A popular crypto education, market research, and prediction company called IncomeSharks predicted on Twitter that Bitcoin’s most excellent possible price in 2023 may be between $30,000 and $40,000. Bitcoin price losses from 2022 disruptive events like the Luna crash and the FTX exchange collapse should be recovered, according to the platform.
For the record I still think $30k to $40k is the highest we see #Bitcoin in 2023. I'm just looking for price to reverse a lot of the negative events that have happened in 2022 (Luna, FTX, etc). pic.twitter.com/gNGfG8akrC
— IncomeSharks (@IncomeSharks) March 17, 2023
Most comments left beneath IncomeSharks’ tweet express agreement with the estimate. But, one user wonders what would occur to other cryptocurrencies if the rate of BTC growth slows down. IncomeSharks responded: “Altcoins will pick up speed as soon as the BTC spike calms.”
Bitcoin’s sideways trend continues
If it reaches the zone between $30,000 and $40,000, according to another follower who agrees with the estimates, Bitcoin will enter a sideways range that will last until the next halving event in 2024.
It is predicted that the fall of the Luna in May 2022 wiped away anywhere from $40 billion to $60 billion worth of digital money. After a price decline from $1 to $0.91, a significant amount of US Treasury securities were sold, which led to this loss. During the liquidation, investors of UST exchanged 90 cents worth of UST for $1, which resulted in the depeg of the stablecoin. Because of this, Luna’s circulating supply became more prominent.
The fear caused by the crisis resonated across the industry, and as a result, several cryptocurrency exchanges removed Luna and UST pairs from their platforms. Bitcoin and the vast majority of other essential cryptocurrencies saw severe losses.
FTX collapse and Luna Crash setbacks for Bitcoin
After the Luna Crash, Bitcoin found it challenging to make a comeback. And while it struggled to regain footing, another major hit came with the FTX collapse. Reports of potential leverage and solvency concerns with Alameda Research, a trading firm affiliated with FTX, added to the downward spiral. This event shook the crypto market, leading to significant losses, which saw the market valuation drop below $1 trillion.
Bitcoin fell below $16,000 and remained in that range until the resurgence in January 2023. Prices have continued to rally, and the global macroeconomic challenges influence an influx of funds into the crypto market.
As of the time this article was written, the price of Bitcoin was trading at $27,442.60, having just rebounded after finding support below $20,000 in the previous week.