Bitcoin’s recent bullish move has led a company to analyze the near-scenario of the cryptocurrency ecosystem, outlining ten market predictions that could occur as early as 2023.
With bitcoin increasing by 28% since the beginning of 2023, the price of the coin has reached $21,234.00 this Tuesday (17), and in the real, according to data from the digital currency market, the price has exceeded R$110,000.
Short-term optimism opens up the possibility of a longer period analysis, although the possibility of sideways flight remains.
The next rally will be the largest in history
On several occasions, Bitcoin’s bullish movement has surprised investors around the world. In 2014, for example, the currency reached a price of $1,000 for the first time, surpassing $20,000 in 2017. That is, in less than three years, the price of bitcoin has increased 20 times.
In 2021, the price of bitcoin rose again to $69,000, which is the current record price for the digital currency. Thus, the next rally for bitcoin should be higher, according to Bitwage’s market forecast.
The company that manages bitcoin funds and ETFs has released 10 predictions for 2023 in recent days. The first belief is that the bitcoin market price should recover in U, not in V, which indicates that it should happen faster than many people have been waiting for.
One reason for the optimistic outlook involves the growth of solutions and applications favoring mass adoption.
“The recovery of the cryptocurrency market will be ‘U-shaped’, not ‘V-shaped’. Ultimately, though, we think cryptocurrencies will bounce back. Historically, crypto has rebounded from every major downturn. In fact, we believe the next cryptocurrency bull market will be the biggest yet – with new all-time highs and a flurry of new apps influencing mainstream adoption.”
Fast and cheap bitcoin transactions
Then, Bitwage announced that by 2023, bitcoin transactions will be fast and cheap, delivering on what they always promised.
Among other company predictions, analysts believe that Ethereum should end the year after a downturn and improvement due to its “Shanghai” update.
In addition, the year will see a decoupling of the cryptocurrency sector with the stock market moving more and more.
However, not only optimistic expectations live in the market, which should see a law for the sector being discussed in the US National Congress. The company also said that it believes some unicorn cryptocurrencies will go bankrupt in 2023, continuing the move for 2022.
In terms of exchanges, the forecast is that Uniswap’s volume should surpass Coinbase in the fourth quarter, which shows the strength of decentralized platforms in the market.