CryptoLaw founder John E Deaton has recently taken to Twitter to talk about the slew of predictions made by people on how high the price of bitcoin can reach in 2023.
Deaton spoke about people’s predictions of bitcoin hitting $10,000 this year. He also spoke about another group of people who are calling for $100,000 to $1 million this year. However, he stressed the fact that he has no clue as to what is going to happen to bitcoin’s price in 2023.
CryptoLaw’s founder also shared a chart that highlights bitcoin returns from 2010–2023. Deaton retweeted the Bitcoin return chart by Charlie Bilello, the CMS at Creative Planning.
Bitcoin provided a 9,900% return in 2010, 1473% in 2011, 186% in 2012, and 5507% in 2013. 2020 and 2021 witnessed a 301% and 66% change in Bitcoin’s price, respectively. In contrast, the bear market in 2014, 2018, and 2022 witnessed BTC’s price plummet by 58%, 73%, and 65%, respectively.
Despite this volatility, Bitcoin has put on a remarkable performance over the past few weeks. The king of cryptocurrencies has shot up in price from a monthly low of $19,628 to a high of $28,440. As of the time of writing, BTC is up by 4.55% in the last 24 hours, with its market cap and 24-hour trading volume surging by 4.6% and 42%, respectively.
However, it is unclear whether the bear market is over and if this is the signal of the beginning of the bull run. Nevertheless, the positive run of cryptocurrencies comes at a time when the banking ecosystem is in turmoil.
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Source: Cryptocurrency - investing.com
