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Bitcoin Price Remains Bullish With Odd-Setters Leaning Towards an Upturn By the End of 2023

Bitcoin Price Remains Bullish With Odd-Setters Leaning Towards an Upturn By the End of 2023

Bitcoin Price Remains Bullish With Odd-Setters Leaning Towards an Upturn By the End of 2023 – originally posted on Sportslens.com

The true value of Bitcoin has oscillated at around $27,000 for the past month, and odds-setters are certainly not taking any chances with many observers predicting a recovery beyond $30,000 by the end of 2023.

  • BetOnline have set their Bitcoin value over/under spread at surprisingly low benchmark of $21,000 by the end of 2023.
  • Upswing in Bitcoin’s value so far this year sees the ‘over’ market handed the shorter price.
  • Odds compilers have also listed prices for popular cryptocurrencies Dogecoin, Litecoin and Ethereum.

Bitcoin Price Odds

Over at BetOnline, they have set the over/under spread for Bitcoin’s value at $21,000 by the end of 2023, with their odds-setters treading with caution after handing the shortest price to the ‘over’ market, given the currency’s remarkable recovery so far this year.

See below for their latest Bitcoin price odds:

  • Over $21000.5 @ -400
  • Under $21000.5 @ +250

The price of Bitcoin had been steadily falling since reaching its loftiest point in November 2021, where the value of one coin was equal to around $64,400.

A more stringent regulatory environment, coupled with the collapse of the world’s largest cryptocurrency exchange FTX, gave way to a steep decline in its value. It reached its lowest point in almost three years at the tail end of 2022, where it stood at around $16,500.

Since the turn of the year however, Bitcoin’s value has taken a promising upturn, even returning to summer 2022 levels with its value sitting steadily at plus-$30,000 just over a month ago.

One can only assume a continuation of this moderately bullish price activity should see its price near the $30,000 mark by the end of the year, but the uncertainty around regulatory framework emanating from the UK and US governments have asset holders keeping their feet firmly on the ground for now.

Rumblings of a genuine upsurge appeared realistic in the early days of 2023, and although the heat has been turned down somewhat, Bitcoin it is still trading up over 60%.

2024 is predicted to be the most significant event since last year’s crash, with the quadrennial Bitcoin halving event approaching;  this is where rewards for mining transactions are halved to control inflation rates and the scarcity of the coin itself. This event is typically associated with an upswing in Bitcoin’s value and general market buzz.

Other Cryptocurrency Price Predictions

Dogecoin

  • Under 7 Cents @ -125
  • Over 7 Cents @ -110

Dogecoin remains the largest memecoin with a market cap of nearly 30 times that of PEPE coin, which many thought would surpass it as the latest trend sweeping through a highly volatile asset subsection.

Activity points towards a strong bounce in the very near future, but it has remained somewhat sideways for over a month which has oddsmakers struggling to split the over/under spread.

Ethereum

  • Under $1400.5 @ -170
  • Over $1400.5 @ +120

Despite many predicting a sizeable return on investment for Ethereum and projections of a 7% increase by the end of the year, BetOnline have set their spread at under $1,400. For context, the price hasn’t dipped below that level since December 2022.

Litecoin

  • Under $88.5 @ -140
  • Over $88.5 @ +100

Market analysts have widely predicted a maximum value of just over $96 by the end of the year, so there may be value to be had in BetOnline’s latest prices for Litecoin.

Lee Astley, the Head of News for Sportslens, said: “Given the regulatory climate surrounding decentralised assets, it appears everyone in the cryptosphere is treading with caution.

“Framework for more stringent measures to control these markets, are being pushed through at a faster rate than ever by some of the world’s most influential governments, which of course has had a huge bearing on the price of some of these assets.

“However, the promising upsurge of Bitcoin at the start of the year has largely continued, and those within the community are predicting a strong recovery by the end of 2023.”

 

 

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