- 1.1 Bitcoin prediction
- 1.2 Ethereum forecast for the cryptocurrency market in 2023 and beyond
- 1.3 The Crypto market in 2023 and beyond:
- 1.4 Metaverse flop
- 1.6 Conclusion
The crypto market in 2023 and beyond: But first what happened in 2022? and what may happen in 2023.
In this article, we are going to do a recap of the year 2022 and what will happen from our point of view in 2023, with a peak in 2024.
As you saw in 2022, the market had a very strong bearish trend. This was caused by the FUD (fear, uncertainty, and doubt) that was spread around by the media. They were afraid of the bubble that was forming in crypto and thought that it would burst soon. As a result, many investors sold their assets, causing the prices to drop. However, this sell-off was largely due to irrational panic and not fundamentals. In fact, the crypto market is still in its early stages and has a lot of room for growth. The bearish trend was only a temporary setback, and the market has since recovered and is now once again trending upwards. So, don’t let the media scare you away from investing in crypto; instead, do your own research and make sure you understand the risks before making any decisions.
So what happened to the cryptos to fall back as they did?
From a technical analysis point of view, Bitcoin has reached the top, but it hasn’t had enough strength to keep running. The market is still indecisive, and we need some kind of trigger to start a new bull run.
There are rumors that the Chinese government will start to invest in Bitcoin and other cryptocurrencies, which could be the trigger we need. China has a lot of money, and if they start investing in crypto, it will definitely have a positive impact on the market. However, we need to wait and see if these rumors are true or not.
Another thing that could happen is that more institutional investors start to invest in crypto. We have already seen some big names like George Soros and Stanley Druckenmiller invest in Bitcoin. If more institutional investors start to invest, it will bring more legitimacy to the market and will attract even more individual investors. This could lead to a new bull run and take us to new all-time highs.
Keep in mind one thing, and this is a fact: even in the fall, Bitcoin is still more valuable than dollars. In fact, right now, it’s 20,000 times stronger! You need $20,000 to have 1 bitcoin!
Plus, the downfall of bitcoin has reached its bottom right now. The base that it has is around $18300, which it has kept since the big fall at the beginning of the year. The other side of the coin is the $25,000 resistance mark. In a few months, it will probably test again the resistance, and then we will see if it breaks or not.
We are explaining how we came up with the prediction on Bitcoins because they are the “front line” in the crypto market and because we already have an article where we tell you which coins we are keeping an eye on (https://cryptonewsmart.com/12-best-cheapest-crypto-to-buy-with-potential/).
What will happen to bitcoin in 2023?
The beginning of the year will probably be like this year’s end. Testing both support and resistance probably a few times. Will it break out or not? the $25, 000 resistance?
We don’t know, and nobody knows. But if it breaks out, then we are looking at a new ATH (all-time high) for Bitcoin.
However, we think that the most likely scenario is that bitcoin will consolidate around the $18,000–$25,001 range for most of the year 2023. This consolidation will be important because it will allow the market to build up enough strength for another bull run. We expect this bull run to happen in late 2023 or even 2024 and take us to new all-time highs.
If it breaks the $18000 support, then we will need to reconsider where it will create a new base and from that point, see what happens. It may even be possible that breaking the support can accelerate the next bull run to the new ATH, but we cannot know now for sure. Only time will tell.
Ethereum forecast for the cryptocurrency market in 2023 and beyond
Ethereum is currently the second-largest cryptocurrency by market capitalization. It has a lot of potentials and is expected to grow even more in the future.
The Ethereum network is constantly evolving and improving. New features and protocols are being developed and implemented all the time. This makes Ethereum very attractive to developers and businesses. As a result, we expect the Ethereum network to continue growing in the future.
As for the price of Ethereum, we expect it to continue following Bitcoin’s lead. So, if Bitcoin goes up, Ethereum will probably go up as well. However, we think that Ethereum will outperform Bitcoin in the long run. We think that Ethereum will reach a new all-time high in 2023 or 2024.
The Crypto market in 2023 and beyond:
Altcoins are all cryptocurrencies that are not Bitcoin. There are currently over 5,000 different altcoins on the market.
Most of these altcoins will not survive in the long run. However, there are a few that have a lot of potentials and could become very successful in the future. These are the altcoins that we are keeping an eye on:
-Ethereum Classic (ETC)
Not everybody knows that Meta created a cryptocurrency named Libra. Moreover, soon after renamed to Diem at the end of December 2020, As a result of the total failure of the project, the coin was shut down in January 2022. The Libra cryptocurrency was intended to be used as a simple, low-fee global blockchain-based digital currency. Libra was one of the first stablecoin projects; unfortunately, the project was not successful, and it was shut down after just two years.
