The popular pseudonymous host of crypto market analysis show “Coin Bureau” explained in a recent interview his outlook for crypto in 2023.
According to a report by The Daily Hodl, he told crypto analyst Benjamin Cowen:
“I would hope that we’ll be starting to see green shoots, starting to see signs of a recovery towards the end of the year. Maybe sort of late Q3, early Q4. But that would be you know at the very earliest for that... I am expecting that we are going to see new lows probably in the first quarter would be my best guess... I think we’ve got that to look forward to and then probably in terms of price action, I would imagine a fair amount of trading sideways really for the rest of the year...
“I think it’s going to be a year, especially once those lows are in, I think it’s going to be a year for slow accumulation, for dollar cost averaging and things like that... It’s certainly a year to proceed with caution.“
Last month, the Coin Bureau host said that if the Shanghai upgrade goes well, “2023 could be a really big year for Ethereum and for ETH.”
According to a report by The Block, at Ethereum Core Devs Meeting #151, which was held on 8 December 2022, a provisional timeline for the completion of the Shanghai upgrade, also known as Ethereum Improvement Proposal (EIP) 4895, was set. This upgrade will enable users to withdraw their staked funds from the Ethereum blockchain, a feature that is currently not available. According to Cointelegraph, “developers will aim for May or June 2023 to launch the Ethereum Improvement Protocol (EIP) 4844 upgrade that will introduce proto-danksharding to the network.”
In a video released around two weeks ago, the Coin Bureau host had this to say about the potential impact of the upcoming Shanghai network upgrade and the overall outlook for Ethereum in 2023:
“When they see that that ETH can in fact be unstaked and easily sold, then it might incentivize them to actually stake themselves. So, I really think it could go either way. Now, I wouldn’t at all be surprised if it was slightly bearish in the short term if we do see some selling, but I think the future for ETH is so, so bright, and I think Shanghai, assuming it goes off without a hitch as the merge did, then I think 2023 could be a really big year for Ethereum and for ETH...
“Price prediction, I don’t know… I don’t think we’re going to see a five-figure ETH in 2023, but I think that’s entirely possible. We could, of course, see a flippening, but I’m not sure. I’m expecting very much kind of sideways price action for ETH over the course of next year.“
Image Credit
Featured Image via Pixabay
