Bitcoin has been enjoying a very interesting 2023. It can certainly be classified as a good year so far when compared to how we entered the year but there is a feeling of frustration at the moment coming from investors.
After finally breaking $30,000 the price has now fallen below this mark, and just a couple of weeks after people were predicting it would break $50k before the end of the year, we could be back to square one.
There have been recent developments that may suggest Bitcoin was about to take off, which we will get into later, but needless to say, that hasn’t happened yet. This is why there is some concern and restlessness among investors.
Therefore there is a little irony in the fact the BTC20 (BTC20) presale is set to explode considering it is inspired by Bitcoin and so it could be the best crypto to buy now.
We will explain that a little more later in the piece, but first, let’s look at whether Bitcoin can break $50k before the end of 2023.
Bitcoin Can still hit $50k, But Likely Not This Year
It is difficult to know where to start with Bitcoin (BTC) as it has been such a tumultuous year. However, as you can see from the chart above that shows its price movement since the start of the year, it has been a very positive first two quarters and a bit. So why are investors so down at the moment?
Well, as is par for the course with Bitcoin, a lot of so-called ‘experts’ and influencers tend to get very carried away when Bitcoin enjoys any sort of growth. This is to be taken with a pinch of salt as what’s good for Bitcoin is good for the market, so they understand hype can be a fuel of its own.
A few months ago, Bitcoin was stuck in purgatory, and it didn’t look like the coin was going to be able to break $30k anytime soon.
The market was then hit with the news that Coinbase and Binance were being sued by the SEC for listing securities, and it seemed like the market might return to the doldrums that was 2022.
However, there was a twist in that tale as Wall Street took the SEC cracking down on exchanges as their sign to enter the crypto trading game. BlackRock and some of the biggest asset management companies filed for ETFs, and the price of Bitcoin shot up.
This legitimation of the market was what the industry had been craving for years, and we were all excited to see what would happen next.
However, as is usual with these things, it turned out to be a slower burner than originally thought. The worry, however is Bitcoin has now dipped under $30k.
This is likely due to the fact that Ripple (XRP) won their case against the SEC which could be a sign of things to come for Coinbase’s and Binance’s battle against The Security and Exchange Commission.
A lot of altcoins enjoyed some growth which would have diluted the market cap of Bitcoin. However, investors shouldn’t panic. Bitcoin is likely still going to soar in the near future; they just need to be patient.
In regards to hitting $50k before 2023? That depends on a lot of outside factors but the smart money would say it won’t reach that high until 2024. If you are looking for a coin pumping quicker and that resembles the old Bitcoin look no further.
BTC20 – Travel bBack in Time and Experience Bitcoin for $1
What if we told you while everyone is worrying about Bitcoin being below or above the $30k mark, that there was a project that is taking investors back in time to when Bitcoin was just $1? That is exactly what the project BTC20 is doing.
They understand that the vast majority of crypto enthusiasts now didn’t even know what Bitcoin was back in April 2011 when it was just $1. So, they believe everyone deserves a second chance, and during their presale, that is what the cost of a token of BTC20 will be.
Even better is the fact that the token price will remain at $1 until sold out, giving as many people a chance to experience what early investors in Bitcoin did. With this in mind, it is one of the most unique and promising crypto ICOs to get involved in.
The similarities don’t end there either, as there will only be 6.05 million tokens available to purchase which is similar to the amount of Bitcoin that was around in 2011. Of course, in today’s age, that is a very different prospect as the market loves scarcity, so expect this to benefit BTC20 greatly.
It’s not all similarities, though, and one could argue it is in the differences that lie BTC20’s best strengths. For example, BTC20 is a much greener token, and in the long run, that will stand to it. Unlike Bitcoin, it is a proof-of-stake token, which means it does not need to be minded. With all the talk of regulation in crypto in the future proof-of-stake coins will only grow in value.
There is even an opportunity for investors to earn a passive income with BTC20. The remaining 14.95 million tokens will be locked into a staking contract once the presale is finished for investors to stake against. This, of course, also increases the security of the project, so it is a win-win.
The hard cap for BTC20 has been set quite low as is the style now, and they only need to raise $3 million before the listings begin.
The presale has only just begun, but already it looks like it could break 200k in a matter of hours. Luckily for investors, the price will remain $1, so there is still time to get involved.
Conclusion
It is way too early to panic about Bitcoin, and we don’t think it is going to reach that stage anyway. Investors need to take a more macro view of things and appreciate where we have come from this year.
$50k may not be in reach before 2024, so why not look instead at BTC20 as its presale indicates that it could pump much more than Bitcoin, and its low price means it is a low-risk option too.
