Bitcoin Price Prediction May 2023– Buy or Sell?

Everyone is interested in Bitcoin price predictions these days, and it’s not difficult to see why. The world of cryptocurrencies has suffered a huge setback in the past few months. As we move into a new year, many analysts have predicted the crypto market to bounce back. If this will happen, Bitcoin (BTC) ,the king of cryptocurrencies will be at the forefront.

Bitcoin has seen enormous growth in recent years, reaching unprecedented heights in price and value. But with this price explosion comes a lot of speculation and confusion – so who should you believe when it comes to Bitcoin price prediction? Well, for crypto enthusiasts and investors that want to learn about bitcoin and its price history, this blog is the perfect resource. This article will dissect the current bitcoin market and give you an overview of what to expect for the bitcoin price prediction in 2023. So whether you’re looking to buy or sell bitcoin, read on to learn all you need to know!

Bitcoin (BTC) At A Glance

So, what is Bitcoin all about, and what does the future look like?

What is Bitcoin?

Before we delve into Bitcoin price prediction proper, we need to first understand what Bitcoin is.

Bitcoin is a digital asset and payment system invented by Satoshi Nakamoto. Bitcoin is a peer-to-peer digital currency, meaning that all transactions occur directly between identical, independent network users without using a middleman. This idea introduced the world to cryptocurrency as it is unique in that no government or central bank controls it, which has made it attractive to some investors and users.

The SHA-256 algorithm, a member of the SHA-2 family of hashing algorithms adopted by other cryptocurrencies, is used to secure Bitcoin. Transactions are verified by network nodes through cryptography and recorded in a dispersed public ledger called the blockchain. The Bitcoin network runs based on the proof-of-work mechanism. Proof-of-work is a blockchain consensus mechanism in which computing power is used to verify cryptocurrency transactions and add them to the blockchain. 

Through its brand and domain, news and educational resources, user-friendly products, and the recommendations of its millions of users, Bitcoin.com attracts and retains a large number of newcomers to crypto. The network introduced a token called Verse. Verse is a rewards and utility token distributed to users who contribute to and participate in the Bitcoin.com ecosystem. It is time to introduce a method to reward their community for buying, selling, spending, swapping, investing, and staying informed about cryptocurrencies. You can earn a share of trading fees by funding liquidity pools and get VERSE rewards whenever you use the card. Only 2% of the token is available, and the sale is ongoing. 

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

Why was Bitcoin made?

Bitcoin was created in 2009 to solve an existing problem – how to conduct transactions online without having to rely on a third party. By building a blockchain system, Bitcoin enables secure, transparent, and tamper-proof transactions. 

BTC tokenomics

Bitcoin has a maximum supply of 21 million tokens with a mining reward per block halved every four years. Every 10 minutes or so, a block is mined, earning the miner 6.25 BTC. The prize is halved every 210K blocks or every 4 years if there are 10 minutes in each block. The last Bitcoin will be mined around 2140 if the current protocol is maintained. As of November 2022, the token’s total supply is 19,218,143, which is also the circulating supply and has over $318 billion market cap. 

Who is the team behind Bitcoin?

One of the most crucial things to consider before Bitcoin price prediction is the team behind the cryptocurrency. Bitcoin has a robust community driven by a strong and seasoned team. Satoshi Nakamoto (an alias that could be for a person or a group of people) described Bitcoin in its whitepaper. The leadership is filled with experienced personnel like the CEO Dennis Jarvis, who was part of Apple management and a senior product manager at Rakuten; Andrei Terentiev, the director of Engineering and the co-founder of O3 labs. 

Bitcoin use cases

The primary use of Bitcoin is purchasing products and services online. Several companies accept Bitcoin as payment. Over 15,000 merchants across the world accept Bitcoin as a payment method. Bitcoin is also used by many as a long-term investment and hedge against inflation. This is because the asset is deflationary in nature which means that it can withstand ongoing inflation rates. 

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

Bitcoin Price History

2009-2013

If we want an accurate Bitcoin price prediction, we need to understand the price history of the cryptocurrency. At launch in 2009, Bitcoin was around $0.01 per token. The first significant rise happened in July 2010 when the jumped to $0.09. By October of that year, it was already $0.1. Bitcoin broke the $1 mark in April 2011 and had over a 3000% increase in the following months to reach $30 in June. This changed a bit for the last months of the year as the price went down to $2 by the end of 2011.

There was no significant rise or fall in 2012, as Bitcoin ended the year at around $13. The first quarter of 2013 was characterized by a steady rise of the coin to $30, which changed drastically in late March, finally breaking the $100 mark in April 2013. At this point, experts started looking more into this new ‘digital money’ and its viability. The $1000 mark was broken by November, even though it closed the year at around $530. 

