Bitcoin Price Prediction 2023

Bitcoin had a bear market in 2022, but what will happen in 2023? Here are the Bitcoin price predictions for 2023.
Bitcoin price predictions 2023

In this Bitcoin price prediction 2023 page I am going to track the predictions analysts make. Similarly to what I have already done for the Bitcoin price predictions for 2022.  

What Will Affect The Bitcoin Price

In November 2021 Bitcoin had its market top and started to slide downwards into 2022.

For a long time analysts had opposing view on whether Bitcoin’s market cycle was extending. That is to say whether the top of November 2021 was actually a market top. Or it was just a bump in the road to a short term bear market until it goes up again.

In May 2022 it got confirmed that Bitcoin is in a bear market and going down. This is in line with Bitcoin’s 4 year halving cycle. So Bitcoin was not having a longer cycle like some high profile analysts thought.

Bitcoin was already down by around 50% by May when the Terra Luna fiasco happened.

Bitcoin price prediction 2023_Luna 2022 crash
Sourced from CoinDesk

Unfortunately the issue with UST depegging from the dollar affected LUNA and the whole crypto market. As a result all cryptocurrencies including Bitcoin crashed down.

Bitcoin was already in a bear market, but the Luna situation ended up quickening the pace of the downtrend.

Since Bitcoin is in a bear market for 2022 it will undoubtable affect 2023.

Bitcoin Price Prediction 2023

There are not that many Bitcoin price predictions for 2023. Especially now that everyone realised the market trend is downwards.

Gareth Soloway was one of the few that was accurate with calling the top in Bitcoin last year. He thinks that Bitcoin is going to go lower and could end up anywhere between $12k -$20k. It could happen anywhere between 2022 and 2023.

Since there are not that many Bitcoin price predictions for 2023 we can compare this cycle with the previous one.

Bitcoin previous bull market
Sourced from CoinMarketCap

The previous market top was in December 2017. The absolute market bottom ended up happening in 2019.

After that it went up and Bitcoin chopped sideways until the next run up. The next run up started around mid to late 2020. That means it took 2 and a half years to properly start its next bull run. However there was some upside in between.

So far it looks like Gareth’s outlook is in line with previous Bitcoin cycles. Therefore we can expect downside in 2022 and perhaps in 2023. He has mentioned that Bitcoin bear markets last 12-18 months. As a result we can expect the bear market to finish off at the end of 2022 or mid 2023.

However the second part of 2023 should look better. Similarly to what happened in May 2019 Bitcoin started going up in price again. So fingers crossed that the bear market will not extend for too long.