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Sportsbooks Predict 22% Drop In Bitcoin Price By End Of 2023; ETH To Drop By 25%

--News Direct--

The top online sportsbooks have made their cryptocurrency predictions for the end of 2023, setting the projected price of Bitcoin at a conservative $21,000. With BTC trading for $26,903 as of today, the oddsmakers are predicting an implied move of -21.9%. Find out the odds of Bitcoin trading below $21,000, along with cryptocurrency predictions for Ethereum, Litecoin, and Dogecoin.

End-Of-The-Year Cryptocurrency Predictions (2023)

Bitcoin investors might want to lock in some profits before the end of the year, according to the top online sportsbooks.

The oddsmakers have predicted that the price of Bitcoin could fall to $21,000 USD by the end of 2023, implying a move of -21.9 percent. According to lines set by the best betting sites, Ethereum (-24.8%), Litecoin (-7.6%), and Dogecoin (-0.1%) are also expected to see some price contraction before the end of the year.

Let’s take a look at the end-of-the-year cryptocurrency predictions for Bitcoin, Ethereum, Litecoin, and Dogecoin from the top online sportsbooks.

Bitcoin Price Prediction

  • Over/Under

  • Today’s Price

  • Implied Move

After surpassing $30,000 earlier this year, Bitcoin has started to retreat heading into the summer. Bitcoin is down over four percent over the past month and some investors fear that crypto winter is not quite over yet.

The top online sportsbooks seem to agree with oddsmakers setting their lines fairly conservatively for the projected price of Bitcoin at the end of 2023.

Today, Bitcoin’s price currently sits at $26,903. Bitcoin is projected to fall to $21,000 by the end of the year, implying a price drop of -21.9 percent.

However, the over is favored at -400, meaning that the implied probability of Bitcoin finishing 2023 with a price over $21,000 USD currently sits at 80 percent. By comparison, at +250 odds, the implied probability of Bitcoin’s price falling below $21,000 currently sits at 28.6 percent.

Ethereum Price Prediction

  • Over/Under

  • Today’s Price

  • Implied Move

Ethereum investors are not going to like the price predictions made by the top online sportsbooks.

Ethereum is up 55.5 percent year-to-date and is trading at $1,862 as of this writing.

ETH has continued its resurgence since the beginning of 2023, gaining over 1.8 percent over the past month. However, the oddsmakers aren’t expecting the good times to last for Ethereum investors.

The top sportsbooks have set the line for ETH’s end-of-year price at just $1,400, implying a move of -24.8 percent. To make matters worse, the under is favored at -170 odds, giving it an implied probability of 63 percent.

At +120 odds, there is only an implied probability of 45 percent that the price of Ethereum will be over $14,000 by the end of 2023

Litecoin Price Prediction

  • Over/Under

  • Today’s Price

  • Implied Move

Up 10 percent over the past month and 34.6 percent since the beginning of the year, Litecoin has been rewarding patient investors in 2023.

Despite considerable gains over the past year, the coin traded as high as $347 in May 2021 and is still far off its 52-week high of $104.48, leaving plenty of room to grow on its road to recovery.

With Bitcoin and Ethereum projected to fall by more than 20 percent, Litecoin investors might be afraid of what is to come later this year. However, the top online sportsbooks are forecasting a milder drop in LTC, predicting that the price will hold at $88 by the end of 2023. That implies a -7.6 percent drop in Litecoin compared to today’s price ($95.20).

The under is favored at -140 odds, meaning that there is an implied probability of 58.3 percent that the Litecoin price will fall below $88. On the other hand, the over is set at +100 odds, amounting to an implied probability of 50 percent.

Dogecoin Price Prediction

  • Over/Under

  • Today’s Price

  • Implied Move

Despite trading as high as 57 cents in May 2021, Dodgecoin has lost steam over the past year.

Unlike most cryptocurrencies, Dogecoin has yet to experience a resurgence in 2023.

Up only two percentage year-to-date, Dogecoin was trading at 9.6 cents in early April but the meme coin is still far off its 52-week high of 15.7 cents.

Today, Dogecoin is trading at just 7.17 cents but the top sportsbooks believe that the coin may have already found its bottom.

Dogecoin has shown significant support around 7 cents, and despite forecasting significant reductions in price for Bitcoin and Ethereum, the top sportsbooks are predicting a slim -0.1 percent implied move for Dogecoin by the end of 2023.

With the over set at -11o odds, the oddsmakers are giving Dogecoin an implied probability of 52 percent to finish the year with a price of over 7 cents.

Originally posted on The Sports Daily:

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Alex Brown

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