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Bitcoin turns 14 today: Will 2023 bring upside momentum for BTC?

Bitcoin turns 14 today: Will 2023 bring upside momentum for BTC?
Paul L.

Bitcoin (BTC) has turned 14 years old after the asset’s first block was mined by its anonymous founder Satoshi Nakamoto on January 3, 2009. The Bitcoin was minted in the genesis block and whether it was sent to a wallet is debated.

Indeed, over the past 14 years, Bitcoin has grown in popularity and has been widely adopted in different aspects, such as investment and means of exchange. Interestingly, the asset has exhibited resilience, thriving in both bear and bull markets, resulting in an all-time high of almost $69,000 in November 2021. 

Bitcoin’s resilience stands out, considering the asset has been declared dead over 450 times. Notably, the asset has faced skepticism from several quarters who believe the digital currency will likely crumble and go back to zero. 

In contrast, Bitcoin proponents are pushing the asset to become a hedge against inflation and a store of value that can compete with gold. In addition to growth in value and popularity, Bitcoin has enjoyed mainstream adoption with the entry of institutions into the sector. 

Bitcoin’s potential to exit the bear market 

It is also worth mentioning that Bitcoin and the general crypto market underwent a harsh 2022 

weighed down by elements such as the Federal Reserve tightening policy, Terra (LUNA), and FTX exchange implosion alongside regulatory uncertainty. 

Therefore, as Bitcoin enters its 14th year, investors will be following the asset keenly with the hope that the flagship cryptocurrency will put behind the effects of the extended bear market

Although some industry experts remain bullish on the prospects of Bitcoin, others suggest that the asset could experience a turbulent 2023 driven by factors like rising inflation and the extended fallout of the FTX crypto exchange collapse.

In this line, as reported by Finbold, Robert Kiyosaki, the author of the personal finance bookRich Dad Poor Dad,’ stated that he ‘is excited about Bitcoin’ in 2023, revealing he intended to purchase more of the asset. 

He believes Bitcoin is likely to stand out, noting that the regulatory framework is expected to weed out other digital assets classified as securities. 

Bitcoin price analysis

By press time, Bitcoin was changing hands at $16,652, extending the consolidation phase into 2023. On the daily chart, Bitcoin has plunged by about 0.4%. The asset is also controlling a market capitalization of about $320 billion. 

Bitcoin one-day price chart. Source: Finbold

Elsewhere Bitcoin technical analysis remains bearish. The summary of the daily gauges on TradingView aligns with the ‘strong sell’ sentiment at 16. Moving averages are also for a ‘strong sell’ at 13, while oscillators are for ‘sell’ at 3. 

Furthermore, as Bitcoin tackles the sideways trading pattern, projections indicate that the asset will likely extend further sell-offs in the first month of 2023. In particular, the machine learning algorithm at PricePredictions suggests that Bitcoin would likely trade at $15,532 on January 31, 2023.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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