Bitcoin prices seem to have reached a hard stop as prices started to retrace lower for the first time in 2023. After reaching a price of around $25,000, Bitcoin price retraced lower and reached the current price of around $22,300. What’s next for Bitcoin? Is Bitcoin bullish or bearish in 2023? Let’s analyze in this Bitcoin prediction article.
How does Bitcoin work?
Bitcoin is a decentralized digital currency that allows peer-to-peer transactions without the need for a central authority, such as a bank or government. Bitcoin transactions are recorded on a public ledger called the blockchain, which is maintained by a network of computers worldwide. Bitcoin uses cryptography to secure and verify transactions, and new bitcoins are created through a process called mining.
How to buy Bitcoin in 2023?
You can buy and sell Bitcoin on cryptocurrency exchanges or through peer-to-peer marketplaces. After the rise and fall of certain exchanges, crypto enthusiasts are starting to understand the saying “not your keys, not your cryptos. To buy Bitcoin on an exchange, you would typically need to create an account, verify your identity, and link a payment method. Once you have purchased Bitcoin, you can store it in a digital wallet on your computer or mobile device.
We at CryptoTicker suggest using the following exchanges:
What is blockchain Tech?
Blockchain technology is a decentralized ledger that records transactions in a secure and transparent way. Each block in the chain contains a list of transactions verified and confirmed by the network. In the case of Bitcoin, the blockchain records and verifies all transactions on the network.
Bitcoin Price Today: What’s Happening to Bitcoin?
In a previous article, we predicted that Bitcoin was about to adjust lower and reach a price of around $21,200 as a first target. Well, this is exactly what happened as Bitcoin prices reached the uptrend line we charted. In figure 1 below, we can see how Bitcoin retraced lower to reach the blue line that represents the average increase in Bitcoin prices.
Bitcoin Prediction 2023: Will Bitcoin go Higher?
The year 2023 still obviously looks bullish for cryptos. The current adjustment is only normal as prices need breathers every now and then. This is mostly due to profit-taking or short-term bad fundamentals in the crypto market. Bitcoin prices can still adjust lower and the $21,000 price mark.
On the other hand, if prices currently managed to retrace from the blue uptrend line shown in figure 2, Bitcoin price can easily reach $25,000 again. This forms an ascending triangle, which once breached can lead to even higher crypto prices across the entire crypto market.