Will Bitcoin Surge in 2023?
It’s vitally necessary to keep in mind what occurred this year as well in order to comprehend what might occur next year. The year 2022 will live on in memory forever. It was definitely a year that many of us would prefer to forget in terms of cryptocurrency. Exactly one year ago at this time, Bitcoin hit an all-time high price of $69k. We still had hope for the bull run at that point in time as we projected what would occur in 2022. The majority of people had a strong sense of certainty that Bitcoin would at least reach prices of $100,000, and even that was being conservative. Because of the buzz around their impending merger, we expected Ethereum to rise above $10,000. However, as we now know, 2022 was a year of price disappointment. Prices have reportedly decreased steadily since November of last year. Even worse than that isn’t it. That is all something that you have grown accustomed to for those of us who have been in crypto for a while. after experiencing all four bullish and bearish pattern cycles.
In terms of cryptocurrencies, 2021 could be summed up as the year of excessive leverage, greed, or self-inflicted wounds. People who engaged in these actions were penalized and given a challenging lesson that we won’t soon forget.
Reminding the world of the true value of bitcoin
When compared to other conventional financial assets, Bitcoin has functioned as an uncorrelated asset throughout the most of its history. We would observe a sharp increase in the price of Bitcoin whenever there were widespread anxieties about war or inflation.
Although it hasn’t been the case for the past year, I believe that won’t continue indefinitely. Despite governments’ greatest efforts to fight and restrain inflation. It appears to be having little to no impact and may even be growing. Cash holders are being plundered of their hard-earned savings. Out of necessity, more and more people are starting to become aware of this truth and search for the best way to defend themselves. Gold may be their first choice, but it hasn’t fared as well as many would have expected a safe-haven asset to do in this kind of macro environment. Then perhaps they’ll start looking at Bitcoin. An asset that, although being considerably better, is similar to gold in many aspects.
The wealthy have probably already started transferring their wealth to Bitcoin. A massive Bitcoin withdrawal from Coinbase of more than 50,000 BTC occurred recently. We can only guess who took this Bitcoin out. But it’s more likely to be either a very wealthy individual or a business or government that adds Bitcoin to its balance sheet.
There is no doubt that the way the world views Bitcoin today is very different from how it was during the previous bull run in 2017. People are starting to recognize its genuine worth, and its reputation is also lot better. People need time to trust a young asset enough to invest in it. But this is a “when,” not a “if,” kind of circumstance.