This Analyst Thinks Bitcoin Will Reach $5000 By 2023 Any Chance?
Since the first months of 2022, Bitcoin and crypto space have maintained a bearish trend, although there were some peaks to remember. Several markets, including the stock markets, are still facing a crisis. Unfortunately, there is no sign of a reversal in the meantime.
Moreover, several investors, financial experts and institutions are wondering whether the market will recover the fastest or not. BTC’s return on investment (ROI) remains very high. But it is currently showing a fall of -74.96% from its November 2021 high.
The bearish price movement of BTC is also visible in the prices of several other altcoins – bringing the broader crypto market cap to roughly $900 billion.
Bitcoin price may fall even more in 2023
The world’s largest digital coin, Bitcoin, recently regained its $17K price. However, this positive movement does not guarantee a broader market recovery, considering the FTX contagion of about a month back.
Bitcoin began the year at around the $50K price and steadily declined. From the market watch, BTC reached its low of the year at $15,700, which can be traced to the FTX crash in November 2022. Experts believe that the crypto market may see more falls in the coming year.
The head of research at the Standard Chartered bank, Eric Robertsen, announced that BTC could fall to the $5,000 price mark in 2023. Should this happen, there would be an additional price drop of approximately -70%.
There are chances that several crypto companies will file for bankruptcy in 2023 due to the fall of the market. The analyst believes that such an event will discourage more crypto investors, which will cause them to withdraw from the market.
Meanwhile, the current appearance of the crypto market has become a cause for concern for many investors. This especially for the new entrants in 2021 when BTC peaked at $68K.
Since the remarkable rise in prices, marketing projects have experienced back-to-back failures. However, such occurrences lack macroeconomic factors that were mainly born in 2022.
The future is still unclear
Crypto experts’ price predictions for Bitcoin in 2023 emerged when the market was still encouraging for investors. However, the bear run in 2022 has crushed all hopes and expectations for the token in 2022 and 2023.
According to Pantera Capital founder Dan Morehead, crypto adoption could change the dynamics of supply and demand. This is in line with the crypto prediction of certain industry insiders for September 2022, who say that the worst of the crypto market is already over. As a result, the future of BTC remains uncertain.
Meanwhile, Bitcoin stands at $17,016, showing a 24-hour positive price change. Furthermore, the Fear and Greed index of the token currently shows 26, which suggests that investors are currently feeling a sense of fear.
Featured Image From Pixabay, Charts From Tradingview.com
