Down more than 65% in 2022, Bitcoin (CRYPTO: BTC) has become an increasingly polarizing cryptocurrency. On one hand, the Bitcoin bears predict that Bitcoin could fall as much as 50% in 2023 before a market bottom is reached. On the other, the Bitcoin bulls think we've already hit a market bottom and Bitcoin could actually double in price in 2023.

Right now, I'm on the side of the Bitcoin bulls. Bitcoin simply has the best risk-reward profile of the major cryptocurrencies. Here's a closer look at my reasoning.

In terms of risk management, one major factor in Bitcoin's favor is that it has a historical track record of bouncing back from miserable years. In 2014, for example, Bitcoin fell 58% before bouncing back the next year. And in 2018, the same pattern occurred, with Bitcoin falling 73% before bouncing back the next year. So, while recognizing that past performance is no guarantee of future performance, there is at least a historical precedent in place for Bitcoin to recover in 2023.

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Source Fool.com