A popular cryptanalyst made a forecast for Bitcoin and Ethereum for 2023
Cryptocurrency analyst and host of the popular InvestAnswers YouTube channel made predictions for the two main cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) for 2023
In the new video, the analyst says he believes Bitcoin will start its next bull run around the second half of this year.
“At the end of 2023 or sometime after the summer of 2023, Bitcoin’s bull run could start again. There are no guarantees, but from all I know, we had a very, very bad year. Bitcoin has been hit hard. He doesn’t stay down forever. It is in the stage of mass accumulation. The offer on the stock exchanges is reduced. Every technical indicator you can look at says it’s the bottom. And people are now educated. They know what halving is and how to use it. Therefore, I believe that there will be a bullish run for BTC at the end of 2023.”
On Ethereum, the analyst says the massive launch of ETH staking in March could encourage more holders, including whales, to lock up their ETH, which could put pressure on the leading smart contract platform.
“We have something that will happen in March 2023. Stakers who stake their Ethereum are currently earning around 5% per annum for allocating their ETH to secure the network.
But withdrawals have not been allowed yet, but will be enabled in March 2023. Enabling withdrawals on the Beacon chain… could give players more confidence to lock up more assets for staking. I think there is currently about 13% of the total supply at stake, but at the same time, those who waited a long time, like six to nine months or more, to get their ETH back, they will sell it, and this will cause some selling pressure.
But I think it will also, once there is selling pressure, lead to a lot more staking growth, even perhaps from organizations that want some of that 5% to stake their ETH, which will also be a growing asset during the time for the next bull rally.”
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