What’s the Short and Long-Term Outlook for Bitcoin? – Saudi Gazette

Saudi Arabia

What’s the Short and Long-Term Outlook for Bitcoin? – Saudi Gazette

How does the future look for the likes of Ethereum, Genesis, and BlockFi? And what’s the near and long-term outlook for Bitcoin prices?

Top Crypto Forecast for 2023

One thing that happened in the aftermath of the FTX bankruptcy in November was a swift outflow of funds from crypto exchanges. By the third week of the month, it was known that FTX creditors were owed as much as $3.1 billion, but the full extent of the defunct company’s debt, with its implications for the industry, had not yet come to light.

“With each passing day... it becomes increasingly plausible that a wider scale reduction in confidence is in play”, remarked an analyst from Glassnode. Still, November 22nd saw Bitcoin prices shoot up 4.2% and Ether was up on a similar scale. Solana and Dogecoin also took the opportunity to surge. Fairlead Strategies explained that, despite the destruction of BTX, which would normally be expected to act bearishly on Bitcoin prices, “in the near-term [Bitcoin] has seen an initial positive reaction to oversold conditions”.

In the following week, crypto lender BlockFi Inc. declared bankruptcy, but Bitcoin was resilient, jumping 2.1% on November 29th up to $16,485. Dogecoin even clocked a 10% gain in the course