Bitcoin Price Prediction: Experts Weigh In on BTC's Potential in 2023

cryptonews.com:

BTC traded bullishly on January 2nd, after breaching the sideways trading range of $16,500 to $16,650. As a result, the Bitcoin price prediction remains bullish, and a break of the $16,770 resistance level may lead BTC to $16,930. Major cryptocurrencies were trading in the red early on January 2 as the global crypto market cap increased by 0.07% to $795.38 billion on the previous day. 

The entire cryptocurrency market volume over the last 24 hours is $17.41 billion, a 9.96% decline. The overall volume in DeFi is currently $1.29 billion, accounting for 7.40% of the entire 24-hour volume in the crypto market. The overall volume of all stablecoins is now $15.63 billion, accounting for 8.81% of the total 24-hour volume of the crypto market.

Not only did miners face a lackluster market, but they were also hit with skyrocketing electricity prices and unprecedented levels of mining difficulty. Income from bitcoin mining dropped from $15.3 billion in 2021 to $9.55 billion in 2022, a decrease of 37.5%. 

After reaching an all-time high in 2021, the market cap of cryptocurrencies has since dropped by over $2 trillion to under $900 billion. Bitcoin, the largest digital asset, has fallen in value by more than 70% since its all-time high of about $69,000 in November. 

Also, the past year has been marked by a number of high-profile business and project failures that have sent shockwaves throughout the industry. When terraUSD went under in May, it triggered a chain reaction that ultimately dragged down other companies, such as the cryptocurrency-focused hedge fund Three Arrows Capital. 

Then in November, one of the largest cryptocurrency exchanges, FTX, went bankrupt, sending shockwaves across the market. Stocks and cryptocurrencies, known