Is It Too Late to Buy Bitcoin Before 2023? 5 Traders Give Their Predictions
The Bitcoin price has fallen by 1% in the past 24 hours, slightly below a drop of around 1.5% for the cryptocurrency market as a whole. Its current price of $16,806 represents a 2% increase in the past week and a 20% decline in the last 30 days, with the FTX collapse largely to blame for this depreciation.
Despite the absence of significantly good news for bitcoin the past few weeks, a healthy number of traders, investors and analysts have argued that the original cryptocurrency has more or less reached its bottom now. Indeed, some are also holding fast to earlier claims that BTC will break its all-time high (of $69,044) in 2023, with billionaire venture capitalist Tim Draper going so far as to predict a new record of $250,000 by the middle of next year.
Is It Too Late to Buy Bitcoin Before 2023?
Draper has actually held up $250,000 as his medium-term target for bitcoin for some time now, initially making the prediction back in April 2018, when he suggested that it would reach a quarter of a million by 2022.
2022 itself had different things to say about bitcoin and the cryptocurrency market, so Draper has understandably had to adapt his forecasting. Nonetheless, he’s still sticking to $250,000, and argues that bitcoin will reach this level despite the ongoing FTX fallout.
Tim Draper predicts bitcoin will reach $250,000 next year despite FTX collapse: 'The dam is about to break' https://t.co/RcfYAcqpSI— CNBC (@CNBC) December 5, 2022
Speaking to CNBC, he expects that 2023 will bring “a flight to quality and decentralized crypto like bitcoin, while some of the “weaker” altcoins will become “relics.”
He’s not the only to offer positive predictions for BTC in the past few weeks. One other high-profile bitcoin bull has also doubled down on earlier predictions, with Ark Invest’s Cathie Wood recently confirming that she and her firm still believe that BTC will reach the whopping price of $1 million by 2030.
Wood told Bloomberg, “We think bitcoin is coming out of this [bear market] smelling like a rose.”
She’s not the only prominent investor who has very high expectations for bitcoin, with Galaxy Digital’s Mike Novogratz suggesting that the cryptocurrency will reach $500,000 in five years. In fact, Novogratz would forecast this same level at an earlier time if it weren’t for the Fed and its rate hikes.
In terms of when Bitcoin actually turns a corner and begins its climb toward such eventual heights, some analysts have begun arguing that it has now hit its bear market bottom. For example, trader and Capriole Investments founder Charles Edwards recently pointed to a variety of technical indicators which point to such a bottom.
There have been only 4 periods ever of price below global Bitcoin Electrical Cost. A price point which has been a historical floor for Bitcoin. All looked like incredible buys in hindsight. You wanted to buy below electrical cost? We had a month there and now it's gone. pic.twitter.com/YMNchIZDFR— Charles Edwards (@caprioleio) December 6, 2022
This would mean that BTC can’t really fall any further and that now would indeed be a good time to begin buying.
2023 'surprise' scenarios: gold price at $2,250 and Bitcoin at $5,000 – Standard Chartered https://t.co/6rZXSDCmSF— Nouriel Roubini (@Nouriel) December 7, 2022
Of course, for the sake of balance, it needs to be highlighted that some financial institutions believe Bitcoin could continue its recent declines for a little while yet. This is the view of Standard Chartered, for example, which went so far as to suggest that BTC won’t bottom until it reaches $5,000.
Newly Launching Altcoins
There is one category of cryptocurrency where traders can be pretty much sure of the bottom. Namely, presale coins, which go on sale at a steep discount and then list on exchanges, where they often rise from their low starting points.
Even with everything that has happened this year, some of the more promising token sales have done especially well, posting gains of over 1,000% after listing for the first time. In fact, Lucky Block (LBLOCK) rose more than 6,000% higher than its presale price of $0.00015 when it was listed in February.
While such returns are never guaranteed, here are two soon-to-launch altcoins which have strong fundamentals and which are about to close their respective sales.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides investors with real-time analytics and social trading data, all of which can help them arrive at informed trading decisions.
We're heading straight for the $9 million!!! 🚀— Dash 2 Trade (@dash2_trade) December 7, 2022
Dash 2 Trade’s presale has smashed through its next target and entered the fourth and FINAL stage! 🔥
There is not much time left – so hurry up and join the presale now⬇️https://t.co/ExvBBjt7vw pic.twitter.com/W366hyIUU4
The sale of its D2T token has raised just under $9 million, and has recently entered its fourth and final stage. It has also announced listings on BitMart and LBANK Exchange for early 2023, confirming that investors will indeed have the opportunity to enjoy some returns soon enough.
IMPT is a carbon-credit marketplace and green retail platform that will reward consumers for shopping with eco-friendly merchants. These rewards will arrive in the form of its IMPT token that can be used to buy NFT-based carbon offsets, which can then be traded or retired, contributing to users’ IMPT.io scores.
🚨 ANOTHER MAJOR MILESTONE ACHIEVED 🚨— IMPT.io (@IMPT_token) December 7, 2022
🔥 $14.5 MILLION RAISED 🔥
TAKE PART IN THE PRESALE NOW – YOU DON'T HAVE MUCH TIME LEFT! 🚀
🗓 THE PRESALE ENDS ON THE 11TH OF DECEMBER!
JOIN NOW ⬇️https://t.co/8KSvC4GHjF pic.twitter.com/cKa9q13jXu
Since opening its sale in October, IMPT has raised more than $14.5 million, with 1 IMPT currently being sold at a price of $0.023. Its sale is due to end in only four days, giving early investors only a small window of opportunity before its first listings, which will be on Uniswap, LBANK Exchange and Changelly Pro.
Visit IMPT Now