2023 Crypto Market Predictions: Skyrocket or Stagnate?

  • February 6, 2023
  • Jennifer Moore
2023 Crypto Market Predictions: Skyrocket or Stagnate?

The crypto market is one of the most dynamic and unpredictable industries in the world, with prices fluctuating on a daily basis. 2022 witnessed numerous catastrophes in the crypto-realm including the long-standing crypto winter. As we head into 2023 with signs of market recovery following the FTX, Terra, and Celsius clash, investors and traders alike are eager to know what the future holds for crypto prices. In this article, we’ll take a look at the current state of the market, examine market trends, and provide an expert analysis of what we can expect from crypto prices in 2023.

Also Read: Top 4 Crypto Broker Platforms to Watch Out for in 2023

Expert Analysis: Predictions for Crypto Prices in 2023

  • Bitcoin to Stay Strong, Can Reach Upto $42k

The crypto market saw an enormous rise this week, with Bitcoin (BTC) soaring above $24,000 for the first time in the last year. Investors have returned to riskier assets like cryptocurrencies as the Federal Reserve increased interest rates by 25 basis points in its latest policy meeting. The 14-day relative strength index (RSI) is now tracking at 74.10, with the target for current bulls being the resistance level of 77.00.

By the end of Q3 2023, if the bulls manage to maintain the surge, the price of Bitcoin might rise once more to above $28,000. The BTC price is anticipated to increase just above $30,000 by the end of 2023 and settle around $32,000. As per predictions, the value of Bitcoin will range from $35000 to $42000 at its highest point in 2023. With an anticipated average selling price of $37k and a possible investment return (ROI) of 65% growth.

  • Ethereum To Surpass $2200

Ethereum (ETH) also saw significant gains in the past 24 hours, with prices nearing $1,700. ETH broke out of its long-term price ceiling at $1,670 and reached a five-month high. The relative strength index (RSI) is currently tracking at 65.19.

According to a poll of crypto and fintech experts, Ethereum will peak in 2023 at $2,474 per token and conclude the year at $2,184. In 2023, according to 24% of the panelists, the price of an Ethereum token will exceed $2,200.

Also Read: Australia Reinforces New Stratagem Against Crypto Scammers & Criminals

Crypto Market Trends to Watch in 2023: The Surge of the Metaverse

  • Decentraland

Decentraland’s MANA token was the top performer among metaverse crypto assets. Thereafter, it rose 150% against the US dollar in the past month. Recently Apple announces to release a combined virtual and augmented reality headset.The Australian Open tennis tournament in the metaverse has further fueled Decentraland’s growth.

As per MANA price prediction for 2023, there will be a big increase in the second half of the year. Thereby, possibly reaching $1.17. MANA is anticipated to have an average cost of $1.07 and a lowest price of about $0.95. MANA might achieve $3.45 and provide a significant return if the upward trend lasts until 2025. In 2025, it is projected that MANA will trade for an average price of $2.57 and a low of $2.30.

  • The Sandbox (SAND)

The Sandbox’s SAND metaverse token has surged 92% within the last month and as much as 5% in 15 days. The Sandbox’s growth was driven by its recent large land plot sale in celebration of its partnerships with multiple Hong Kong firms across various sectors.

The Sandbox is expected to have a minimum price of $1.15 and a maximum price of $1.74 in 2023. The anticipated average purchase price is $1.07, with a possible investment return (ROI) of more than 50%.

  • Axie Infinity AXS

The past month has seen a remarkable 80% increase in Axie Infinity’s AXS token, with a 21.5% climb in the last two weeks and an 11.4% dip in the last week. As of Tuesday, the price of AXS was trading at $10.55 to $11.23 per coin.

Axie Infinity’s pricing for 2023 should be between $20.77 and $35.15, with an average price of $27.96, per unit, based on our estimate. This metaverse coin is one to keep an eye on in the next months as it is predicted to keep gaining impressively in 2023.

A Surprise Winner

  • Aptos

Despite a dip of 6.62% on a 24-hour basis, Aptos has a market cap of $2.6 billion. Moreover, it is one of the most valuable crypto tokens in the market. The token’s recent 109% rally was fueled by Binance’s announcement of the opening of APT liquidity pools. As well as a favorable presentation of Aptos during “Xangle Blockchain Foundation Week” in Korea.

Technical analysis forecasts Aptos will be around $23.74 to $32.51 at the most, with $28.12 on average in 2023. Aptos is a project that has been well-marketed and has a promising future, despite complaints about its tokenomics and a 72% decrease after launch.

Smart Contract Crypto Prices Will Boost

  • Polygon MATIC

The Polygon MATIC token has a current market cap of $9 billion. It has seen a 4.36% decline in the last 24 hours. MATIC has seen a 1.47% increase in value in the last week. The token has been making steady progress and shows potential for future growth. 

Polygon MATIC has seen significant gains as part of the recent increase in the smart contract token economy, which has risen 5.6% against the US dollar. As one of the top smart contract platforms, along with Solana, Chainlink, and Near Protocol, Polygon MATIC is expected to continue its upward trajectory in 2023. Smart contract tokens like Apecoin’s APE and the Internet Computer project’s ICP are also showing strong growth in the market

Analysts predict the minimal price of a Polygon will be $1.75, per Polygon, per unit, according to the technical analysis of pricing anticipated in 2023. The MATIC price can go up to a maximum of $1.96. Around $1.89 is predicted to be the typical market price.

Meme-tactic Returns

  • Shiba Inu

Shiba Inu, the popular meme-inspired cryptocurrency, is making waves in the crypto world. That too with its impressive growth and exciting new developments. The current market price of SHIB stands at $0.00001216, up 0.98% on a 24-hour basis, Moreover, 6.19% on a weekly basis, with a market capitalization of $7.3 billion.

The recent rally in the price of Shiba Inu is due to the announcement of the imminent beta release of the layer-2 network Shibarium, which is expected to significantly improve the scalability, reduce costs, and increase transaction speeds in the Shiba Inu ecosystem.

Experts forecast that the Shiba Inu will be between $0.0000245000 and a maximum of $0.00002890000, with an average of $0.00002501029. The token continue to rise significantly over the next few days. It might allow it to test its upper targets and approach levels near $0.0001.

Wrapping Up

Overall, the crypto market is showing strong growth and is predicted to continue this trend in 2023. Both Bitcoin and Ethereum are seeing gains and are expected to reach new highs in the coming year. Metaverse crypto assets, like Decentraland’s MANA, Sandbox’s SAND, and Axie Infinity’s AXS, are also experiencing growth. They might continue this trend. The crypto market is an exciting space to watch in 2023 and beyond!

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