The year 2022 has been a very disappointing year for Bitcoin, as it is down more than 70% from its ATH of nearly $69,000 in November 2021. The largest cryptocurrency has been hit hard by problematic macroeconomic factors and the impact of the collapse of the FTX exchange.
Algorithmic Predictions
According to analysts, what we can expect from the year 2023 is difficult to predict. But maybe there is a way. There are computers that try to predict the price of Bitcoin with algorithms. But these computers do not predict a rosy picture either.
The computers of the PricePrediction website predict that Bitcoin is likely to undergo further correction to trade at $15,532 on January 31, 2023. The price prediction represents a price drop of about 7% from the current price.
For those who want to know how these computers make a Bitcoin price prediction: The prediction takes into account various technical indicators, such as the Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index ( RSI) and more.
Crypto analysts are also making a prediction
After a turbulent 2022, traders in the cryptocurrency industry have expressed differing views on the prospects in the new year.
David Kemmerer, CoinLedger’s CEO, believes Bitcoin is likely to correct further in the first half of 2023, expecting the fallout from the FTX collapse to spread further.
Stefan Ristic, a crypto miner who runs BitcoinMiningSoftware.com, suggested that Bitcoin will have a depressed 2023. However, he pointed out that the upcoming halving in 2024 will be a crucial catalyst for a bull run in 2025.
Interestingly, Aurelien Ohayon, CEO of strategy services platform XOR, suggested that Bitcoin could experience a bull run in 2023. In his analysis, the first crypto has historically experienced a bull run after four years, and the bear market usually lasts about a year.
According to renowned crypto analyst Vince Prince, Bitcoin could potentially reach $1.8 million by 2026 if it follows the Merry Christmas Cycle. According to that cycle, Bitcoin has hit all-time highs over Christmas for the past three years and the trend was repeated in 2022 despite the bear market.