Bitcoin’s sideways trend is hindering most of the altcoins within the crypto space to rise high
The altcoins are believed to rise high and may also mark new highs while some may face a major downswing ahead
The crypto space appears to have entered a final phase of consolidation and hence a giant move is believed to occur very soon. Presently, the BTC price is failing to rise beyond $17,000 as it continues to trade around $16,800 for nearly a month now. This diminished volatility has compelled the market participants to look out for other altcoins but the scenario is believed to change very soon as the 2023 year may mark a strong recovery phase for many cryptos.
Bitcoin price is required to slice through the pivotal resistance levels at $20,000 and sustain above $20,800. In such cases, a significant upswing may be validated that may uplift the price towards $50,000 or even more. Meanwhile, the altcoins may also follow the star crypto and rise high but woefully, Solana’s price is expected to drop to $1.
A well-known analyst lays down his predictions for 2023 and believes that the BTC price may hit $70,000 too. Interestingly, the analyst predicts bullish targets for most of the altcoins but believes that Solana’s price may drop heavily and reach $1. The bearish targets for SOL price raise concerns about the platform’s developments in the coming days.
The targets are set to flash the possibility of a bull run for the majority of the assets that may even mark new ATH by the end of 2023. However, the XRP price may still be deprived of reaching the highs as it could be capped at around $1.6. While the possibility of a continued upswing in 2024 remains uncertain at the moment.