Bidwell Investment Group: A Positive Outlook for Crypto in 2023
2022 was a year of ups and downs for the cryptocurrency market. There were two major events that caused significant selloffs, which affected both Bitcoin and altcoins. In June, the $LUNA token crashed, losing its top 5 cryptocurrency status and dropping from a valuation of $60 billion to zero in a matter of weeks. In November, the FTX scam unraveled, with an estimated $8 billion of investors’ funds lost, causing Bitcoin’s price to drop from around $25,000/BTC to a low of $17,000/BTC. However, Ethereum managed to hold its ground during the November selloff, with a floor of $1,000.
As we enter 2023, we are starting to see some recovery in both Bitcoin and the altcoin market. Market sentiment seems to be more positive, and investor confidence is starting to build again. At Bidwell Investment Group, we are projecting a positive year for crypto.
One reason for our optimism is historical data. Anytime the crypto market has had a negative return year, it has, on average, followed that with a 50% positive return the following year. As we ended 2022 with the market down 66% for the year, we believe that we are on track for a positive year in 2023. So far, 2023 has started off as a good year for crypto. Since January 1st, the market is currently up 45%, which is a promising sign for the rest of the year. Bitcoin’s price has been steadily rising, currently trading around $25,000/BTC.
At Bidwell Investment Group, we primarily invest in cryptocurrencies, and we are excited about the opportunities that lie ahead for our clients. As always, we believe in a long-term investment strategy, which includes diversification and risk management.
In conclusion, despite the ups and downs of the crypto market in 2022, we are optimistic about 2023. We believe that historical data and current market trends point to a positive year for crypto. At Bidwell Investment Group, we will continue to closely monitor the market and adjust our investment strategy as necessary.