Crypto

Up 4.82% over last 5 days: What next for Bitcoin in 2023?

Up 4.82% over last 5 days: What next for Bitcoin in 2023?

Up 4.82% over last 5 days: What next for Bitcoin in 2023?

The king of the cryptocurrencies Bitcoin is 4.82% up over the last 5 days as of the time of writing. But what next for Bitcoin in 2023? And is Bitcoin a good investment right now? Here are my views.

The price of Bitcoin is $28,450.50 at the time of writing. It rose +1,308.20 over the last five days and looks set to break out of the bear trend it has been in since April 2022.

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In June of 2022 the price of Bitcoin was $18.5k and it rose to $24.4k in August of the same year. Since that time it dipped to $16.4k in November 22, and started to rise in January 2023.

Bitcoin is up by 71.34% gaining $11,845 based on year to date.

We’ve seen and upwards trend since January and the breakout appears to be strong. A rising Bitcoin price is good for other leading cryptocurrencies too and the crypto world of investors can regain that lost confidence.

What next for Bitcoin though is the question of every crypto investor’s mind. Can Bitcoin continue to climb and regain the losses in 2023?

The last major dip in price for Bitcoin was in March 2023 with the price hitting $20.6k. Although only 1 year has past since Bitcoin crashed the chart suggests the current flat line lift will break out fast.

Could Bitcoin reach $60+k again in 2023 is on all crypto investor’s watch list. As time goes by, more and more Bitcoins are being created and within just a few years there will be no more Bitcoin left to mine.

Bitcoin Price

Some predict that the price of Bitcoin could exceed $100,000 within the next 5 years, before 2028. Others believe the king of the cryptos will reach one million dollars if not more.

With hyperinflation making its mark on the global stage, Bitcoin seems a worthy investment given its limited supply. The clever investor might want to take note of this fact and how Bitcoin is similar to the gold supply and use as a stable hedge against fiat currencies.

With tensions in Asia and the continuing war in Ukraine the affects are spilling over into Western countries. Food and energy top the bill on the financial agenda when it comes to increasing costs.

This has a knock on effect on all sectors including transportation and services. Bitcoin is a good hedge if you can trust in it, because ultimately, if Bitcoin can remain dominate as a blockchain investment for years to come then it is likely to attract more investors.

The price of Bitcoin is up 20.39% by $4,819 over the last month and a whopping 47.30% by $9,135 over the last 6 months.

If the dollar and other currencies lose their ability to maintain confidence it is likely that people will turn to Bitcoin as a security blanket.

One thing to look out for it the petrodollar and merging currencies that could abandon the US dollar when trading oil.

American politics is in turmoil with a weak president who has adopted the policy to cut oil and gas production in the US. Unless this changes prices will continue to rise in all sectors and Bitcoin stands to win.

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