Crypto KOL's prediction for 2023: BTC will bottom out this year, Solana won't go to zero
TechFlow Selected TechFlow Selected
Crypto KOL's prediction for 2023: BTC will bottom out this year, Solana won't go to zero
As the year progresses, the macro and regulatory environment may evolve, giving rise to new narratives.
Navigating Web3 tides with focused insightsWritten by: Miles Deutscher
Translated by: TechFlow
These predictions were made starting from early 2023. As the year progresses, macro and regulatory environments may shift, creating new narratives (and impacting existing ones).
But I think it’s still interesting to give it a try.
1. $ETH Dominance Reaches 23%
It hasn't reached these levels since 2018. I predict that throughout most of 2023 and into 2024, $ETH will remain relatively strong compared to the broader market and BTC.
2. Bitcoin Returns to $30,000 Again
Aside from the pre-merge rally, we haven’t seen a real bear market bounce yet.
I believe this is likely to change in 2023. While the upward momentum may not last, I think there's a chance it could temporarily retrace to $30,000.
3. Bitcoin Bottoms Out in 2023
$BTC still has a high chance of hitting new lows this year (likely in the first half). I believe 2023 marks the bottom of the cycle, based on the current rate hike trajectory and equity market corrections.
4. S&P 500 Index Reverts to Previous Levels
I don't think there’s enough systemic money withdrawal to cause a full collapse next year—but given the current macro backdrop, a pullback to the 3385 level isn't unreasonable.
I'm not a macro expert—this is just an intuitive guess.
5. Retail Interest Hits Cyclical Low
Bear markets are boring, and I expect to see more retail investors exit the market as they lose patience.
We can track interest through Google Trends, LunarCrush, and YouTube/Twitter engagement metrics.
6. ZK-Rollups (and zkEVM) Perform Best
ZK is one of the most exciting innovations in crypto, with many products launching soon (zkSync, Hermes, Aztec, etc.).
Among top performers, I expect ZK-based projects to occupy a significant portion of the top 20 by the end of 2023.
7. L2s Continue to Grow
I expect the valuation gap between L2s and L1s to narrow, as L2s continue showing growth in TVL and transaction volume.
8. The $XRP Case Comes to an End
After years of prolonged litigation, I’m looking forward to a final resolution.
It may conclude via settlement. Remember, a win for XRP is a win for crypto.
9. $SOL Won’t Die
Solana will not go to zero in 2023. Its developer ecosystem and community are too strong for that to happen.
Although legitimate concerns exist about the negative impacts from losing its largest investor and market maker (Alameda).
10. $MATIC Continues to Dominate in Enterprise-Grade Crypto Development
More new partnerships are expected for Polygon this year, which should push MATIC/BTC chart to new highs.
11. Coinbase Recovers
As the second-largest cryptocurrency exchange by trading volume, with solid onboarding, UI, and U.S. regulatory positioning, Coinbase will benefit from increased trading activity.
Whether in 2023 or 2024, at some point, Coinbase should perform quite well.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
Miles Deutscher