2017-2022

The following 3 years were not eventful, as the currency never rallied back to the $1,000 mark until 2017. 2017 remains one of the best years of Bitcoin. The $1,000 mark was broken in January, the $2,000 mark in May, BUT $19,000 IN DECEMBER. With this wonderful attention also came negative comments/skepticism about crypto.

2018 was not as successful, as Bitcoin ended the year at around $3,800. 2019 was also uneventful, as there was no significant move. The coin ended the year at around $7,200. The 2020 pandemic had a positive impact on the price of Bitcoin. The coin closed in 2020 at $29,374. In the first half of 2021, Bitcoin soared to a record high of nearly $64,000 before dropping below $30,000 in the summer. In November, Bitcoin reached a new record high of almost $68,000, but by January 2022, it had fallen to around $35,000. Since it rallied to around $50,000 in March, it has experienced a downward trend. 

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

How Has Bitcoin Performed So Far in 2023?

Although Bitcoin reached a record high of $68,000 in November 2021, it has not been the same story in 2022. Bitcoin ended January 2022 at $37,920. It rallied back to $50,000 in March but has been moving sideways, around $20,000 since then.

How Did The Crypto Winter Affect Bitcoin?

The Crypto winter was a period of time which was characterized by a 20% drop from recent highs. The crypto winter did not affect long-term holders of the coin (between 3 to 5 years) as they still had their investments in the ‘profit’ area. However, short-term holders of Bitcoin may have seen significant losses. 

The crypto winter effected almost all tokens and created bearish market conditions. Some believe that it is during this time that it is best to buy in order to prepare for the market to recover and prices to rise back up.

How Did The Russia Conflict Affect Bitcoin?

Bitcoin has been hit a bit by the Russia conflict – falling by over 10% in price. The stock market was also hit hard, which has raised questions as to whether Bitcoin is tied to some stocks. 

How Has The FTX Saga Affected Bitcoin?

The FTX collapse has hit Bitcoin hard. Bitcoin price dropped by 25% within a week, which meant the token has fallen to almost 70% over the past year. 

Why has Bitcoin Dropped?

Bitcoin is a digital asset, and as such, it is susceptible to price fluctuations. This includes rises and falls in value due to market fluctuation (known as ‘volatility’). Rising interest rates may have caused investors to sell off their holdings in Bitcoin, while other cryptocurrencies, such as Ethereum, are also seeing a slight drop in value. However, the two significant events that have caused this drop are the FTX collapse and the Russia-Ukraine conflict. 

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

What Is The Current Price of Bitcoin?

As of the time of writing this, the price of Bitcoin is $16,534, according to CoinMarketCap. 

Bitcoin Price Prediction 2023

It is hard to predict the future of a highly volatile market like the crypto market. However, suitable parameters like fundamental analysis, technical analysis, impactful events, etc come in handy in Bitcoin price prediction.

Bitcoin Fundamental Analysis

The fundamental analysis looks at the company’s inherent value behind the project, and this is the area where Bitcoin holds a positive outlook.

Being the first cryptocurrency out there, Bitcoin has a wide range of adapters, and it will remain a choice of investment for many crypto investors. Although it has limited utilities, this reputation as the ‘first’ continues to be a reason for many people to hold on long-term. Also, many people will buy more tokens when the token is experiencing a downward trend. This can further cause a price increase before the end of the year.

Bitcoin Technical Analysis

Technical analysis is very crucial in Bitcoin price prediction because it looks into metrics like trade volume, market cap, etc. As of the time of writing this, the 24-hour trade volume of ADA is around $19.4 billion. With a market cap of $317.7 billion, the 24-hour volume per market cap value is 0.06. This shows that, in terms of liquidity, the token is showing positive signs of rallying back to around $17,000 before the end of the year.

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

Upcoming Events That Could Affect The Price of BTC

The launch of the utility token VERSE is one of the events to have an eye on. This could lead to an increase in demand for Bitcoin, which in turn will cause the price to go up. Investors and traders need to stay current with all the latest happenings to make informed decisions about investing in BTC. There are always events that can affect the price of BTC – this includes political changes, economic crashes, etcetera- so it is essential for you not only to be aware of them but also to have a plan ready should they occur.

Will Bitcoin Recover in 2023?

According to many Bitcoin price predictions, the digital currency might not recover drastically as many would hope for. Some analysts predict that Bitcoin prices could drop as low as $15,000 by the end of the year. However, others believe that Bitcoin will rebound and could go as high as $17,000 before the end of the year. If you’re considering investing in Bitcoin, it’s essential to do your own research before making a decision.

