The crypto market finally made its move higher. In the past week, most cryptos are up by an average of 8% while the crypto market cap breached the $1 trillion mark. Bitcoin specifically managed to finally breach its psychological price of $20,000. Where will Bitcoin reach before 2023? Let’s assess in this conservative Bitcoin price prediction.
Bitcoin Price up by 8% – What happened?
A couple of positive events happened last week which drove Bitcoin prices higher. After extended consolidations, prices are bound to increase when a small positive news surfaces. However, the events that happened were kinda major:
- The UK approved was one of the investors that backed Elon in the Twitter purchase.
Bitcoin Price Prediction – Where will Bitcoin Price reach before 2023?
If we look back in June, it took Bitcoin 1 month to increase by $5,000 in its best-case scenario. If we assume the same starting November 1st, 2022, we can notice that Bitcoin prices might reach anywhere between $25,000 and $30,000. This is assuming that the crypto market continues to grow on a steady uptrend. However, adjustments might occur, bringing BTC prices towards the lower bracket.
Will Bitcoin Crash before 2023?
A Bitcoin crash is a big word for Bitcoin currently. There is no apparent reason for a crash. On the contrary, prices are expected to increase. The worst case would be another consolidation around the current price of $21,000. This means that if you wanted to jump back on board, you might want to do so before the market increases further. However, don’t forget to place your stop-loss triggers to avoid any losses in case the market turns sour.