Bithumb Identifies 7 Events That Could Push Bitcoin to $42K in 2023

• Researchers at South Korean crypto exchange Bithumb have identified seven events that will affect bitcoin and crypto prices in 2023.
• These events include the Federal Reserve’s decision to ease austerity measures, and whether or not Russia will green-light its trading companies to use cryptoassets as a means of settlement in cross-border deals.
• If these events come to pass, Bithumb researchers believe that bitcoin prices could rise to the $42,000 mark in the next 12 months.

Crypto enthusiasts around the world have been eagerly awaiting signs of a sustained recovery in the crypto market. Now, researchers at the South Korean crypto exchange Bithumb have identified seven factors that could determine whether the bear market will give way to bullish forces in 2023.

The predictions were published in a report named 2023 Virtual Asset Market Outlook, published by the Bithumb Economic Research Institute. The company graded each factor with a star rating out of four, with four stars denoting an event with maximum significance on the market. It also categorized the events as Bearish, Unknown, Neutral, or Bullish.

The first four-star bull event that could help spur BTC prices toward $42k is the Federal Reserve’s forthcoming decision to ease „austerity measures.“ The Fed is widely expected to cut interest rates sometime this year – a move that many experts claim will encourage investment in crypto, and spark a prolonged recovery for major tokens.

The second four-star bull event identified by Bithumb researchers is whether or not Russia will green-light its trading companies to use cryptoassets as a means of settlement in cross-border deals. Russia has been frozen out of dollar-powered trading in most markets but crypto-powered trade deals could provide an alternative for Moscow – despite some uncertainty from the nation’s crypto-skeptic Central Bank.

In addition to the two four-star bull events, Bithumb researchers identified two three-star bull events that could have a significant impact on crypto prices. These include the US SEC approving a Bitcoin exchange-traded fund (ETF) and the gradual adoption of blockchain technology in traditional finance and other industries.

The report also highlighted four bearish events that could have a negative effect on the crypto market. These include stricter regulations, governments launching their own digital currencies, the adoption of algorithmic central bank digital currencies, and a bubble burst in the DeFi market.

Ultimately, Bithumb researchers believe that if these events come to pass, bitcoin prices could rise to the $42,000 mark in the next 12 months. However, the crypto market is notoriously volatile and unpredictable, so it remains to be seen whether or not these predictions will come true.