Learn about the Bitcoin price prediction and the next move of Bitcoin in the future
2022 has been extremely unpleasant for all cryptocurrencies including Bitcoin. In actuality, throughout the course of 2022, the largest cryptocurrency in the world, Bitcoin, lost close to 65% of its accurately projected value. Several unfortunate events, including the crash of Terra Luna, the collapse of the largest crypto exchange FTX, and the looming macroeconomic conditions, caught crypto enthusiasts off guard.
However, there are a few questions that everyone is thinking about What are the next steps? Is Bitcoin ever going to reclaim its previous glory? and many more related to the Bitcoin price prediction.
Will Bitcoin Regain its Growth in 2023?
At the time of writing, Bitcoin, the largest cryptocurrency in the world, was trading above US$27,850 levels, where it had reached its nine-month high. Bitcoin began rectifying its costs once it couldn’t cross the urgent opposition level of US$28,000, last week. However, it remains at US$27,000, with US$28,000 serving as immediate resistance. However, the global cryptocurrency market capitalization has increased by almost 0.68 percent in the last 24 hours, reaching US$1.16 trillion.
Despite BTC’s efforts to reach US$28,000, the cryptocurrency’s dominance continues to grow. For the first time since June 2022, BTC dominance is above 45 percent, marking a nine-month high. It should be noted that while the majority of the altcoins, including Cardano (ADA), Polkadot (DOT), Avalanche (AVAX), Litecoin (LTC), and many others, have sunk, Bitcoin’s dominance continues to grow while BTC remains above the US$27,500 mark.
After the nerve-wracking previous sessions, BTC has seen a sharp rebound of more than 20%. Bitcoin is comfortably trading in the positive range of 27,500 levels at the time of writing.
The world’s largest cryptocurrency, Bitcoin, fell below US$20,000 just a week earlier. The Silicon Valley Bank fallout, which focused on technology, sent the U.S. banking system into overdrive this week.
While the fate of Bitcoin stays obscure, retail financial backers should be extremely careful and wary about every single maneuver of Bitcoin, as it has been a seriously wild month for Bitcoin. Fans of Bitcoin need to keep in mind that the currency is still trading nearly 65% lower than its all-time high. The macroeconomic conditions in major markets like the United States and the United Kingdom have been the root cause of this volatility.
As a result of the government’s decision to include all crypto-related transactions in its Money Laundering Act, India’s stance on cryptocurrencies remains firm. The Union Finance Ministry of India stated in a specific gazette notification that the Prevention of Money Laundering Act (PMLA) would apply to all transactions involving digital assets or virtual currencies.