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

What Could Affect The Price of Bitcoin Over The Next Year?

Several factors could affect the price of bitcoin over the next year, including economic conditions, regulation, and innovation in the cryptocurrency space. Also, a large company integrating Bitcoin as a payment method can significantly increase its value. 

Why Might Some Investors Consider Investing in Bitcoin Right Now?

Bitcoin remains the digital gold of the crypto space. This investment has stood the tests thrown at it in the last 13 years. Investors love a project with such a solid background. Another reason investors consider investing in Bitcoin in the UK is the capped total supply of 21 million tokens. This has helped maintain the coin’s value, despite the volatile nature of cryptocurrencies. 

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

Why Might Some Investors Avoid Bitcoin Right Now?

Bitcoin has been receiving a lot of criticism because of its energy-intensive proof-of-work consensus mechanism. The proof-of-work consensus mechanism has proven to be energy intensive. A bitcoin transaction takes approximately 1,173 kWh of electricity to complete. For context, this can power an average American home for six weeks. Investors concerned about climate change might not want to consider investing in Bitcoin. Also, the coin has not been performing well this year, even though many investors prefer to jump on a project at a time like this, some consider the rate of fluctuation to be concerning. 

What Are The Best Alternatives To Bitcoin Right Now?

If you have paid attention to many Bitcoin price predictions, you would know that there is no guarantee the king of cryptocurrencies will bounce back as soon as many would hope. Therefore, we have included a list of emerging tokens making waves in the crypto market now. 

IMPT

IMPT is a blockchain-based platform that helps each individual and business offset its carbon footprint easily and securely. Their objective is to provide everyone with the chance to improve the environment and bring about good change. IMPT.io links users to hundreds of significant environmental projects all over the world to lower carbon emissions and help the environment. Additionally, IMPT.io collaborates with thousands of the biggest retail businesses that set aside a certain portion of their sale margin towards environmental programs. It builds up in the form of IMPT tokens in users’ accounts. 

The platform allows customers to purchase carbon credits while conducting their regular business. As an alternative, people could buy carbon credits from the platform. Carbon credits are tokenized, so users receive them as NFTs. Additionally, the NFTs operate on a decentralized ledger that anyone can track, guaranteeing transparency and traceability. This prevents fraud and double counting because all platform users’ transactions are on the distributed ledger, where they are virtually impossible to tamper with.

IMPT and NFTs

Burned NFTs are transferred to an invalid address when the user retires carbon credits, removing all of their NFTs from circulation in the process. This transaction is recorded on the blockchain, and the NFT is no longer functional. Additionally, when they retire their carbon credits, consumers receive one-of-a-kind NFTs made by artists. These NFTs are available for trading by users on the market.

The possibility for each person and organization to gauge their environmental impact is another standout aspect of IMPT.io. A social platform that will enable everyone to have an IMPT.io score will be created, allowing them to track their level of impact. The platform will use impact points, which are rewards businesses and consumers get for reducing climate change.

The platform will get 10% on all activities within it, including revenue from selling tokenized carbon credits, buying carbon credits, shopping on the site, and trading art NFTs.

IMPT coin has a total supply of 3 billion tokens with 1.8 billion tokens made available across the three presale phases. Presale 2 is currently on with an IMPT token going for $0.023.

Your capital is at risk.

D2T

Bitcoin price prediction or not, D2T is here to stay. Dash2Trade is created to advance your cryptocurrency trading experience. Dash2Trade assists you in staying ahead of the market by giving you access to technical indicators and signals and strong on-chain data and trading strategies. You’ll get access to the most recent social data, on-chain analytics, and the most recent presale market data with a unique grading system. Dash 2 Trade excels at revealing the data that impacts performance and gives you a thorough grasp of the most important factors when making informed trading decisions.

Dash 2 Trade membership levels

D2T is owned and powered by Learn 2 Trade, an education platform established in 2017, extremely popular for crypto traders, and has over 60,000 existing members. The project provides three membership levels:

• Free: Users can examine basic on-chain statistics and use the Dash 2 Trade platform for free.
• Starter (400 D2T per month) – Provides access to the majority of functions but has restricted access to analytics and insights.
• Every Dash 2 Trade feature is available with Premium (1,000 D2T per month or 9,600 D2T annually), including the most advanced analytics.

The D2T token, which is required to access the platform’s full spectrum of features, powers the Dash 2 Trade ecosystem. The Dash 2 Presale’s first phase sold out in only three days, raising more than $1.6 million, indicating that the D2T token, based on the ERC-20 standard, could soar after its official release. The token has a total supply of 1 billion. 35 million tokens are allocated to the private sale, while 665 million tokens are allocated to the public sale. In the current stage of presale 0.05, USDT is getting exchanged for 1 D2T. 

