The first half of 2023 saw a resurgence in the cryptocurrency market, with prices reaching new heights and increased liquidity. With the third quarter now underway, the industry is bracing for the next phase. Key events such as the positive resolution of the XRP vs SEC court case and the rapidly growing crypto adoption in the Gulf and Middle East regions are set to shape the industry in the coming months. Through thorough analysis and informed decision-making, we can make accurate predictions about the crypto market's movement in the foreseeable future.
In this article, will share some interesting ideas, that I found from a leading cryptocurrency exchange development company Bitdeal shared in their blog as "Crypto Market Forecast 2023" which got some exciting predictions with proper reasons.
Top 5 Crypto Foresights That Can Go Mainstream in 2023
- AltCoins to Surpass Bitcoin in Performance
As of the start of 2023, Bitcoin reached a peak price for the year, hitting an all-time high at approximately USD 32,000. However, over the past few months, Bitcoin has exhibited a bearish trend. Despite this, its value is considerably higher than the lows experienced in 2022, when it was valued as low as USD 16,000 during the crypto winter.
Conversely, Altcoins have been on an upward trajectory, even surpassing the performance of the leading cryptocurrency, Bitcoin. The latter half of the year saw Altcoins taking the lead over BTC, showcasing impressive and superior results. Weekly cryptocurrency charts also illustrate that Altcoins are outperforming Bitcoin consistently.
Should this pattern persist, there's a possibility that Bitcoin's value could decline by around 48%, followed by a potential rebound. However, this projection could lose its validity if the weekly BTC chart records a surge exceeding 52%. In such a scenario, the original cryptocurrency will likely maintain its dominant position in the days ahead.
- Memecoins Will have 50/50 Chances For Success & Failure
The emergence of meme-inspired cryptocurrencies, commonly known as 'meme coins,' has evoked both entertainment and controversy. These virtual assets often capture attention through viral internet trends and engagement on social media platforms. However, their prospects for long-term viability remain uncertain.
Meme coins like DOGE, Shiba Inu, and others have established a lasting presence in the crypto market, at times even surpassing well-established coins in terms of sales, price surges, and liquidity. Nevertheless, certain meme coins have surged into the crypto spotlight only to fade away over time. For instance, 'Squid,' propelled by the popularity of the Netflix series Squid Game, experienced a meteoric rise of around 75,000% in less than a week, only to vanish as swiftly as it appeared.
Conversely, recent entrants in the form of standout performers like Digitoads and PePe are gaining traction, drawing interest from many entrepreneurs. As a result, the outlook for meme coins in 2023 seems balanced, with a 50/50 chance of success. Yet, when we consider the trajectory further, the development of meme coins could potentially become a mainstream trend in the future.
- DogeCoin Price Will Increase
Originally conceived as a jest, Dogecoin defied expectations by amassing considerable attention and a dedicated community within the realm of cryptocurrency. Despite its whimsical inception, Dogecoin has succeeded in establishing itself as a noteworthy digital currency. Regrettably, the coin experienced a decline from its peak value reached in May 2021.
However, in a remarkable turn of events, DOGE staged a triumphant resurgence after 805 days, marking its comeback in July 2023. Emerging from its prolonged dormancy, DOGE displayed an upward trajectory on the crypto market charts. Furthermore, the coin's profile is on a gradual rise due to growing influence and endorsement from notable figures and celebrities.
The weekly Relative Strength Index (RSI) readings have once again breached the 50-point threshold for the second instance, replicating a similar occurrence in October of the previous year. The resistance levels for the meme coin Dogecoin have surged by approximately 100%, potentially paving the way for DOGE to attain the following price point.
These predictions are made with a lot of experts' study and research. They got more stuff on their official blog. Catch up with their blog for more detailed information.