Analysts are divided on the way ahead for Bitcoin, but the crypto’s prospects look bright in 2023.
Bitcoin has had an extremely fruitful 2023 so far, rising by 26% so far. It had hovered around $20000 for a few days but now seems to have crossed the $21000 mark. A further rally to $21500 is expected to trigger bullish sentiments in the market. ETH has also risen by over 29% this year, and it has helped BTC to make the overall market capitalization of the crypto market cross a trillion. BTC still has a long way to go till its November 2021’s high of $68990, but the current rally is a positive sign.
Social media seems to be divided on the prospects of BTC, though, as many believe this is a ‘bull trap’ rather than an actual buying spree by investors. Some analysts have also been cautious, but most agree that Bitcoin has reacted positively to the improved macroeconomic data coming in from the United States. ‘Whales’ also could be responsible for the latest rally, as seen by some analysts. Proponents of BTC believe that BTC could cross $30000 in the first half of 2023 and touch $50000 by the second half.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $21100 on January 17, 2023, with BTC/USD up by 0.21% in the previous 24 hours. BTC/USD is trading higher above its 20-day EMA (17,541.04), with most other cryptos trading without much movement in the last day.