The 2022 crypto market massacre scared away several investors. Bitcoin, the pioneer of cryptocurrencies, experienced a major downturn and dropped significantly from its all-time high of $68,789.63 to $16,797.93 as of writing. However, while the market slump has caused fear in several amateur investors, this has not dampened the spirits of a group of crypto evangelists.
Multiple predictions have been made for BTC’s price in 2023. Many experts remain highly bullish, while others have lost faith in Bitcoin. However, both voices can’t be ignored as the crypto market itself is highly unpredictable and volatile. Let us see the top 5 Bitcoin predictions for 2023 to make an informed decision.
Top 5 Bitcoin Predictions For 2023
Bitcoin Will Soar to $250,000 - Says Tim Draper
The venture capitalist, Tim Draper, has always been an ardent supporter of Bitcoin and still has a bullish prediction despite the difficulties looming around the crypto space. According to him, BTC would soar to highs of $250,000 in the new year, breaking records. He is convinced that the crypto would hit the quarter-of-a-million milestone as a key price booster is just around the corner. Draper says this could be in the form of mass adoption, especially in terms of retail spending. He exhorts that over 80% of the retail shopping controlled by women would be eventually attracted to Bitcoin, causing the prices to explode dramatically.
Another reason for the bullish prediction of Bitcoin in 2023 is the coin’s deflationary nature, which would eventually result in price appreciation in the long run, making BTC the best investment option now. He also opines that the scheduled halving would be another positive run for Bitcoin, which would significantly increase its demand with time.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Bitcoin Would Hit $50,000 - Says Carol Alexander
Carol Alexander, the renowned Professor of Finance at Sussex University, has another bullish Bitcoin prediction for 2023. According to her, BTC would soar to a level of $30,000 in the first half of 2023 and eventually skyrocket to $50,000 by the end of the year. Alexander’s prediction has proven to be almost true in the past, as she predicted last year that Bitcoin would bottom out at $10,000, which wasn’t too far off the mark.
However, the basis of her rather conservative prediction is that there would be more dominos from the FTX fallout tipping over, and more whales would step into the market, propelling the rally. Although, she does not expect it to happen soon, as it would take time for BTC to bounce back on its ground.
BTC Would Hit $40,000 By Summer - Says Erik Voorhees
Erik Voorhees, the founder and CEO of the well-known cryptocurrency exchange ShapeShift is yet another BTC enthusiast who is overly optimistic about the coin in 2023. He expressed his opinion that Bitcoin has the potential to resurge to $41,666 within the next 6 to 36 months in an interview on January 2, 2023. He also reiterated that there would be a whopping 2.5x return on its current price of $16,797.
Voorhees said that he is still determining the timeline as rising interest rates, macroeconomic events, and tightening of monetary regulations are indeed big factors that can affect the entire market condition this year.
He quoted that, “whether we are in a bull or bear market, we are in the middle of a revolution right now.”
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
BTC Hits Scorched Earth At $5,000 - Says Standard Chartered
While amidst predictions that BTC would hit another bull run, there are also speculations that the crypto would go on another bearish trend in 2023. Standard Chartered, the global banking giant, has made a rather devastating prediction for Bitcoin.
They predicted that BTC could hit the ground levels of almost $5,000, followed by the destruction of the crypto bubble. Eric Robertsen, the bank’s head of global research, outlined several possible scenarios that could plummet the price of BTC. The reduced liquidity in the crypto sector is one of the many reasons that would force many companies to file for bankruptcy. He quotes, “More and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets.”
Against this backdrop, BTC already plummeted over 60% in 2022 after an array of high-profile collapses of projects and companies swarmed the industry.
Bitcoin To Go Lower With $10,000 - Says Mark Mobius
Not just Standard Chartered but Mark Mobius, the legendary investor hailed as the godfather of emerging markets, also has a relatively bearish Bitcoin prediction for 2023. He declared a $10,000 price target for Bitcoin in 2023. Mobius exhorted that BTC will hover around its current levels in the near term before plunging down over 40% this year.
According to Mobius, one of the key reasons for this bearish prediction is the looming fear of inflation and the Federal Reserve's "printing machine.'' As the Fed is tightening monetary policy and increasing rates, the situation might change. Furthermore, since Bitcoin does not pay any interest, it would not attract investors, and this would hamper the entire crypto sphere. He also went to the extent and declared that Bitcoin investments are too dangerous and would never invest either his own money or his clients in digital assets.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
The Bottomline
These are the top 5 Bitcoin predictions for 2023. However, when it comes to crypto market predictions, there is a wide boom-or-bust variety. For every expert who predicts a bullish run for Bitcoin, there would be another predicting it is a dramatic drop. So, in the end, investors have to make an informed decision with due diligence and thorough research.
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