IncomeSharks Predicts Bitcoin Price Won’t Surpass $40,000 in 2023 by CoinEdition

by James · March 18, 2023

IncomeSharks Predicts Bitcoin Price Won’t Surpass ,000 in 2023 by CoinEdition

IncomeSharks says the Bitcoin target in 2023 is between $30K and $40K.
The predictor expects Bitcoin to simply reverse the Luna and FTX losses in 2022.
After reaching this goal, Bitcoin may enter a sideways range until the 2024 halving event.

IncomeSharks, a platform known for crypto education, market analysis and predictions, has tweeted that the highest price Bitcoin can reach in 2023 will be between $30,000 and $40,000. The platform expects the Bitcoin price to reverse the losses incurred due to the obstructive events of 2022, such as the Luna crash and the failure of the FTX exchange.

Most of the respondents to the IncomeSharks tweet seem to agree with the estimate, with one questioning what might happen to altcoins when BTC slows down. To that question, IncomeSharks replied that altcoins would pick up the pace as soon as the BTC rally relaxes.

Another follower who agrees with the projections added that after reaching the $30,000 to $40,000 region, Bitcoin will enter a sideways range until the next halving event in 2024.

The May 2022 Luna crash is estimated to have wiped out up to $60 billion from the digital currency space. This loss was a result of a massive UST selloff after the price fell from $1 to $0.91. The liquidation saw UST holders exchange 90 cents of UST for $1, causing the stablecoin to depeche. That led to an increase in Luna’s circulating supply.

The panic injected by the crash reverberated across the industry with many crypto exchanges removing interconnections between Luna and UST. Almost all major cryptocurrencies suffered significant losses, including Bitcoin.

Several months later, as Bitcoin struggled to recover from the Luna Crash, FTX collapsed following reports of potential leverage and solvency issues involving Alameda Research, a trading firm affiliated with FTX. The event shook an already fragile crypto market, causing significant losses that saw its market cap fall below $1 trillion.

Bitcoin fell below $16,000 and remained in that range until its resurgence in January 2023. Prices have continued to rise and the global macroeconomic challenges seem to be influencing an influx of funds into the crypto market.

At the time of writing, Bitcoin was trading at $27,466, having returned support below $20,000 in the past week.

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