At first of 2022, BTC was buying and selling round $47K, however at present, it’s buying and selling at round $16K. Meaning it has misplaced huge worth within the final 12 months. There might be loads of causes behind such a downfall, however the prevalent query out there is, will Bitcoin hit 100K within the subsequent few years?

Certainly, it’s tough to reply, however Bitcoin has the potential to bounce again to its earlier excessive of round $68.7K. It is going to rely upon the worldwide state of affairs. Even retail buyers perceive that 2023 goes to be a unstable yr in crypto markets, we would discover a rally at first of the yr, however cryptos will lose their worth once more inside a number of months, so if you’re an lively crypto investor, you must control your portfolio to e book the revenue on the proper time.

Within the final 12 months, Bitcoin has been in a downtrend, and at present, it’s taking help at round $16K. Based mostly on the technical indicators, RSI is at 44, and MACD, in addition to Bollinger Bands, lack volatility that means a consolidation for the following few weeks.

Nonetheless, it’s tough to recommend whether or not it would break the resistance or help this yr. Nonetheless, you’ll be able to take a look at our BTC worth prediction to know the long run projections of the token.

Many consultants forecast the BTC worth to be round $10K, which isn’t very removed from the present worth, so it would take a look at the extent in 2023. On the weekly chart, BTC doesn’t recommend bullishness as a result of a whole lot of exterior noise, such because the US fed fee hike, the brand new COVID variant, inflation, FTX liquidity disaster, created a robust bear grip on the crypto world and retail buyers are additionally fearful concerning the sustainability of such unregulated cryptocurrencies.

They don’t need to spend their hard-earned cash in an effort to acquire most rewards, no less than for the following few years, when fastened deposits or authorities bonds present respectable returns.

The bearish engulfing candle of November 07 suggests a downtrend, and it’ll proceed even in 2023. On the flip facet, many buyers anticipate a spike as a result of Bitcoin has decreased its most worth within the final 12 months, so it might bounce again for a number of months and proceed the downtrend once more.

You probably have an extended holding, the ‘Welcomed’ spike in 2023 would be the proper time to e book the revenue. In 2023, the higher vary of BTC might be round $40k, and the underside might be round $10K.