blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Buy Crypto
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
BUY CRYPTO
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

2023 Market Forecast: What Do Analysts Think?

Kester Odero by Kester Odero
January 3, 2023 - 1:22 pm
in bitcoin news, Market, sticky
0
cryptocurrency altcoins
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Many well-known crypto community members have been making predictions on what would happen in the 2023 market during the bear market of 2022. Listed below are some of the predictions made by these members for 2023.

Vitalik: Crypto has some opportunities in 2023

Co-founder of Ethereum Vitalik Buterin thinks there is still much room for innovation. According to Vitalik Buterin, co-founder of Ethereum, three “huge” prospects for the cryptocurrency still need to be realized: universal wallet adoption, inflation-resistant stablecoins, and website logins using Ethereum.

In an interview with Bankless co-owner David Hoffman, Buterin discussed his predictions for the cryptocurrency market in 2023 in response to Hoffman’s voiced concern that the “adoption wave” for decentralized applications (dApps) has already gone and that there is “less opportunity” for programmers to come in and develop new decentralized applications.

Buterin, in contrast, criticized the “limbo moment” Hoffman alludes to, first asserting that more developments in wallet infrastructure are needed to make Bitcoin more user-friendly for regular customers and to ensure that it can handle billions of users.

“If you can design a wallet that a billion people will use—huge that’s potential,” said the co-founder of Ethereum. 

Second, Buterin said that the industry would undergo revolutionary change by creating a stablecoin that can resist any situation, both on-chain and in the more excellent macroeconomy. Buterin didn’t offer any specific instructions on how to do this.

Finally, Buterin said that any technical developments that enable Ethereum to seize the login authority presently exercised by Facebook, Google, Twitter, and other centralized monopolies would eventually allow Ethereum to extend its market dominance on web-based applications. Buterin recognized that it was becoming more difficult to fill gaps in the market as the industry developed and competition grew.

The Ethereum co-founder has spent the last several weeks teaching people about the cryptocurrency industry and providing advice, along with his hopeful perspective on the years to come.

Mike Novogratz’s forecast

The CEO of the Bitcoin investment company Galaxy Investment Partners is Novogratz. One of the few cryptocurrency businesses mandated to declare financial results is Galaxy Digital Holdings Ltd. Cryptocurrency supporter Mike Novogratz revised his forecast that Bitcoin will reach $500,000 in five years in light of the Federal Reserve’s increasing interest rates.

It will, but “not in five years,” Novogratz stated in a past interview with Bloomberg Television. Jerome Powell, the chair of the Fed, realized “his omnipotence in central banking,” which was the most critical change. According to Novogratz, the CEO of Galaxy Digital, Bitcoin has decreased this year, comparable to most risk assets, since the Fed is raising rates to combat inflation.

The Bitcoin price dropped more than 60% this year, hitting roughly $17,000. The fallout from the FTX exchange’s failure last month exacerbated losses in the bitcoin market. The collapse of FTX, along with those of the hedge firm Three Arrows Capital and lender Celsius Network, is “certainly damaging the overall faith in crypto, but that also shall pass,” he added.

Novogratz said that Galaxy Digital is considering making “some modest transactions” to buy cheap, distressed crypto assets. He said that as a precaution, Galaxy has reduced its holdings on cryptocurrency exchanges and has begun paying particular attention to exchange reserves after some of its assets were stranded on the FTX market.

The forecast for Bitcoin from Cathie Wood

At the end of the year, the price of bitcoin is around $16,800, down from nearly $19,500 on the eve of the FTX crisis. If the impacts of FTX’s bankruptcy keep spreading, BTC has further room to plummet.

Even Cathie Wood, CEO of Ark Invest and a well-known advocate of Bitcoin, concedes that the past events in the crypto space may soon cause big financial institutions to stop investing in cryptocurrencies.

The one thing that will be delayed, according to Wood, who has maintained her BTC forecast of $1 million by 2030, is “possibly institutions stepping back and simply questioning, “OK, do we understand this?”

What are analysts’ opinions?

Given that larger markets are struggling and the crises and scandals of 2022 have badly harmed crypto’s reputation, another decline to the $10,000 threshold for BTC in 2023 may be near.

