InvestAnswers on $BTC and $ETH in 2023

In a video update released on 31 December 2022, James Mullarney, the host of the very popular YouTube channel “InvestAnswers”, shared his predictions for Bitcoin and Ethereum in 2023.

According to a report by The Daily Hodl, Mullarney had this to say about Bitcoin:

“Late 2023, or sometime after summer 2023, the Bitcoin bull run could begin again. No guarantees in this but, looking at everything that I know, we had a very, very bad year. Bitcoin is very beaten down. It doesn’t stay down forever. It is under massive accumulation. The supply is thinning on exchanges. Every single technical indicator you could look at says it’s a bottom. And people are educated now. They know what the halving is all about, and they know to front run it. So I believe in late 2023 there will be a Bitcoin bull run.”

In another video update released on 20 December 2022, Mullarney said:

I’m sticking with a much more conservative price of $80,000 for the next cycle. That would be sometime in the year 2024... I do believe we could hit about $61,000, $62,000 by April 2024 – and that is right at the halving of April/May 2024...

“If Metcalfe’s Law holds, which it does for all other industries, the conservative model has Bitcoin reaching… 3.4 million [wallets] by the year 2030… But that assumes the increase in usage follows the trend that we’ve had since the beginning of time over the past 11, 12 years. Now that also assumes over one billion users, active users, on the actual chain… Now cutting that in half, from one billion users down to 500 million, this would get us to $1.5 million Bitcoin price… Adoption is the key and the adoption needs to go up 500x from today for that price [of $1.5 million] to be achieved.“

Anyway, getting back to Mullarney’s comments about Ethereum in the video released on 31 December 2022, he said:

“We do have some stuff happening in March 2023. Stakers out there who stake their Ethereum who are currently receiving about 5% annual interest for committing their ETH to secure the chain... But, withdrawals have not been enabled, but they will be enabled in March 2023. Enabling Beacon chain withdrawals… could give stakers more confidence in staking more. I think about 13% is currently staked of the total supply, but in the meantime, those who have been waiting a long time, like six to nine months or more to get their ETH back, they will sell, and this will cause a bit of sell pressure.

“But I also do think it’ll also – after the sell pressure happens – it will bring about much more staking, even maybe from institutions who want to get some of that 5% for staking their ETH which will be a growing asset as well in the next bull run.“

https://youtube.com/watch?v=KpRExDOyNU8%3Ffeature%3Doembed

On the same day, Joe Burnett, Head Analyst at Blockware Solutions, explained how recently his firm’s research had concluded that if Bitcoin becomes the dominant store of value the $BTC price could reach nearly $23 million.

Burnet told his over 41K Twitter followers:

And independent Ethereum educator, investor and advisor Anthony Sassano explained why he believes that 2023 is going to be a great year for Ethereum ($ETH).

Sassano told his over 232K Twitter followers:

“Two major upgrades coming to Ethereum in 2023: – Beacon Chain withdrawals which, contrary to popular belief, will lead to *more* ETH being staked; not less – EIP4844/Proto-Danksharding will bring a 10x-100x reduction in rollup fees for users Gonna be a big year – buckle up“

With regard to EIP 4844, when asked why he had specified such a wide range for reduction in rollup fees, Sassano said:

“Hard to predict what the cost reduction will be for each rollup so we estimate it for now – Will depend how each rollup uses blobs – Not all rollups are created equal“

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Featured Image via Pixabay

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