Many analysts have already given themselves the task of throwing out their predictions about the BitcoinBitcoin is the first decentralized digital currency. It was created in 2009, by an anonymous founder or group of founders... More price for 2023. But 2022 was a very turbulent year for the cryptocurrencyA digital currency running on a blockchain and built with cryptography. Contrary to central-bank issued currency, cryptocurrency issuance rules are... More market. BTCAn abbreviation for Bitcoin. started the year at $47,800 and closed at about $16,500, representing a 64% decrease in the cryptocurrency price.
Among the significant events that affected the industry were the collapse of Terra/Luna and the FTX exchange crash. Both events dragged many companies into bankruptcy and affected the entire market.
Furthermore, the rising inflation in 2022 and interest rates globally dented the gains the crypto market experienced in 2021. Perhaps, none of us could have imagined that 2022 would be such a terrible year for crypto. However, speculating about the future is one of the things that analysts enjoy the most.
Optimistic Bitcoin Price Predictions for 2023
For Capriole Investments, in 2024, Bitcoin will be the strongest asset in the world and behave similarly to gold in the 1960s. This research firm believes that Bitcoin has more growth potential than gold because it is smaller.
Thus, the Bitcoin price in 2023 will tend to increase because investors will increasingly consider cryptocurrency a reserve asset. The monetary policies of the Federal Reserve Board (FED) and the increase in inflation in the United States will be critical factors in the crypto’s rise, Capriole said.
Likewise, for the bitcoiner Michael Van Poppe, the cryptocurrency will exceed $50,000 in mid-2023.
Tim Draper, for his part, offered an interview to CNBC in which he continued to be very optimistic about the price of Bitcoin in 2023. For this investor, BTC will reach $250,000. Draper initially expected the mark to hit in early 2023, but noted that due to FTX’s collapse, he extended his prediction by another six months.
More predictions for Bitcoin price in 2023
Matthew Sigel, director of Digital Assets at the VanEck firm, believes that in the first quarter of 2023, the price of Bitcoin will remain between $10,000 and $12,000. Thus, the analyst considers that the first quarter of the year will mark the end of the crypto winter.
As always, the forecasts for 2023 are not only favorable. The banking sector is the one that leads the unfavorable valuations around Bitcoin. As if they wanted to divert the attention of investors from the losses experienced by the European Central Bank (ECB) due to the payment of reserves to the banks. Not to mention the growing inflation experienced by the large economies around the world.
Thus, the fall of FTX caused the ECB to take a tough stance on Bitcoin. Bank representatives consider that the recent phase of stability that Bitcoin and the cryptocurrency market have experienced in recent months is “artificial” and is a kind of “last breath” before the crypto asset is irrelevant.
In the same pessimistic line, Eric Robertsen, global director of research at the multinational bank Standard Chartered, predicts a further drop in the Bitcoin price in 2023 of 70% compared to its current price. In this way, the price of Bitcoin in 2023 could reach close to $5,000, a value that hasn’t been registered since the first months of 2020.
A more conservative prediction
For the analytical firm Ecoinometrics, there are two possible scenarios for the price of Bitcoin in 2023. To reach its conclusions, the firm studied the monthly returns of BTC in past bear markets and came up with its own prediction.
In the first scenario, BTC has not bottomed out yet, so it could continue to rise and range between $15,000 and $20,000. But, if it has bottomed out, it will be between $27,000 and $33,000.
These analysts consider the $15,000 and $33,000 figures to be much more conservative than the 2021 market, as we should not expect “miracles” in bear markets.
Analysts have speculated a lot about the price of Bitcoin, while the crypto fear and greed index chart closes this 2022 at 28, indicating fear among investors. However, the number is not too bad compared to the first days of January 2022, when the index stood at 21.
As we have indicated previously, there are no certainties in the world of cryptocurrencies. Even though at the end of 2021, the global capitalization exceeded $1 trillion, the truth is that it’s still a small market. Therefore, Bitcoin price predictions for 2023 cannot be a safe guide for your crypto investments this new year.
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