Michael Saylor of MicroStrategy believes that Bitcoin’s price has bottomed to its lowest point. Saylor also anticipates that the upcoming cryptocurrency market rebound with regulations will forsake competitors as an addendum to Bitcoin’s recovery. Currently, the market sentiment is optimistic with a Bitcoin bull market outlook in 2023 while Saylor asserts that the ongoing rally will only support the stock market recovery.
Bitcoin Recovery: Crypto Market Will Rebound In The Bull Market
Bitcoin’s price prediction will rebound after a rock bottom. This bull market outlook for Bitcoin is attributed to the crypto coin’s halving process, increased adoption of Bitcoin and stricter regulatory crackdown in the industry, to weed out competitors. The Chairman of the US Securities and Exchange Commission, Gary Gensler had previously proclaimed that all cryptocurrencies except Bitcoin are subject to securities laws.
The software company’s co-founder also predicted that there will be a shift in the interests of investors and developers from other blockchains like Ethereum, to the Bitcoin network. Owing to the regulatory scrutiny, he even emphasized that Bitcoin will be the most secure and reliable commodity which would never fall under SEC regulations.
“Crypto tokens and crypto securities may be regulated, perhaps out of existence. But, Bitcoin is the most secure network and asset while every other commodity has got a black cloud hanging over it.”
Saylor also added that a consistent flow of capital will move into Bitcoin from the rest of the crypto ecosystem that faces uncertainty.
Crypto Price Prediction: Bitcoin’s Bull Market Outlook For 2023
The Financial Accounting Standards Board (FASB)’s proposal of guidance on crypto accounting and reporting can be viewed as a monumental milestone in the world of digital currency. Crypto price predictions aim for Bitcoin’s recovery as the recent developments provide clarity and transparency for companies’ stakeholders that parade crypto assets on their balance sheets.
“The FASB’s initiative to adopt fair value accounting is a groundbreaking development.”
The cryptocurrency market rebound to Bitcoin’s bull market outlook for 2023 could also propel mainstream adoption of the same. A migration of the Ordinals inscriptions, a protocol that expands the use cases of blockchain. It has contributed to a record-breaking number of daily Bitcoin transactions in the bullish market.
It is suspected that Bitcoin’s halving, a recurring event (every four years) slated for April 2024, may swell the crypto’s price by cashing on the scarce supply of new Bitcoins.
Despite the growing pains and challenges faced by the industry, Saylor remains optimistic and negates all the bad leverage.
“Everyone in the business of shorting Bitcoin, rehypothecation of Bitcoin, loaning Bitcoin – they all have gone bankrupt.”
He believes that the negative factors have been eliminated and that now Bitcoin’s price has bottomed, and the leverage is out of it. The remaining exchanges that offer shorting options are under intense regulatory pressure – so a bull run is underway.
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