The appeal of cryptocurrencies persisted in 2021. Cryptocurrencies are now accepted by Goldman Sachs.
In April 2021, Coinbase became the first significant cryptocurrency company to go public. The first U.S. exchange-traded fund with a focus on Bitcoin debuted in October of the same year.
The most well-known cryptocurrency, Bitcoin, had a prosperous year. The value of the digital currency has grown by about 70% since the start of 2021, pushing the total market value of cryptocurrencies past $2 trillion.
The majority of the major coins’ values have significantly increased this year, which has been great for the cryptocurrency market. Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) are three other digital currencies doing well.
If the history of cryptocurrencies is any indication of the future, investors can look forward to an amazing journey.
The important Crypto predictions for 2023 are as follows:
Bitcoin Price Prediction
Bitcoin technical analysis indicates that the BTC/USD pair has broken through the double-bottom support level of $20,350, indicating a significant bearish trend. Bitcoin’s immediate support level is $18,430.
If this level is breached, selling pressure may increase, resulting in a further decline towards the $16,400 level.
The first barrier for Bitcoin, on the other hand, is at the $20,300 resistance level. If Bitcoin breaks above this level, it may generate buying pressure and push the price up to $21,400.
If the current bullish trend continues, Bitcoin could even reach the $25,000 mark.
Ethereum Price Prediction
ETH, the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain, was last trading near $1,425 after US wage growth came in lower than expected and the US unemployment rate unexpectedly increased to 3.6%.
That still leaves Ether down nearly 1% on the session and nearly 7% lower in the last 24 hours.
On Thursday, the price of ETH plummeted from the mid-$1,500s due to concerns about the collapse of crypto-friendly Silvergate Bank and a growing liquidity crisis at fellow crypto-friendly bank SVB Financial.
The New York Attorney General referred to Ether as a security in its ongoing lawsuit against KuCoin, adding to the sell pressure.
In recent weeks, crypto markets have been concerned about a regulatory crackdown from US authorities, and some fear that the US Securities and Exchange Commission will soon attempt to crackdown on Ether, claiming it is an unregistered security.
Cardano Price Prediction
With this week’s drop, Cardano has dropped below all of its major moving averages. Furthermore, the cryptocurrency appears to be in a downtrend that dates back to June 2022.
The failure of ADA/USD to decisively break above its 200-Day Moving Average last month is yet another indication that there was insufficient momentum for a significant positive shift in the near-term price outlook.
Technically, the cryptocurrency’s outlook isn’t promising in the near term, with a drop below $0.30 looking highly likely.
This would pave the way for a drop back to late-2022 lows in the $0.24 range, a 24% drop from current levels.
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