursting
NFTs are a big deal. NFTs aren't new, but they're becoming more important than ever, especially as we enter 2023. We're going to see more companies develop and launch their own digital assets, which means that even if you don't want to be part of this industry yet, it could be worth keeping an eye on in case you want to invest later on down the line when things get more mainstream.
In short: NFTs will continue being popular for the foreseeable future, especially NFT domains, which have seen massive growth over the last few months. Platforms such as Quik.com and UnstoppableDomains have proved to be great alternatives to ENS domains.
The US Dollar will continue to lose its value against other fiat currencies
Inflation is the primary reason for the US dollar losing its value. The Federal Reserve has been printing money at an unprecedented rate, creating inflation that surpassed 3% in 2019. This is expected to continue into 2021 and beyond as the government continues to rack up debt without paying off any of it.
The other two reasons for this trend are trade wars and countries printing their currencies. Over time, these issues will cause investors to flee from currencies backed by governments or fiat (paper).
Conclusion
In the end, bitcoin’s price will be dictated by Wall Street and not by Redditors. The SEC will continue to release ICO-related announcements that will keep the price of BTC stable, but bear in mind that the cryptocurrency market is still volatile at best. There are many other factors that can affect Bitcoin's price, including regulatory policy changes around the world as well as news about possible bans on trading cryptocurrencies like Bitcoin in certain countries
