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Why Bitcoin Could Be the Star of 2023

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Fri, 14/10/2022 - 8:42
Why Bitcoin Could Be the Star of 2023
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Bitcoin rightfully takes the place of the most stable cryptocurrency in the world. The rate fluctuates, but the decrease occurs extremely rarely compared to other crypto assets. From mid-July to mid-August 2022, Bitcoin seemed to be starting a correction that should have led to the restoration of a long-term uptrend. BTC has not yet reached those levels that would indicate a continuation of the bearish trend. At the same time, it is too early to talk about the formation of a new bull market. However, many financial experts see bitcoin as the top financial asset in 2023.

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Crypto analysts believe that the BTC rate has reached its "generational bottom" - since the beginning of the year it has fallen in price by 49%. This means that prices have fallen so low that no living generation will be able to see them at such low levels. Accordingly, in the long term, none of the investors should regret their decision to start buying or accumulating by mining cryptocurrencies in the price range of $19,000 - $22,000.

The most realistic scenario, according to experts, is the emergence of friendly regulation of cryptocurrencies in the United States. If, for example, regulation of stablecoins does not provide for excessive reporting for issuing companies, and if the US regulator approves the launch of a spot bitcoin ETF, while inflation continues to decline, giving a positive signal for the financial market as a whole, then the crypto market will receive a powerful impetus to growth.

In this case, by the end of 2022, bitcoin will be able to return to the level of $50 thousand and confidently gain a foothold in this range. Updating the historical maximum even in this case will be unlikely, but due to the confident consolidation at this level, bitcoin in 2023 will be able to grow above $100,000 on expectations of the upcoming (in 2024) halving.

Now the crypto market is still highly dependent on the rate of inflation in the United States. Participants of such an active market as the American one look at this and start from the level of inflation and the level of the key rate, respectively, balancing high-risk and low-risk assets in their portfolio. The slowdown in inflation plays into the hands of high-risk assets, which is clearly seen in the growth of the S & P500 after the publication of data on rising consumer prices.

The current market correction was driven by an unprecedented combination of macro factors such as the strong US dollar, global geopolitical changes, and the Fed's aggressive monetary tightening. All this has taken the BTC rate beyond the traditional boundaries of multi-year price cycles. The combination of such unique factors is unlikely to be repeated in the near future. Perhaps such a combination of circumstances occurs only once in a lifetime. Therefore, it offers us a unique opportunity to buy bitcoin.

Against the backdrop of a strong fall in the rate of cryptocurrencies, the cost of mining equipment also fell, so you should pay attention to this method of accumulating digital gold. However, if you cannot afford a mining farm (starting cost ~$40,000), then such equipment can be rented remotely. It is more cost-effective for both beginner investors and those who want to set up a source of passive income.

One of the notable representative crypto platforms is SunMining company. These guys have revolutionized by launching one of the first significant data centers using completely renewable energy sources.

Today, all you need is just register an account on the SunMining website, choose one of many contracts (you can start with a minimum amount ( which is a big advantage) - you don’t need to buy the expensive processors or video cards, it’s enough to rent capacities required at very competitive prices). As soon as your contract is activated, you can track the number of mined coins from your account. Payment is made in bitcoin - which allows everyone to join the team.

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Disclaimer: This is sponsored content. The information on this page is not endorsed or supported by U.Today, and U.Today is not responsible or liable for any inaccuracies, poor quality, advertising, products or other materials found within the publication. Readers should do their own research before taking any actions related to the company. U.Today is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

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