2023 Bitcoin Price Predictions
It’s May, which means we’re still in the first half of 2023. Because we remain in the first half of 2023, it’s not too late to consider Bitcoin’s price prediction for the year. Some price predictors go way overboard and believe BTC rises to around $100,000.
Instead of making a prediction based on what has happened in the past, which is what those six-figure price predictors do, we’ll take a look at reasons Bitcoin could fall or rise. Then, after studying the factors, we will make a prediction as to where we believe Bitcoin ends up on Dec. 31, 2023.
How high will Bitcoin rise, or fall, in 2023?
Reasons Bitcoin will fall
1. A recession is coming
Bitcoin is supposed to be deflationary, but it hasn’t acted like a deflationary asset. As interest rates rise, almost all assets of value fall.
It turns out that Bitcoin is a store of value. So what does that mean? It means that investors have poured into BTC as a way to create a backstop should the stock market, real estate market, and other markets fall.
If a recession is coming, and it appears it is on the horizon, Bitcoin’s price could fall because investors will turn BTC into cash to pay debt.
2. The Biden Administration isn’t a fan
President Biden and Treasury Secretary Yellen are exploring the idea of a digital currency that the U.S. Government controls.
A U.S. digital currency would hinder Bitcoin’s price because the government could decide to temper enthusiasm regarding the world’s first cryptocurrency.
3. Bitcoin utilization hasn’t increased as much as many expected
President Biden and Treasury Secretary Yellen are exploring the idea of a digital currency that the U.S. Government controls.
Bitcoin utilization is on the rise, but it hasn’t increased as much some believed it would. Utilization is the key. The more utilization, the higher the price of Bitcoin. At least, that’s the theory.
Reasons Bitcoin will rise
1. The recession may not happen and if it does, it should be mild
If a recession does happen, it shouldn’t be more than a couple of months. The reason? Companies continue to hire employees in the United States.
The May 5 job number came out to 235,000, much larger than the expected 180,000. To be fair, a lot of workers left the labor market, and the jobs aren’t all that high-paying. Still, people in the U.S. are finding work, which is a good thing to beat back a recession.
2. A U.S. digital currency is way in the futured
Yes, the Biden Administration is exploring a state run digital currency. But it won’t happen any time soon.
It won’t happen at all if Joe Biden isn’t reelected president. So the idea of a U.S. digital currency is something that may never happen and it definitely won’t happen in 2023.
3. Bitcoin has become accepted as a safe store of value
Bitcoin utilization hasn’t risen as fast and as far as many expected, but that’s okay. Bitcoin has become a store of value to not only back up stock investing and other forms of investment, but it’s also became a store of value for other cryptocurrencies.
Bitcoin backstops the entire cryptocurrency market. So the value of BTC is no longer utilization. The value of BTC is to use it to back up everything from your stocks to your cash.
Because it’s scarce, BTC should always hold some value. This is true for 2023 where the Global Economy, not just our economy, is volatile.
Bitcoin price prediction for 2023
Taking these factors into consideration, our Bitcoin price prediction for 2023 isn’t a number. We don’t believe BTC’s price goes up or down.
Because of the state of the economy, job growth is good but it should also lead to interest rate rises which aren’t good, Bitcoin will trade in a range of $26,000 to $32,000. The hope is that BTC is at $32,000 on Dec. 31 but it could be around $27,000.
Know that any significant event, like a war, another pandemic, or more bank failures ala SVB, could cause massive fluctuations in Bitcoin’s price. Keep that in mind if you decide to invest in Bitcoin.
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