Will the Bitcoin market slowdown seen in 2022 continue into 2023? No, say Bloomberg analysts. For them, despite the difficult economic situation, Bitcoin is one of the assets with real bullish potential in 2023.
Bitcoin will perform in 2023
2022 has been a rough year for Bitcoin. The leading cryptocurrency that was trading at nearly $70,000 in November 2021 has lost nearly 3⁄4 of its value and is now trading at $18,000. The cryptosphere has also been rocked by unfortunate events like the collapse of FTX, Luna, etc. This bear market and these unfortunate events have led to strong criticism of Bitcoin from banks, economists, etc.
Nevertheless, Bitcoin is not dead and is expected to grow rapidly in 2023. Its value should be bullish in 2023. At least that’s what many analysts think, including those at Bloomberg.
Bloomberg is one such platform with a bullish outlook on Bitcoin and presents notable reasons why the asset is poised for rapid growth in the new year.Bloomberg
Why is Bloomberg so optimistic about Bitcoin in 2023?
The optimism of Bloomberg analysts is based mainly on the recession in the global economy that could occur in 2023. For them, Bitcoin is less exposed to the coming economic crisis. The asset may even come out on top.
Another factor that may justify the rise in value of Bitcoin this year depends on the central banks. Indeed, if the Federal Reserve and central banks mitigate the deflationary forces resulting from falling asset prices, Bitcoin could see its value rise, Bloomberg believes.
Finally, Bloomberg analysts believe that Bitcoin is now a sufficiently strong asset. The asset is increasingly confirmed as digital gold and could become a U.S. Treasury bond in the long run. All of this should lead to an increase in the value of Bitcoin, Bloomberg concludes.
In this Fed pivot scenario, Bitcoin is poised to move to a digital version of gold and behave like long-term metal and U.S. Treasury bonds. A rapid recovery in GDP and asset prices seems less likely.Bloomberg
Bloomberg is not the only economic actor predicting a Bitcoin bullrun during this year. His optimism is not shared by everyone. Some economic actors believe that this year Bitcoin will plunge like last year. There is only one way to find out who is right: wait until the year is over. In the meantime, Coinpri has made for you 4 scenarios for 2023, enjoy reading!
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.