Your capital is at risk.

$RIA

In the all-new fantasy card game Calvaria, players can engage in PVP matches and compete against one another using the RIA token. The Calaveras are NFTs explicitly made for Calvaria: Duels of Eternity video game. Owning one of the rare and limited Calaveras NFTs entitles you to membership in a closed community with exclusive perks. These perks include early access to all games in the Calvaria Universe, airdrops only available to Calaveras NFT holders, access to special game tournaments, automatic whitelisting for any sale, drop or release, access to draws to win amazing prizes, and many more. 

The RIA token is in the presale stage. The token has a maximum supply of 1 billion RIA tokens, with 300 million (30%) available during the presale. The presale is in stages, with the price of the token increasing in each presale stage. Over 1.8 million USDT has been raised so far. According to the roadmap of the project, the token is expected to be listed in the 4th quarter of 2022. 

This project looks promising, and jumping on it at this early stage could prove to become a great investment decision.

Your capital is at risk.

TAMA

Tamadoge is a brand-new cryptocurrency that will be the first meme coin to include a metaverse and other well-known features. Tamadoge (TAMA) is the gateway token of the Tamaverse, where you can create, breed, and engage in combat with your very own Tamadoge pet. The cryptocurrency runs on the Ethereum blockchain.

Although Tamadoge is in the same Doge ecosystem as Dogecoin, Tamadoge is more inventive. Tamadoge has an NFT store, P2E capabilities, and token utilization, making it more than simply a meme coin. Tamadoge is designed with excellent security measures since all its tokens undergo full KYC and auditing. 

By gaining Dogepoints, users can compete to move up the leaderboard. The users who have accumulated the most Dogepoints at the end of every month can collect their prizes from the monthly Dogepool. This reward system serves as another means for users to gain.

With just 2 billion TAMA tokens available, the initiative focuses on quality and efficiency rather than oversupply. 

After its launch, the coin surged over 200% in the first week. Tamadoge is expected to grow rapidly in the coming years and offer high returns on investment. 

Your capital is at risk.

IBAT

A variety of P2E (play-to-earn) battle games can be found on this gaming platform known as Battle Infinity. The IBAT Battle Arena is a Metaverse world where all games are integrated. Gamers can connect, perform, watch, and explore the Battle Arena virtual world in the Battle Infinity world. It has been designed with a strong focus on user experience, making it one of the most popular games on the market. IBAT tokens run on the Binance smart chain and have a total supply of 10 billion. IBAT has a market capitalization of just $10.5 million, which means the coin has high growth potential.

The gaming platform offers six different products:

• Battle Swap: a decentralized exchange that works like a bank on the platform
• Battle Market: consists of tokenized digital goods available on the internet, such as music and artwork, which can take the form of an NFT
• Battle Games: a multiplayer game store where gamers on the platform can gain access to multiple NFT- based games to play and earn
• Battle Arena: where players have their unique avatar, which they can upgrade on the IBAT Battle Market.
• Battle Staking: where users can stake their holdings by depositing and locking them for a period.
• IBAT Premier League: the world’s first decentralized blockchain NFT-Based fantasy sports game integrated with the metaverse

Your capital is at risk.

Bitcoin Price Prediction 2023– Conclusion

In this blog, we have examined the future for Bitcoin by checking fundamental and technical analysis. Obviously, nothing spectacular should be expected before the end of the year, but one thing Bitcoin has shown in the last few years is that it will always bounce back. A key takeaway from this Bitcoin price prediction is that Bitcoin is an investment for the long term. 

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

Frequently Asked Questions

How much will BTC be worth in 5 years?

According to crypto analysts, it is predicted that the price of BTC will surpass $78,764.22 in 2027. Bitcoin is projected to reach a minimum fee of $78,095.73 before the end of the year, and the BTC price has the potential to reach a maximum of $79,584.19.

Will BTC reach $100k?

According to several Bitcoin price predictions, it is not about 'if' but when it reaches $100k. It could still be several years away, though.

Is Bitcoin better than gold?

This depends on the type of investor you are. Bitcoin is more volatile than gold, which makes it a more risky investment than gold. However, it also means if things go well, you might get huge profits within a short period. Gold is a better choice for a store of value.

Is Bitcoin a good investment right now?

Yes. It could be an excellent choice to join during this downtrend period. Apart from its strong basis, Bitcoin always bounces back. It is a matter of how long you are ready to wait for that to happen.

Is Bitcoin a scam?

No. After 13 years, it will be bizarre to call this a scam now.