Bitcoin has been on something of a roll in 2023. While things aren’t quite where they could be, many analysts are excited about the fact that this has virtually been the exact opposite of 2022, a year in which bitcoin and its many crypto cousins fell into oblivion, and they’re all wondering where the world’s leading digital asset will end the year.
Where Will Bitcoin Be in 6 Months?
Charmyn Ho – head of crypto insights at digital asset exchange By Bit – said in a recent interview:
A possible headwind is the potential recession forecast to hit the US, Europe, and other major economies due to a stubbornly inverted yield curve. Couple this with a bunch of other unsavory macro factors, such as inflation, [and] many investors would rather remain on the sidelines. This is contributing to the mostly sideways price action we’ve been experiencing.
Ho also weighed in on next year’s halving. It’s alleged that this event, as it’s done in the past, will bear a lot of weight on the price of bitcoin in the coming months. Ho said:
Bitcoin halvings are significant because they slash the production of new bitcoins on the network by half. This curtails the supply of freshly minted coins, thus leading to a price increase if the demand persists. Litecoin, which is due [to halve] this year, is up around 90 percent since its lows in Q3, 2022. Therefore, if we take that as a guide, it is possible that we could see a similar 90 percent move from bitcoin’s Q3, 2023 price, which would give a rough target of about $60,000.
Jagdeep Sidhu – president of the Syscoin Foundation – was also quick to comment and said:
While we’ve weathered some storms recently, the resilience of the crypto ecosystem remains evident. From the ashes of FTX, the market has rebounded, demonstrating its inherent capacity to absorb shocks and evolve. As we approach the next bitcoin halving and crypto dominance looks set to peak, we’re on the cusp of exciting developments in the crypto world.
Tim Shan – COO at decentralized exchange Dexalot – mentioned:
My base case is bitcoin will trade in a range between $25,000 and $32,000 for the remainder of 2023, but if we see inflation remain high, I think bitcoin could trade back down to lows of the year. The short to medium term driver is still inflation, and specifically US inflation. I think core inflation has been sticky, but [it] will continue to decline in the US, leading the Fed to pause for the rest of the year.
Investors Remaining Sidelined?
Last came David Uhryniak, an employee of Tron. He stated:
Right now, smart traders are waiting for greater validation as to which way bitcoin and the rest of the market will move next before committing serious money.
