Bitcoin price to go up in 2023 despite hiccups, say these crypto gurus
The revolutionary nature of Bitcoin, the first digital currency to unlock previously closed barriers in the digital currency market, means that it hardly needs an introduction. The past year was extremely difficult for all cryptocurrencies, including Bitcoin. In fact, the largest cryptocurrency in the world has lost approximately 65% of its market value in 2022.
A series of tragic events, including the Terra Luna crash, the collapse of the largest cryptocurrency exchange, FTX, and the impending macroeconomic difficulties caught crypto-lovers off guard.
Image: Cryptocurrency News
Nowhere but up for Bitcoin price
Still, Bitcoin’s loyal fans haven’t given up. There are enormous expectations that 2023 will mark a return for the digital resource. Despite the market slowdown, institutional use of cryptoassets will increase as companies start pilot programs and continue to research the technology.
Ric Edelman, head of the Digital Assets Council of Financial Professionals, expects more than 500 million people to own Bitcoin by the end of 2022, according to The Ascent.
According to the Fidelity estimate of crypto adoption in 2022, about six out of ten institutional investors (or about 60%) had invested in bitcoin and other digital assets worldwide.
The 56 cryptocurrency and fintech experts on Finder’s panel believe that the Bitcoin price will peak at $29,095 in 2023 before falling to $26,844 by the end of the year.
Ruadhan O, developer and founder of Seasonal Tokens, believes Bitcoin will peak at $27,000 and says the price remains constrained by concerns over the financial sustainability of the industry’s centralized operations.
Recovery year for the alpha coin
SkyBridge Capital founder Anthony Scaramucci referred to 2023 as a “recovery year” for bitcoin and expected it to trade between $50,000 and $100,000 in two to three years.
Market Research Future senior research analyst Shubham Munde agrees that Bitcoin’s price will recover during 2023 and expects it to reach approximately $35,000 by the end of the year.
According to MRF, the market will see a significant increase in 2024 due to increased acceptance and favorable regulation.
The Chief Operating Officer of ZebPay, Raj Karkara, seems to be quite positive about Bitcoin. BTC, he says, could rise again in 2023 if “there are no macroeconomic obstacles,” adding that the cryptocurrency’s fundamentals are “rock solid” regardless of market conditions.
Damian Chmiel, senior analyst and editor at Finance Magnates, believes the crypto will be worth $70,000 by 2025 and says Bitcoin needs two things to recover: the return of Wall Street optimism and the end of the US Federal Reserve’s interest rate tightening policy.
BTC total market cap at $419 billion on the daily chart | Chart: TradingView.com
Optimism remains despite the hiccups
Over the past few years, the cryptocurrency market has experienced rapid price increases and decreases. And yet, despite the wild swings, there’s no denying the crypto industry’s meteoric rise in recent years.
The historical performance of crypto markets suggests that 2023 will be a good year for bitcoin prices and virtual currencies despite hiccups, and therefore industry specialists are optimistic that this trend will continue.
This bodes well for individuals who have already invested in the cryptocurrency markets, as well as those who have yet to do so.
At the time of writing, Bitcoin is trading at $21,768, down 5.11% in the past seven days, data from CoinMarketCap shows.
– Featured image from Innovation News Network
