The crypto market has been bearish through most of 2022, and things are not looking too optimistic, even in 2023. For example, on January 1st, 2023, Bitcoin was trading at the $16,500 level, down by almost 70% since the 1st of 2022.
Things are looking as optimistic in the short term. A machine learning AI bot has predicted the price of Bitcoin in the next 30 days of 2023, and it’s not encouraging. According to PricePrediction, a Bitcoin price tracking website, the price of BTC will drop by 7% to $15,532.
This further shows that Bitcoin’s bottom is not yet near; however, it is nearing a point where it could bounce back to support levels.
That said, there aren’t any clear indicators that put Bitcoin lower than the predicted level unless other negative narratives take over the market. Sure there might be a lot of indicators that give different signals; however, the machine learning bot has based its prediction on multiple technical indicators.
Given the current financial market, the crypto market is yet to restart and show significant growth in the next year. However, what most analysts are predicting is a swift upward trend as Bitcoin halving period is nearing. Still, other macroeconomic factors can influence BTC’s price.
What’s in store for Bitcoin in 2023
The crypto market doesn’t have an optimistic outlook in 2023 as more and more crypto-related companies are facing financial instability, even bankruptcy, which could inflict more harm to Bitcoin’s price. So even though most negative prices have been priced into BTC’s price, there’s a long way to go until Bitcoin’s sentiment can turn positive again.
Optimistic outlooks point Bitcoin at $1.8 million in the next four years following its halving, as all the harmful financial weeds have been taken out of the equation – FTX. Still, Bitcoin and the general crypto market need a solid catalyst to push prices higher and reignite interest from retail and institutional investors, who are currently reluctant to invest money into a highly volatile asset.
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