Bitcoin (BTC) and Ethereum (ETH) managed to rise above the $16,000 and $1,100 marks, respectively. Other altcoins landed in the red as overall prices saw minor losses across the board with Solana (SOL) being the biggest loser.
crypto expert Toni Ghinea predicted on Twitter that the sell-off would quicken in the weeks ahead and that the bear market is far from over.
Bitcoin (BTC)
Bitcoin has been in the red for the last twenty-four hours as it has become clear that the Santa rally will not be occurring. Analysts cannot agree on how Bitcoin will perform in 2023. While some forecast a rise, others believe the price of the king cryptocurrency will continue to fall.
There are, nevertheless, signs that Bitcoin may rebound in 2023. It’s important to recognize that major bets are being placed on Bitcoin by institutional investors. For example, MicroStrategy, led by Michael Saylor, has been consistently optimistic about Bitcoin. So does banking giant Fidelity Investments.
Furthermore, on-chain data shows an increase in the number of Bitcoin “whales” with 1,000 to 10,000 BTCs in their wallets, suggesting increased investment in Bitcoin. Honestly, who can say? Perhaps Bitcoin will have a breakout year in 2023.
Although analyst Toni Ghinea thinks Bitcoin will fall further below and reach $13,000 and eventually $11,000.
Ethereum (ETH)
The price of Ether, the second biggest cryptocurrency behind Bitcoin, remains stuck around the $1,200 level for the time being. For a number of months, the token’s price has been trending downward. But 2023 might be Ether’s breakout year.
With more than a 30% drop in ETH reserves on major centralized exchanges, the altcoin’s exchange reserve for All exchanges measure implies a dramatic reduction in the value of the cryptocurrency. This indicates that investors are slowly becoming bullish about Ethereum and are piling on.
Ghinea, on the other hand, predicts that Ether will slide down to the $600-$700 mark.
Polygon (MATIC)
The last week has seen some mild bullish action in MATIC, as I said before. At this writing, both its 24-hour and 7-day charts are showing growth.
Polygon (MATIC) has proven to be resilient. After the FTX crash, the market sentiment worsened, but it seems that MATIC’s popularity has not.
Furthermore, in the last 30 days, the token’s price has climbed by nearly 40%, and its 24-hour trading volume has reached $196 million. Ghinea is predicting that MATIC will fall far and land between $0.13 to $0.21. Nothing is certain, but I anticipate a return from MATIC next year.
Cardano (ADA)
One week after breaking through key support at $0.30, the price of Cardano (ADA) is staying steady. Nevertheless, after falling 91.6% from its all-time high of $30.9 on September 2, 2021, the price of Cardano is expected to close the year in a seemingly unending rabbit hole. In a single year, ADA lost 82.6% of its worth, further crippling investors.
It’s impossible to predict whether or not 2023 will be a great year for ADA even though Ghinea thinks the altcoin will tumble further down to $0.15. There is evidence of both negative and positive sentiment among investors. The token will hopefully see a surge in the not-too-distant future.