In the last 24 hours, the price of bitcoin has decreased by 1%, which is less than the decline of the cryptocurrency market as a whole, which was about 1.5%. Its most recent price of $16,806 reflects a 2% increase in the previous period’s week along with a 20% decline in the subsequent month. This depreciation is often attributed to the FTX collapse.
Despite the fact that there hasn’t been much good news about bitcoin lately, many traders, investors, and industry experts believe that the original cryptocurrency has finally struck its bottom. In fact, many are still holding to earlier predictions that Bitcoin will surpass its record high (of $69,044) in 2023, with billionaire VC Tim Draper stating as much.
Is The item Too Late to Buy Bitcoin Before 2023?
Draper has organized $250,000 as his medium-term target concerning bitcoin for some time now, primarily making the prediction back in April 2018, if he suggested that it would likely reach a quarter of a million by simple 2022.
2022 itself had different points to say about bitcoin and typically the cryptocurrency market, so Draper has no surprise had to adapt his forecasting. But the truth is, he’s still staying with $250,000, together with arguing that bitcoin will reach this particular level despite the ongoing FTX results.
Speaking to CNBC, he expects of which 2023 will bring “a flight to quality and decentralized crypto like bitcoin, while some of the “weaker” altcoins will become “relics.”
He’s certainly not the only one to offer positive intuitions for BTC in the past couple of weeks. One other high-profile bitcoin hokum has also doubled down on before predictions, with Ark Invest’s Cathie Timber recently confirming that she and her firm still believe that BTC will reach the enormous associated with $1 million by 2030.
Wood told Bloomberg, “We think bitcoin is coming out of this [bear market] reeking foul-smelling like a rose.”
She’s not the only prominent investor who has very high expectations for bitcoin, with Galaxy Digital’s Mike Novogratz suggesting that the cryptocurrency will reach $500,000 in five years. Novogratz would forecast this same level at an earlier time if it weren’t for the Fed and its rate hikes.
In terms of when bitcoin turns a corner and begins its climb toward such eventual heights, some analysts have begun arguing that it has now hit its bear market bottom. For example, trader and Capriole Investments founder Charles Edwards recently pointed to a variety of technical indicators which point to such a bottom.
This would mean that BTC can’t fall any further and that now would indeed be a good time to begin buying.
Of course, for the sake of balance, it needs to be highlighted that some financial institutions believe bitcoin could continue its recent declines for a little while yet. This is the view of Standard Chartered, for example, which went so far as to suggest that BTC won’t bottom until it reaches $5,000.
Newly Launching Altcoins
There is one category of cryptocurrency where traders can be pretty much sure of the bottom. Namely, presale coins, which go on sale at a steep discount and then list on exchanges, where they often rise from their low starting points.
Even with everything that has happened this year, some of the more promising token sales have done especially well, posting gains of over 1,000% after listing for the first time. Lucky Block (BLOCK) rose more than 6,000% higher than its presale price of $0.00015 when it was listed in February.
While such returns are never guaranteed, here are two soon-to-launch altcoins that have solid fundamentals and are about to close their respective sales.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides investors with real-time analytics and social trading data, which can help them arrive at informed trading decisions.
The sale of its D2T token has raised just under $9 million and has recently entered its fourth and final stage. It has also announced listings on BitMart and LBANK Exchange for early 2023, confirming that investors will indeed have the opportunity to enjoy some returns soon enough.
Visit Dash 2 Trade Now
IMPT (IMPT)
IMPT is a carbon-credit marketplace and green retail platform that will reward consumers for shopping with eco-friendly merchants. These rewards will arrive in the form of its IMPT token that can be used to buy NFT-based carbon offsets, which can then be traded or retired, contributing to users’ IMPT.io scores.
Since opening its sale in August, IMPT has raised more than $14.5 million, with 1 IMPT at present being bought for $0.023. Its sale is due for you to end in only four days, providing early investors only a small screen of opportunity before its first entries, which will be on Uniswap, LBANK Exchange, and Changelly Pro.
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