His predictions for Bitcoin (BTC) and Ethereum (ETH) as far as 2023 are concerned have been made by a notable cryptocurrency analyst, the host of the InvestAnswers YouTube channel, which has 442,000 subscribers.
Towards the end of 2023 the Bitcoin uptrend
According to the analyst, Bitcoin will start its upward trend in the second half of 2023:
“Late 2023 or sometime after the summer of 2023, Bitcoin’s upward trend could start. There are no guarantees of that, but, looking at everything I know, we’ve had a very, very bad year. Bitcoin has been down a lot, but it doesn’t stay down forever. It is now in a massive accumulation phase. The amount available is decreasing on the exchanges. Every single technical indicator you could look at says it has hit bottom. And people are now being informed. They know what halving means and they know how to be proactive. So I believe that by the end of 2023 there will be a bull market for Bitcoin.”
Ethereum’s crucial March
Looking at Ethereum, the analyst points out that the activation of the ability to unstaked ETH after the completion of the upgrade, Shanghai, which will likely happen next March, could encourage more entities, including institutions, to lock up their ETH, which could put buying pressure on the leading smart contracts platform.
“We have some things that will happen in March 2023. Stakers who stake their Ethereum are currently receiving about 5% annual interest on their ETH pledge to secure the chain. However, withdrawals have not yet been activated, but will be activated in March 2023. The activation of withdrawals could give players more confidence to stake more ETH. I think about 13% of the total ETH amount has been staked, but in the meantime, those who waited too long, like 6-9 months or more to get their ETH back will sell and that will cause selling pressure for a while.
But I also believe that – once the initial selling pressure is gone – it will bring about a lot more staking in the future, even maybe from Foundations who want to take part of that 5% to stake their ETH, which will also be a growing asset in the next Bull Run,” the analyst said.