This year has been difficult for cryptocurrency investors. Many are wondering if the situation will improve in the coming year. After the Terra Luna and FTX disasters, what are industry participants and new blockchain companies excited about for 2023?
In addition to a loss of trust in crypto, prices have declined due to rising inflation and interest rates.
What’s in line for Bitcoin in 2023? Here’s what experts say.
Crypto analyst and trader Jason Pizzino recently warned that it is not certain that Bitcoin will reach a new record high like it did in previous bull cycles.
In a video to his 279,000 YouTube subscribers, Pizzino stated that for Bitcoin to reach a new all-time high during the next bullish phase, it must reach a critical Fibonacci retracement level and surpass certain thresholds. Pizzino also mentioned that it is currently impossible to predict a new all-time high for Bitcoin.
According to his guidelines, a Bitcoin all-time high would be impossible until the price rises above $34,500, which would represent a 50% increase.
Can Bitcoin reach a new high in the next bull market?
Jason Says It Might Not Be Possible- here’s why.
Breaking the barrier: In order to substantiate his assertion, he stated that this is the Fibonacci level that corresponds to the 50% between the all-time high and the all-time low; and the all-time low for Bitcoin is essentially $0 at this point. Therefore, a deficit of $34,500 must be made up.
Return of Macro players: In addition, Bitcoin needs to break above its monthly swing tops in order to demonstrate that buyers are beginning to return to the market. For the macro players, that is going to be a significant point of confirmation.
If and when that happens, he predicts that there is a good chance that Bitcoin will reach a new record high.
The Worst-Case Scenarios
According to Pizzino, the first worst-case scenario for Bitcoin is if its price reaches $45,000 during the next cycle. It would be even worse if the flagship cryptocurrency bottoms out at around $15,000.
In this case, the second worst-case scenario would be a potential 200% climb from that low, which could bring the price to about $45,000, in line with some of the recent tops.