2022 has been very rough for all the cryptocurrencies including Bitcoin. In fact, the largest cryptocurrency of the world, Bitcoin has lost nearly 65% of its market value in the entire year of 2022. Crypto enthusiasts were caught off guard by a series of unfortunate events such as the Terra Luna crash, fall out of the largest crypto exchange FTX, and the looming macroeconomic conditions.
But there are several questions which are hovering on everyone’s mind: what will happen next? Will Bitcoin ever rise again to its previous heights?
Here’s a detailed read which will help you to find out all the possibilities for Bitcoin prices in 2023.
Will Bitcoin Rise Again In 2023?
(The Bullish View)
Bitcoin, the world’s largest cryptocurrency, which was at its nine-month high at $28,000 levels, continues to trade in a consolidated manner, above $27,850 levels at the time of writing. Bitcoin started correcting its prices once it was not able to cross the crucial resistance level of $28,000, last week. However, it continues to hold at $27,000 levels with an immediate resistance level of $28,000. However, the global cryptocurrency market capitalization is trading higher around $1.16 trillion, which constitutes a rise of almost 0.68% in the last 24 hours.
BTC might be trying hard to touch $28,000 levels, but its dominance is continuously rising. BTC dominance is at a nine-month high, above 45% for the first time since June 2022. It is to be noted, Bitcoin’s dominance continues to increase while most of the altcoins such as Cardano (ADA), Polkadot (DOT), Avalanche (AVAX), Litecoin (LTC) and many other have slumped, and BTC maintains above $27,500 mark.
BTC has witnessed a sharp rebound of more than 20% after the nerve-wracking previous sessions. At the time of writing, Bitcoin is comfortably trading in the positive range of 27,500 levels.
Just a week before, the world’s largest cryptocurrency, Bitcoin, plunged under the levels of $20,000. This week saw the technology-focused Silicon Valley Bank fallout spiraling the U.S. banking system in a frenzy.
While the future of Bitcoin remains unknown, retail investors need to be very watchful and cautious about each and every move of Bitcoin, as it has been quite a tumultuous month for Bitcoin. Bitcoiners should not forget that the currency is still trading almost 65% low from its all-time high. The reasons for such volatility has been the macroeconomic conditions of the major markets such as the U.S. and the UK.