The bitcoin price isn’t doing very well as of late, but this isn’t deterring people from thinking the world’s number one digital currency by market cap won’t make a huge comeback next year.
A New Poll Suggests Major Recovery for Bitcoin
According to a recent poll, many crypto advocates and traders believe the digital currency could head to the top of the financial ladder in 2023. In fact, many of them believe that the currency could nearly double by the end of 2023, meaning the asset would be trading for close to $40,000.
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This can be attributed to many things, a big one being that bitcoin – despite incurring many falls in recent months – still has a loyal legion of fans. The world’s primary cryptocurrency has been through the mill before and has always come out at the end of the tunnel unscathed. Many times, it’s even emerged bigger and stronger than it was when it first went in.
If the asset did indeed incur such a jump come 2023, the asset would be experiencing the same exact patterns it witnessed in both 2018 and 2019. During the previous year, the world’s number one digital asset had lost more than 70 percent of its value. The end of 2017 saw bitcoin trading for just under $20,000, a new all-time high during that period.
However, 11 months later, the digital asset was trading in the mid-$3,000, and it looked like the asset may have been on the verge of disappearing. The currency showed heavy streams of recovery during the following year, eventually striking five-figure territory during the summer of 2019. While the currency still ended that year on a low note at around $7,000 per unit, it picked up the following year and experienced its biggest bull run to date until the recent crash.
Despite the general sentiment of positivity amongst long-term traders, there are still some cynical parties out there that feel differently. Morning Consult analysts recently wrote in a statement:
Cryptocurrency owners’ optimism may well prove to be misplaced as we enter what the CEO of Coinbase recently described as a ‘crypto winter.’ As the price of bitcoin tumbles, many owners may well reconsider their positions… Those that have been invested for at least three years will still be in the black if they choose to sell at the current low price and increasing volatility may incentivize others to consider cashing out moving forward.
Back in June, Brian Armstrong – the CEO of crypto exchange Coinbase – made the following prediction:
We appear to be entering a recession after a ten-plus year economic boom. A recession could lead to another crypto winter and could last for an extended period. While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.
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