2022 has been a rough year for the cryptocurrency industry. We have seen much of the trust patiently built over years disappear along with the world’s second-largest exchange, FTX. But Bitcoin (BTC) is far from having said its last word, and it could do particularly well in 2023, according to analysts at Bloomberg.
In 2023, Bitcoin (BTC) could well explode again
The macroeconomic context is particularly gloomy at the start of 2023. The IMF also expects the majority of the major economies to be in recession for the coming months, with effects that will be felt everywhere else. But it could benefit alternative payment services, including the biggest cryptocurrency Bitcoin, according to Bloomberg analysts.
According to them, most of the scenarios considered favor BTC:
The growing potential for a severe global economic shutdown could well be a big performance driver for crypto in 2023. Our view is that Bitcoin will likely do well, in most scenarios.
Institutions are more pessimistic
A change of direction would be welcome for cryptocurrency. As analyst Vincent Ganne points out, it is rather the opposite that has happened so far, with the crypto market having seen 65% of its value soar over the last year. The question, therefore, remains the same, and comes up like a refrain: can BTC detach itself from the macroeconomic context and assert its status as a bulwark against inflation? So far, that has not been the case.
Moreover, the majority of institutional investors are also rather pessimistic, according to a recent survey. Half of them expect cryptocurrency prices to stagnate in 2023, and 29% even think that prices will continue to fall.
So, should we favor an optimistic or negative scenario? The price of BTC has shown some signs of life in recent days, but it will take more to regain the crucial threshold of $20,000. In the meantime, the year 2023 opens with still great uncertainties.