Today, Meta has lost 3/4 of its value in the market. from almost $400 to $93 today (closing price on October 31, 2022). Why did Meta have this huge fall, and it’s keeping going down?
The issue is the metaverse!
Meta’s blockchain. The problem is that Metaverse is not being used by anyone. There are no transactions happening on the blockchain, and there are no dapps or smart contracts running on it. As a result, the Metaverse blockchain is essentially useless.
The only thing that is keeping the Metaverse alive is the Meta token. The Meta token is used to pay transaction fees on the Metaverse blockchain. However, since there are no transactions happening on the blockchain, there are no transaction fees being paid. As a result, the demand for the Meta token has dried up, and the price of the token has collapsed. Eric Gu said that the Metaverse would be a “decentralized platform for different digital assets.” This sounds a lot like Ethereum. However, the Metaverse team has not delivered on this promise. The Metaverse blockchain is not being used by anyone, and there are no dapps or smart contracts running on it.
This is one issue; the other is the reality of the Metaverse itself!
In his presentation, Mark Zuckerberg explains that the Metaverse has incredible potential. He said that the metaverse could be a “digital world where you can be who you want to be, interact with other people, and buy things.” This all sounds great for someone. However, the reality is that the VR of the metaverse is very poor. And if you compare this with Nvidia and Graphic, you will understand what we are talking about.
For example, in the Metaverse, you cannot see other people’s faces. This makes it very hard to interact with other people in the metaverse. You can only see their avatars, and you don’t know what they look like in real life. This makes it very hard to make friends in the metaverse.
Another issue is that there are no good VR headsets for the Metaverse. The Oculus Rift and HTC Vive are not compatible with the Metaverse. The only VR headset that is compatible with the Metaverse is the Oculus Go. However, the Oculus Go is a very low-end VR headset, and it doesn’t provide a great VR experience.
The Metaverse is also very difficult to use. It is not user-friendly, and it is hard to navigate. You need to have a lot of patience to figure out how to use the Metaverse.
All of these problems have made the Metaverse a total flop and are the reason behind the fall of Meta in the market.
Will Meta recover from that?
A bottom it will find, and then we will see what will happen in the future.
The team behind Meta is currently working on a new project called Elrond. Elrond is a blockchain platform that promises to be up to 1000 times faster than Ethereum. The project is still in development and is not yet live. We will keep an eye on it and see how it progresses in the future.
The Crypto market in 2023 and beyond:
Another market that we want to highlight is the NFT world. The huge boom in the past few years, but now it seems it has hit a rock.
Could it be the end of the NFT’s business?
In the past year, there has been a boom in the NFT market. A lot of projects have been launched, and a lot of money has been invested in the space industry. However, it seems like the NFT bubble has finally popped and the market is now cooling down.
One of the reasons for the cooling down of the NFT market is that a lot of the projects in the space are scams. There are a lot of fake NFTs being sold, and a lot of people are losing money.
Another reason for the cooling of the NFT market is that there is no use case for NFTs. Most people don’t understand what they are and why they would need them. Finally, the NFT market is also cooling down because of the high transaction fees. The transaction fees on the Ethereum blockchain have become very high, and this is making it difficult to buy and sell NFTs. All of these factors are causing the NFT market to cool down, and we think that the bubble has finally popped. It remains to be seen if the NFT market will recover from this or not. At the moment, we think that it is unlikely that the NFT market will recover in the short term. However, in the long term, we think that there is a possibility that the NFT market will make a comeback. This is because, as more and more people become familiar with blockchain technology, they will start to see the potential of NFTs. Once people understand the use cases of NFTs, we think that the market will start to grow again. So, if you are thinking about investing in the NFT space, we would advise you to wait for some time. The market is currently cooling down, and it is not a good time to invest.
With the market being so volatile, it’s hard to know what will happen in the future. We will have to wait and see how the market develops in the coming months.
However, one thing is for sure: the crypto market is here to stay and it will continue to grow in the coming years. So, if you are thinking about investing in cryptocurrencies, now is a good time to do so.
Please feel free to contact us if you have any questions or need help with anything. We would be more than happy to assist you. Thank you for your time!
As always, thank you for reading, sharing, and reaching out.
See you all in the next article!
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