Since the first few months of 2022, Bitcoin and the crypto space have maintained a bearish trend, although there have been a few spikes to remember. Several markets, including the stock markets, are still in crisis. Unfortunately, there are no signs of a turnaround in the meantime.
In addition, several investors, financial experts and institutions are still wondering whether the market will recover the fastest. BTC’s Return on Investment (ROI) is still very high. But it is currently down -74.96% from its all-time high in November 2021.
BTC’s bearish price movement is also visible in the prices of several other altcoins, bringing the broader crypto market cap to around $900 billion.
Bitcoin price may drop even further in 2023
The world’s largest digital coin, Bitcoin, recently regained its price of $17K. However, this positive move does not guarantee a broader market recovery given the FTX contagion about a month ago.
Bitcoin started the year around the $50K price and has been steadily falling. According to the market watch, BTC reached its year-to-date low of $15,700, which can be traced back to the November 2022 FTX crash. Experts think the crypto market may fall more in the coming year.
The Head of Research at the Standard Chartered bank, Eric Robertsen, announced that BTC could fall to the $5,000 price in 2023. Should this happen, it would be an additional price drop of about -70%.
There is a chance that more crypto companies will go bankrupt in 2023 due to the fall of the market. The analyst believes that such an event will discourage more crypto investors, causing them to pull out of the market.
Meanwhile, the current appearance of the crypto market has become a cause for concern for many investors. This especially for the newcomers in 2021, when BTC was at its peak of $68K.
Since the remarkable price growth, market projects have suffered repeated failures. However, such events lack macroeconomic factors that usually originated in 2022.
The future is still unclear
Crypto experts’ price predictions for Bitcoin in 2023 surfaced when the market was still encouraging for investors. However, the bear run in 2022 has shattered all hopes and expectations of the token in 2022 and 2023.
According to Pantera Capital founder Dan Morehead, the adoption of crypto could change the dynamics of supply and demand. This is in line with certain industry insiders’ crypto prediction for September 2022, which states that the worst of the crypto market is already over. Because of this, the future of BTC is still uncertain.
Meanwhile, Bitcoin is at $17,016, representing a 24-hour positive price change. Furthermore, the Fear and greed the token’s index currently shows 26, implying that investors are currently in fear sentiment.
Featured Image From Pixabay, Charts From Tradingview.com