Here are the top 10 reasons for the Bitcoin price to skyrocket that hint bullish outlook

In 2023, Bitcoin price increased by more than 60% since a terrible 2022 when it fell by more than 64%. After a protracted bear crypto market, some have dubbed the most recent bounce a bull trap, yet there are good reasons to think Bitcoin's most beautiful days are still to come. No one can agree on the appropriate statistic or signal for determining Bitcoin's future course; this article aims to assess the Bitcoin price in 2023. Here are the top 10 reasons for the Bitcoin price to skyrocket in 2023:

1. Larger block sizes: Block size has recently been cited as a critical indicator for the rise in cryptocurrency prices. The importance of block size evaluation is in our ability to assess network activity by counting the number of transactions that take place there. The rise of ordinals, or non-fungible tokens (NFTs) based on Bitcoin, which are digital representations of ownership of works of art, media, and collectibles, is probably responsible for this increase in activity. There have been more than 150,000 ordinals produced since their debut in January. The crypto's average block size has risen by 20.5%, reaching a record high short of 2.5 gigabytes.

2. Record address expansion: The number of Bitcoin addresses with a balance greater than zero also reached a record high. Growth of non-zero addresses has mainly remained stable year after year, regardless of market sentiment, similar to mining difficulty. Upwards of 44.6 million addresses have some amount of the coin as of this writing. Five years ago, there were 23 million people in this group.

3. Investor favorite: The great mining difficulty may be the most significant under-the-radar statistic. The more incredible the mining difficulty, the more decentralized and secure the Bitcoin network grows, making this one of the most critical measures of the token's health. Since the cryptocurrency launch 14 years ago, despite price fluctuations and many bear markets, the number of nodes running the Bitcoin code has increased worldwide, and more potent mining processors have come online. This pattern confirms that, despite the crypto winter, the security and decentralization of the Bitcoin network are continuously increasing. This opinionates that Bitcoin is one of the most enticing reasons to invest in Bitcoin right now since it gives investors a chance to purchase it while it is still well below its highs.

4. The four-year cycles of Bitcoin: Long-term Bitcoin investors are aware that the cryptocurrency historically moves in cycles of four years. There is undoubtedly a pattern, even though the timing is not ideal, and there is some debate as to whether this pattern is getting weaker over time.

5. US Federal Reserve Rate Increase: In December 2022, the US Federal Reserve announced a less drastic rate increase of only 25 basis points, aiding Bitcoin to continue its upward trend and outperform other currencies. This is fantastic news for Bitcoin investors because a higher Bitcoin market typically results from a weaker US dollar.

6. Mark Mobius prediction: According to Mark Mobius, Bitcoin's bottom price will be $10,000 in 2023. While some would see this forecast as bad news for Bitcoin, others think it will ultimately result in a more robust market in the long run. Investors and analysts have already discussed Mobius' prediction, but it is still unclear whether it will come true.

7. Wide acceptance: More companies accept bitcoin, and more straightforward payment methods are being developed. There have been two effects of Bitcoin's widespread popularity. First, more people utilizing Bitcoin for transactions has raised the demand for the currency. Second, it has improved Bitcoin's standing as a kind of money. Bitcoin has benefited from mainstream acceptance due to rising demand, credibility, and adoption.

8. Decentralization: One crucial feature distinguishing bitcoin from conventional currencies is its decentralization. The blockchain is immune to censorship, fraud, and hacking efforts because transactions are recorded on a decentralized public ledger. Users can send and receive transactions directly using a peer-to-peer network, cutting out middlemen like banks or payment processors.

9. Adoption of NFTs and DeFi: NFTs and DeFi are well-known blockchain use cases that offer transparent and secure ways to transfer ownership and provide financial services without middlemen. As a result, NFTs have sparked interest in the art world and DeFi has made it possible to earn interest, leading to a rise in Bitcoin use. Because of its rarity, security, liquidity, and stability, bitcoin is appealing for NFT and DeFi applications, which raises its demand and adaptability overall.

10. Institutional Adoption: Institutions purchase Bitcoin to give it respectability and credibility as a reputable investment choice. This pattern boosts Bitcoin's liquidity, which facilitates trading and investment, and positively impacts the currency's demand and price. Additionally, it has sparked the creation of brand-new financial products, such as Bitcoin futures contracts, that enable institutions to participate indirectly in cryptocurrency.