Conflicting expectations... Bitcoin in 2023 violent decline or sharp rise?

Bitcoin in 2023 

 

Conflicting expectations...

Bitcoin in 2023 violent decline or sharp rise?

Feelings of fear tightened its grip on traders in the cryptocurrency market in 2022, which saw a mass fall of these currencies, as a natural reaction to the series of bankruptcies that emerged with Terra and Celsius and did not end with FTX.

Observers' attention is now being drawn to what 2023 can hold for cryptocurrencies, especially for bitcoin, which leads the cryptocurrency market as the largest currency in terms of market value.

Despite the heavy losses of bitcoin in 2022

• views on its fate in 2023 are sharply divided, with Standard Chartered

• for example, considering it could fall violently to $5,000 levels

• while some, including renowned investor Tim Draper

• believe it will reach $ 250 thousand by the middle of the new year.

Dr. Karim the Mayor, an Egyptian academic

lecturer and professor of economics :

says in a talk to the website "Sky News Arabic Economy"

1. this discrepancy in expectations is
2. caused by the fact that there
3.  are those who build their analyses according

to market realities :

and those who build their analyses according to their personal

non-scientific ambitions

noting that the closest expectations of the truth is that bitcoin will complete its downward trajectory during 2023, which applies to the cryptocurrency market as a whole.

Nothing prevents descent.

According to the mayor

• bitcoin began in 2022 near levels ranging from US $ 45 to US $47,000

• while it is currently priced at around US $ 17 thousand

• meaning it has fallen by nearly 65 percent

and therefore nothing prevents it reaching the price of US $ 5, noting that cryptocurrencies and bitcoin were just a means of speculation.

In the mayor's view

bitcoin is an "unequivocally insecure investment"

describing it as the bubble that will explode like the rest of the world

and stressing that the overall investment atmosphere is now turning to safe assets and investments such as precious metals and the US dollar.

Market Factors Against Krypto Growth

For his part :

• IT and Internet consultant Engineer Qusay Al-Shati says in

• a talk to a website "Sky News Arabic Economy"

•  all market factors against the growth of cryptocurrencies

and bitcoin in 2023

1. noting that the previous rise of
2. bitcoin was supported by the spread of
3. the COVID-19 virus as the wheel of

national and regional economies reconciled, thus the investor started looking for a safe commodity such as gold and unrelated to a specific economy.

Bitcoin turned to

everyone's sights when its price started to rise

 and continued its upward trajectory, supported by investments by large companies in the cryptocurrency market and reached the top ceiling in autumn 2021, having exceeded $ 60 thousand.

However :

• the countdown began at the beginning of

• the 2022 when the cycle of the world economy began to

• get back on track and began to emerge from it.

Al-Shati asserts that despite the expected decline in bitcoin pric

he does not support calling it a bubble

noting that cryptocurrencies are a reality that will still exist but will take a more legal

or regulatory position in the medium term

as the idea of digital currencies will enter traditional financial systems with the support of central banks that will move in the coming period to regulate them.