What Can Bitcoin Look Forward to in 2023?

Bitcoin had a very harsh year in 2022. Can we expect 2023 to be any better now that it’s about to enter the fray?

The Bitcoin Price Had It Really Hard This Year

We are literally hours away from greeting 2023, and we can’t help but reflect on what a year 2022 has been for the world’s number one digital currency by market cap. The crypto space has had extreme difficulty staying at the top of its game these last 12 months, and many of us are surprised that bitcoin and its crypto cousins are still around, ready and willing to play.

In this sense, we can be grateful that bitcoin has matured enough that it’s able to withstand the harsh conditions it’s endured. At the same time, we can’t help but reflect on how bearish this period has been, and we truly hope things improve now that the new year has arrived.

The bitcoin price has taken its biggest beating since it first rose to prominence 14 years ago. The world’s number one digital currency rose to a whopping $68,000 per unit, for example, in November of last year. The currency hit a new peak and it looked like it suddenly had newfound power that was never going to fade, but we couldn’t have been more wrong.

Sadly, 2022 started on a weak note in that the currency fell into the $40K range, nearly $20,000 less than where it had been just two months prior. From there, the currency endured a long string of losses that ultimately brought it down to its present price, which lies in the $16K arena. It’s a sad and ugly sight to see, and one that has permeated the entire crypto space, causing it to lose more than $2 trillion in valuation in just the last few months.

In many ways, 2022 is comparable to 2018, though the damage has been far greater than what occurred four years ago. This is primarily because bitcoin has grown so much since that bear year, but there is also some good news in that 2019 brought a strong level of recovery from 2018, and with so many 2018 patterns showing themselves in 2022, perhaps we can expect 2019’s recovery to appear again in 2023.

So Many Companies Fell

Many companies have fallen victim to the crypto crash that endured. Earlier today, we published a piece talking about all the companies that filed bankruptcy thanks to the ongoing speculation and volatility. We’ve also seen several firms – like MicroStrategy – fall heavily into debt due to their love of BTC.

There is a lot of healing that now needs to happen, and we’re confident that 2023 can at least bring us a small taste of that healing. Let’s keep our fingers crossed and hope for the absolute best over the next 12 months.

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