Bitcoin will perform strongly in 2023, with an increase of more than 180% during the year. Driven by a series of bullish factors such as halving and spot ETF clearance, CryptoQuant predicts that BTC has a short-term correction risk, but it may soar to a maximum of $160,000 in the next cycle.
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ToggleBTC looks at $160,000
In a report shared with CoinDesk , the encryption analysis agency CryptoQuant pointed out that the positive effects of Bitcoin will bring BTC to US$50,000 in the medium term. The positive effects include:
market valuation cycle
On-chain activity revives
Block reward halved
macroeconomic outlook
Bitcoin Spot ETF Passed
The continued growth of stablecoin liquidity
CryptoQuant said that the mid-term target may be $54,000, with the cycle high reaching $160,000.
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Pay attention to the short-term correction of BTC
CryptoQuant also reminded in the report that due to the unrealized gains of a large number of investors in the short term, it is still necessary to be alert to the risk of price correction in the short term.
Analysts said:
There is some risk of a price correction given that short-term Bitcoin holders are experiencing higher unrealized returns, which historically have preceded price corrections.
