Bitcoin (BTC) at $5,000 in 2023?

Bitcoin (BTC) at $5,000 in 2023?

The current analysis was prepared in collaboration with the crypto exchange platform Bitget. Present in more than 100 countries, Bitget is a cryptocurrency exchange created in 2018. With a user base of more than 8 million, the digital asset platform offers various services to its customers. These include derivative trading, spot trading, social trading and copy trading. Thanks to its innovative products, Bitget appeals to both amateurs and professionals.

Bankruptcies in shambles?

According to Standard Chartered, bitcoin is still far from its lowest point. British bank analysts believe that the value of BTC may drop sharply during the year 2023. In fact, there are many threats hanging over BTC. Starting with the consequences of the FTX case. So its consequences could have a long-term impact. Especially since many companies and start-ups in the sector are directly exposed to the platform that is declared bankrupt. A month later, we may be just at the beginning of a series of cascading bankruptcies. Results? BTC should drop a lot if the crypto industry is collapsing.

The global economy is in recession

Bitcoin (and cryptos in general) benefited from a buoyant global economy and the post-2020 reversal. It must be said that the market has definitely helped with money printing in the last two years. Since 2010, the money supply in euros has almost doubled. A large flow of liquidity has undoubtedly accelerated the growth of the bitcoin price in recent years. But the source begins to dry up. Without this infusion of money, isn’t the real price of bitcoin more around four digits? Be that as it may, the macroeconomic context is not playing in favor of a quick return of BTC towards $60,000, as it fell last time. The recession could be damaging.

Lack of interest in bitcoin, in favor of other asset classes?

While bitcoin is still the king of cryptocurrencies, there are other attractive digital assets. This is the case of the tokenization market. This new asset class uses blockchain to provide another way to invest. For example, real estate can be tokenized and thus divided into digital and secure title deeds. could, signaling the economy it could relate to many things in the world. Investors could then move away from bitcoin to other sectors that are more innovative in their eyes.

Bitcoin and its dependence on the power grid.
Europe’s electricity grid will be put to the test this winter.

The energy crisis is all about bitcoin

What price will BTC be at the exit winter 2023 ? Hard to say. The energy crisis is mainly about Europe, however. In fact, the rest of the world has no particular problem. Still, it is clear that in the event of a serious crisis, bitcoin will be the last of the problems for investors. While we are in France, we are already talking about shedding a large load, we will wait for the spring 2023 to make the first assessment. Because despite a historically favorable spring for the markets, this year in particular may be unprecedented.

As well as that, Are we heading towards bankruptcy of bitcoin miners? This is what certain indicators suggest. The explosion of the hashrate, the huge drop in the price of the machines, the high price of electricity. So many factors that many bitcoin miners today are no longer profitable. Some are reduced to unplug their engines of mining. These same machines bought during the bull market thanks to the hunt. Problem: the cash flow of many companies in the sector is starting to run out, which accelerates the sale of machines and indirectly a lack of interest in bitcoin.


There are many negative signs piling up in the crypto market. The price of bitcoin could take the worst out of this unprecedented situation. FTX affairs, global recession, energy crisis in Europe: all the factors that can lower the price of bitcoin further in 2023.

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The Contribune Editorial Board

Cointribune’s editorial team unites their voices to express themselves on topics specific to cryptocurrencies, investment, the metaverse and NFTs, trying to answer your questions in the best possible way.

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