What is Bitcoin price prediction 2023

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What is Bitcoin price prediction 2023

The world today has adopted an online money system called cryptocurrency, these currencies are known as coins which we hear different types of everywhere. Cryptocurrency is known worldwide. It is used in some online shops for transactions, and also its wallets are one of the safest online wallets with very low to impossible probability of hacking. 

What is Cryptocurrency?

According to investopedia.com, A cryptocurrency is a digital or virtual currency secured by cryptography, making it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology, a distributed ledger enforced by a disparate network of computers.

Bitcoin was the first cryptocurrency released in 2009 by Satoshi Nakamoto. He integrated lots of ideas from the cypherpunk community. Bitcoin was designed as a medium of exchange online which uses cryptography to control its creation and management. 

Since the release of Bitcoin, it has experienced rapid growth, surging from just a few dollars to thousands of dollars. Currently, bitcoin is the number one cryptocurrency in the world, reaching a very high value for 1 bitcoin. 

Bitcoin Creation 

The domain name bitcoin.org was registered on the 18th of August 2008. Satoshi Nakamoto authored a paper titles Bitcoin: A peer to peer electronic cash system, which a link to the paper was released on the 31st of October and was posted to a cryptography mailing system. 

The bitcoin network came into existence on the 3rd of January 2009 with Satoshi Nakamoto mining the first-ever block of bitcoin ( block number 0), which had a reward of 50 BTC (bitcoin). Embedded in the Coinbase of the block was the text 

” The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

This referred to a headline in the British paper The Times published 3rd January 2009. This has been described as a timestamp of the block.

Sourceforge hosted the first open-source Bitcoin client released on the 9th of January 2009. 

Hal Finney was the first contributor, adopter and supporter of bitcoin and also the first receiver of bitcoin transaction. Finney got 10 bitcoin after downloading the bitcoin software the day it was released. This was the first bitcoin transaction carried out on the 12th of January 2009. 

Nakamoto was estimated to have mined 1 million bitcoins, before handing over to Gaven Andresen who then became the lead developer in bitcoin at the bitcoin foundation.

Bitcoin prices since the creation

Since 2009 bitcoin has seen different prices for 1 btc. Bitcoin was released 2009 to the world by Satoshi Nakamoto and was just at the price of a few dollars as of then. Since then, bitcoin has increased in price and also hitting a record high. 

In 2009 bitcoin price was basically nothing with no price tag. At March 2010 bitcoin was rated at $0.003 and then moved to $0.08 as of July 2010.

Bitcoin has increased over the years and we are still expecting a huge increase of the price of the coin as the year goes by. 

As at December 2017 bitcoin reached its highest price at $19783. This was the highest price bitcoin reached and since then I dropped a little.

Today being 25th December 2020 bitcoin is valued at 19239 dollars. 

Bitcoin price prediction 2023

Presently, Bitcoin’s Fear and Greed Index stands at 44, indicating a prevailing sense of fear in the market. This marks a significant shift from a month ago when the index reached 66, signaling a state of greed. The index takes into account factors such as volatility, trading volume, social media sentiment, and search trends.

The negative sentiment surrounding Bitcoin has had a noticeable impact on its price performance. Bitcoin has struggled to surpass the crucial resistance level of $30,000 and, instead, has been consistently trending downward, repeatedly testing the support level at $27,000.

Recommended: How to make money online as a student

While it is still too early to make definitive conclusions, the recent breach below the support level appears to be a convincing breakdown. In a single day, Bitcoin experienced a 5% loss with above-average trading volume.

All of these developments indicate the possibility of a bearish correction for Bitcoin in the coming months, potentially extending until the end of the year.

Analyzing the BTC price chart reveals that the token finds support at $25,175, $21,525, and $18,650. Although the slide of Bitcoin’s price may temporarily pause at the $25,175 level, this weak support is unlikely to hold. A more robust support level is expected at $21,525, which could serve as a longer-term price reference for BTC.

Also Read: 7 top Cryptocurrency Wallets you need to know

In the worst-case scenario for Bitcoin investors, BTC might test its support at $18,650 or potentially revisit its 2022 low of $15,760.

here is our Bitcoin price prediction for 2023:

MonthPotential LowAverage PricePotential High
July$21,525$25,175$27,200
August$20,000$23,000$25,500
September$17,000$21,525$25,000
October$15,750$20,000$24,000
November$16,000$21,500$25,175
December$16,000$21,500$25,175

 

To summarize, Bitcoin holds the title of being the most widely recognized cryptocurrency globally, and it also holds the distinction of being the first cryptocurrency ever created. Based on predictions, it is anticipated that Bitcoin will experience a substantial surge in value by the year 2023.

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