$1 million or $100,000? Inflation Risk Spurs Wild 2023 Crypto Price Predictions Like Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon and Solana Surge
BitcoinBTC, ethereum and other top ten cryptocurrencies have come to life this month as Elon Musk sent a strong warning to US President Joe Biden.
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The bitcoin price has plunged towards $30,000 per bitcoin, up around 70% so far this year, amid a banking crisis that has brought cryptocurrencies – including ethereum, BNB, XRP, cardano, dogecoin, polygon and solana – back into the spotlight.
Bitcoin’s massive 2023 price surge, adding around $200 billion to the combined crypto market, has sparked a wave of bullish price predictions — from $100,000 to a staggering $1 million bet.
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“I think bitcoin is likely to break all-time highs this year,” said Marshall Beard, chief strategy officer at US-based crypto exchange Gemini. CNBCadding $100,000 per bitcoin could be a possibility.
The Bitcoin and crypto market was kicked off this week by a $1 million bitcoin price prediction and bet made by renowned technologist and Balaji Srinivasan, a former CTO at Coinbase.
Srinivasan warned the banking crisis that has caused the collapse of three US banks and is now spreading to Europe could trigger hyperinflation in the US – advising people to “buy bitcoin now and get your coins off the exchanges.”
Inflation soared to a 40-year high last year, although many economists predict it will fall sharply through 2023. Slowing inflation expectations have led some to predict a U-turn at the Federal Reserve in an effort to retrace economic growth.
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“Growth in risk appetite has picked up despite volatility following current events in the traditional banking sector and the 2022 washout,” said Stephan Lutz, acting CEO and group finance chief at crypto derivatives exchange BitMex, alongside a report outlining how falling inflation. will cause the Fed to reverse course and increase risk assets such as bitcoin, ethereum and other cryptocurrencies.
“Inflation will fall sharply this year, and while the Fed will likely be stubborn in admitting that it has increased, financial markets will praise the end of restrictive liquidity,” wrote Markus Thielen, head of research and strategy at crypto platform Matrixport. in a report that includes a bitcoin price prediction of $45,000 in 2023.
“It will likely be a push-and-pull period in the short term,” Thielen wrote.
“We recognize that prices could fall back to $24,000 and test the last breakout level, but this would be a worst-case scenario and the trend is likely to reset itself higher from there. As a reminder, the ‘January Effect’ has an 83% probability of bitcoin prices will be higher by the end of December 2023, when bitcoin has risen in January, say January 31, 2023, to $22,950.”
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