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After a string of unfortunate events, analysts and investors are using all of their knowledge to forecast what the bitcoin industry will look like in 2023. Popular analyst Altcoin Sherpa, took to his Twitter handle and shared his price targets for a handful of cryptocurrencies including Bitcoin and Ethereum.
The trader, who has set some attainable goals for the cryptocurrencies, said that the macroeconomic environment will be better by the end of 2023. Talking about the king coin, the analyst said that we may get to see a rally in the first quarter of 2023 but also added that Ethereum may outperform Bitcoin.
“I also think that we have seen a lot of Q4 rallies in 2017, 2020, and 2021, and altcoin rallies most Q4s in those years + 2018/2019. Alts have had rallies nearly every year in Q4.”
Altcoin Sherpa’s target for Bitcoin in December 2023 is $35,000 and for Ethereum, he sets it at $3,200. As for Ethereum competitor Solana, he feels that the price will be affected by the selling pressure from the FTX meltdown. His target for Solana is $35.
He said that Dogecoin and XRP are the two unpredictable coins on his list and said,
“Coins most likely to go apeshit at least once in 2023: $XRP and $DOGE. Those 2 are highly unpredictable and I wouldn’t be surprised to see those do a 2-3x run at least once in 2023.”
Altcoin Sherpa says that Polkadot never captured much attention and is like a dead chain to him. He also called ChainLink a top oracle.
The analyst concluded by saying,
“2023 is going to be an interesting year. I think the worst is behind us for the most part but I think there is 1 last capitulation waiting. I do think we’ll have a lot of bear market rallies though and liquidity will be v. fragmented/hopping from sector to sector ala 2021.”