2023 Crypto Bitcoin Predictions from 2022: Will I hit my targets?
Way back in 2022, despite the bearish downturn in the crytpo market from May forward, I was optimistic about 2023. And so far, despite the high level of fear in the market as '22 was winding down, the first nine days of 2023 have been pretty darn bullish.
Case in point, on the December 31st, 22, I pointed to Cardano as being one of the bigger gainers through April of 2023. As of this morning, it's up 30% over the last 7 days. Even Solana (SOL) that I warned could collapse in the Spring, is up a whopping 62% (take your gains through March/April and run, would be my advice*).
With this in mind, I wanted to review my 2023 price targets from Feb. 2022, and ask the Akashic Records, was I too aggressive, or are these solid projections? (More below)...
*Please note that the following is not intended to be financial advise! It is merely my own 'prediction' or opinion of the potential price movements in the crypto market, and should be taken as entertainment purposes only. Be sure that you never invest any money that you can't afford to lose, and apply sensible, dollar cost averaging techniques to minimize losses.
Way back in March of 2022, I had warned of the imminent May "Mega Dump" in the crypto space, and sure enough, it happened! If you were smart enough to get out, and buy back in during the low periods (dollar cost averaging), you're "sitting pretty" right now as most major coins slowly recover.
Way back in February of 2022, I warned investors (and myself, too) that despite the imminent pain, there would be gains (and then some) in 2023:
"... if you can be disciplined and consistent, investors will reap MAJOR rewards in early 2023 and beyond. That is when I expect a big break-out after a relatively 'sleepy' 2022. "
With regards to my BTC predictions for 2023, here's what I wrote:
"The year 2023 will be much different! By the end of the 1st quarter of 2023, I would expect to see Bitcoin easily break $90,000 with a price of upwards to $170,000 by the end of Summer, and a whopping $320k by the end of the year or the early part of 2024. This is not to say that there won't be major dumps in between, so be aware, and don't panic sell, and more certainly do not FOMO in during a major break-out!"
So, what do I think NOW about Bitcoin? Am I optimistic about my price targets, or are they a bit too aggressive?
I think my original price targets are a bit too aggressive for the first quarter, for sure, but there are BIG gains that will shock people in the March/April timeframe (I would put BTC in the $50k range by then), to be followed by that big $90k price point by September. That $170k price point is closer to the end of the year, and I'm optimistic about $320k by mid- to late January 2024, after a pullback in December.
* Please note that if you've read some of my previous posts, I'm not as accurate at predicting price points as I am predicting TIMING, so pay particular attention to the latter, and also watch some of the technical analysis videos that I link to my predictions for expert analysis that I personally trust.
As I mentioned before, I'm going to be out of the crypto space just prior to the 2026 global financial collapse and bank bail-ins that I am seeing...perhaps as soon as this "blow-off top" to the BTC price in early 2024.
Finally, remember that most of the alt-coins follow BTC's movements. I've mentioned ADA (Cardano) as being a good short-term bet, avoiding SOL (Solana) after the first 3-4 months of the year, AAVE performs well throughout the year with no major problems, XRP is a good buy to hold, APE as being a happy surprise, DOGE also continues on, etc.
Now, just about any of the established coins (and maybe a couple of new ones, too) in the METAVERSE space with have a pretty good first half to the year with some more upward action in July. HOWEVER, I do not expect them to explode like the other coins will throughout the end of the year and into the first 2 months of next year, so proceed with caution unless you're a skilled trader.
What's my favorite coin for 2023? Honestly, I don't have one because the established coins should, for the most part, have similar gains throughout the year.