Bullish Events Could Push BTC Prices to $42K in 2023: Bithumb Report

• South Korean crypto exchange Bithumb has identified seven factors that could affect Bitcoin (BTC) prices in 2023.
• The Federal Reserve’s decision to ease austerity measures, and Russia’s decision to greenlight crypto trading companies as a means of settlement in cross-border deals, are two of the four-star bullish events that could increase BTC prices to $42,000 in the next 12 months.
• Other bullish events include the possibility of an increase in institutional investors, an expansion of decentralized applications, the implementation of blockchain-based central bank digital currencies, and a new wave of crypto-based mobile payments.

The South Korean crypto exchange Bithumb has released a report that looks at seven factors that could affect Bitcoin (BTC) prices in 2023. Titled the 2023 Virtual Asset Market Outlook, the report was published by the Bithumb Economic Research Institute and looks at the potential of the crypto market over the next 12 months.

The report claims that bitcoin prices could rise to the $42,000 mark in the next 12 months, provided certain events come to pass. The report grades each factor with a star rating out of four, with four stars denoting an event with maximum significance on the market. The report also categorizes the events as Bearish, Unknown, Neutral, or Bullish.

Bithumb identified two four-star bull events that could help spur BTC prices toward $42k. The first was the Federal Reserve’s forthcoming decision to ease „austerity measures“. This move is widely expected to cut interest rates and many experts claim that this will encourage investment in crypto, and spark a prolonged recovery for major tokens. The second event is whether or not Russia will green-light its trading companies to use cryptoassets as a means of settlement in cross-border deals. This could provide an alternative for Moscow, despite some uncertainty from the nation’s crypto-skeptic Central Bank.

In addition to the four-star bull events, Bithumb identified three other events that could have a significant impact on crypto prices. These include the possibility of an increase in institutional investors, an expansion of decentralized applications, and the implementation of blockchain-based central bank digital currencies. Another factor that could contribute to a bullish market is the possibility of a new wave of crypto-based mobile payments, which could make it easier for individuals to get involved in cryptocurrencies.

Overall, the report from Bithumb indicates that bullish forces could take control of the crypto markets in the next 12 months, provided the right events occur. With an increase in institutional investors, expansion of decentralized applications, and further implementation of blockchain-based central bank digital currencies, the crypto markets could be in for a period of sustained growth. However, much remains to be seen and only time will tell if the bullish forces will be enough to push BTC prices to the $42,000 mark.