New regulations are expected to arrive in some countries for cryptocurrencies. Some analysts believe that a new rally will come for Bitcoin.
Everything always depends on how you look at it, and that seems to indicate the year left behind for Bitcoin. Despite its annual fall, which means losing more than two-thirds of its price while it seems to stabilize between 16,000 at the bottom and 20,000 at the highest, the first cryptocurrency on the market sees how its low price has made a significant change to the whales in the last month.
Even some of the big investors continue to collect, at these prices that, considering demolition, hold significant amounts of value. This is the case of one of its great defenders, Mark Cuban, who returns to the refuge or reserve value of Bitcoin, to revile the role of gold.
He goes further, however, indicating that he hopes that Bitcoin will drop much more to be able to collect more cryptocurrency, to the later sentence that “if you have gold, you are stupid” while encouraging people to buy Bitcoin on YouTube. His final judgment is that owning physical gold…is not practical in the digital world.
Bitcoin Could Double its Value, According to Michaël van de Poppe
While the very followed Twitter analyst of the cryptographic market Michaël van de Poppe considers that, in this recently started exercise, Bitcoin could double its value. From a technical point of view, it indicates that Bitcoin is moving with support at $12,300, and resistance at the top of the price at $18,600 at that time.
The analyst further notes that anything below its high, $18,600, can be considered a continuation of the trend. He also indicates, though, that if Bitcoin can break above $20,600, it could reach $29,200. dollars and, probably, it will continue to move towards 38,500. Only after that level, it would be necessary to think about sales.
Cryptocurrency Legislation in 2023
Another aspect to take into account in 2023 will be legislation. In the United States, with Congress about to start a legislature, beyond the antitrust regulations on Big Tech, experts believe that the turn will come to crypto regulation, especially after the bankruptcies that have occurred. In fact, there will be a new chairman of the House of Representatives Financial Services committee, Patrick McHenry, who is in favor, as a priority, of creating a clearer regulatory framework for cryptocurrencies and who should be in charge of that supervision.
To conclude, for this year, Changpeng Zhao estimates that the sector will have to manage the consequences and effects of the fall of FTX and that this fact will continue over time. Although he considers that, despite the declines among cryptocurrencies, the sector is likely to recover from this setback relatively quickly, given the market resistance. And this will happen, he says, regardless of whether the recovery comes in a month or a year for the crypto industry to show itself to be exponentially stronger.
By Audy Castaneda