JPMorgan Chase & Co. analysts agree that more work must be done before the bottom. The bank predicts that the floor for Bitcoin will be approximately $13,000 owing to “a cascade of margin calls” made throughout the market due to recent events.

Another measure strategists use to forecast how low prices may go is the cost of generating Bitcoin. Although the production cost is now $15,000, the JPMorgan team stated that it “is projected to revisit the $13,000 low seen throughout the summer months.”

Tags: AltcoinsBitcoinCryptocurrencyEthereumMarket
ShareTweet
Kester Odero

Kester Odero

Kester is a Kenyan citizen currently based in the country’s capital Nairobi who studied at KCA university, also based in Nairobi, Kenya.His Passion as a writer led him to freelance news writing in his early school years. Kester likes to talk about blockchain and is keen on generating plagiarism-free work. Kester also writes on general world news and other emerging niches and research in the crypto world and the world's economy.Kester is focused on creating high-quality and highly optimized content. In line with this, he has specialized in emerging blockchain news technical analysis and price predictions. BestHe is dedicated to giving the best quality services and focused on delivering work during the required time.

Recommended For You

Cardano’s Charles Hoskinson Urges Crypto Industry to Resist US Government’s Anti-Crypto Campaign

by Mushu Butt
March 25, 2023 - 3:46 pm
0
Charles Hoskinson Cardano

Cardano founder Charles Hoskinson is rallying crypto industry leaders to take action against the US government's rising crackdown on digital assets.

Read more

Bitcoin Faces Liquidity Squeeze as US Banking System Falters

by Mushu Butt
March 25, 2023 - 11:11 am
0
Bitcoin

The US banking system's instability has led to a Bitcoin liquidity crisis, causing inefficiencies and high slippage. Read our insightful analysis now!

Read more

Huobi and CopperHQ Partner to Enhance User Asset Protection and Trading Experience

by Kester Odero
March 24, 2023 - 2:53 pm
0
Huobi

Huobi has partnered with CopperHQ to join the ClearLoop network, enhancing user asset protection and providing a seamless trading experience.

Read more

Margex Exchange Adds Support for Arbitrum Airdrop, Deposits, and Withdrawals

by Samuel Edyme
March 24, 2023 - 2:28 pm
0
margex arbitrum

Margex exchange, a crypto trading platform became one of the first crypto trading platforms in the market to allow deposits and withdrawals of Arbitrum token.

Read more

OKX Leads the Way in Web3 Expansion with zkSync Era Integration

by Mushu Butt
March 24, 2023 - 12:07 pm
0
okx

OKX, a leading crypto trading platform, has further expanded its Web3 ecosystem and made it more user-friendly with the integration of zkSync Era.

Read more
Next Post
Banz Capital Ra Protocol

Banz Capital to Introduce the Ra Protocol Web3 Liquidity Management Tool

PARTNERS LIST

  • sp

PRESS RELEASE

winz.io

Crypto Casino and Sportsbook Winz.io Turns Heads Following Major Gambling Award Nominations

by Max Clark
March 24, 2023 - 12:43 pm
0

Discover how Winz.io's commitment to transparency, user experience, and innovation sets it apart in the online gambling industry.

NarwhalTwitterFeedqaPRyQEbo

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

by chainwire
March 24, 2023 - 12:33 pm
0

Denmark, Copenhagen, 24th March, 2023, ChainwireNarwhal Finance Secures $1M in Seed Funding Led by Animoca VenturesNarwhal Finance, the decentralized cross-market...

tms network tmsn

Spring 2023 Showdown: TMS Network (TMSN) Takes on Layer 1 Giants Cardano (ADA) and Binance Smart Chain (BSC) in the Battle for Crypto Supremacy

by Josh Fernandez
March 24, 2023 - 11:54 am
0

Explore the Spring 2023 showdown between TMS Network (TMSN), Cardano (ADA), and Binance Smart Chain (BSC) as they compete for...

gridex

Gridex’s Third Round of GDX Airdrop Offers Exciting Opportunity to Earn GDX by Trading ARB on Arbitrum

by Max Clark
March 23, 2023 - 1:58 pm
0

Join Gridex's third round of GDX Airdrop on Arbitrum One from March 23 to April 11, offering users an exciting...

n

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.