Coin Bureau Says 2023 Could Be a Big Year for Ethereum, Details Forecast for ETH and Polkadot (DOT)

Popular cryptocurrency analyst Guy of Coin Bureau is revealing his forecasts for Ethereum (ETH) and Polkadot (DOT) as markets gear up for a new year.

In a new Q&A update, Guy says that Ethereum’s Shanghai upgrade, which will take ETH off the hook, could make 2023 a big year for the leading smart contract platform.

He says that when investors see billions of dollars worth of ETH unlocked, it may encourage them to start staking their coins without worry.

“When they see that ETH can, in fact, be unstaked and easily sold, then it might incentivize them to stake themselves. So I really think it could go either way. Now, I would not be at all surprised if it were slightly bearish in the short term if we see some selling. But I think the future of ETH is so, so bright, and I think Shanghai, assuming it goes smoothly like the merger did, then I think 2023 could be a great year for Ethereum and ETH.

Price prediction, I don’t know… I don’t think we’ll see five-figure ETH in 2023, but I think that’s entirely possible. We could, of course, see a reversal, but I’m not sure. I’m expecting a lot of type of sideways price action for ETH over the course of the next year.”

Looking at Polkadot, the Coin Bureau host says he sees multiple strengths for the interoperable blockchain, including its founder Gavin Wood, its efforts toward decentralization, and its strong developer community.

“I think he has two particular things going for him. It has one of the highest active developer counts across all cryptocurrencies. There are a lot of people working on Polkadot. And of course Gavin Wood, the guy behind this, is a very, very smart guy. And speaking of Gavin Wood, I think Polkadot has come a long way and has taken a lot of steps towards decentralization, and I think that’s going to be really important. Any crypto project that isn’t decentralized enough could have a really rough year next year, and I think Polkadot is moving in that direction. So I would imagine Polkadot will still be around in the next bull market. I think it has a lot going for it.

That being said, it also has some headwinds. We need to see more use cases for DOT, certainly. We need to see more development. Obviously, there’s competition from the likes of Cosmos, which is another amazing project, and all the other layer 1 types as well. But I think Polkadot has some strong fundamentals, and for the long term, I’m optimistic about it.”

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source: dailyhodl.com