Bitcoin price to hit $29,000 in 2023 – Report
The price of Bitcoin is expected to peak at $29,095 in 2023 before ending the year at $26,844, a new report from Finder has stated.
The report also said that some of its panelists predicted a 2023 low of $13,067 for the digital currency. While the price of BTC is expected to rise in 2023, it will stay well below its all-time high of over $65,000 in November 2021.
Seasonal Tokens creator and founder, Ruadhan O, stated that BTC might peak at $27,000 as BTC’s price would be suppressed by worries about the financial health of centralised businesses in the industry.
He said, “The price is low because possible imminent catastrophes are being priced in. By the end of the year, market sentiment will have changed, and after the fear goes away, the market will rediscover the scarcity of Bitcoin.”
According to FxPro senior market analyst Alexander Kuptsikevich, BTC was currently underpriced.
“The phase of the most active cryptocurrency sell-off is over. 2023 will be a year of careful price recovery. However, a real FOMO market is unlikely to come until 2024-2025,” Kuptsikevich said.
The report predicted that BTC will jump to $77,492 in 2025 and $188,451 in 2030.
Finance Magnates senior analyst and editor Damian Chmiel said BTC will be worth $70,000 in 2025. He added that BTC needs two things to rebound, the return of bullishness on Wall Street and the Fed’s exit from its rate-tightening policy.
He said, “The former will not happen without the latter, and we are left to wait patiently for now. In the long term, however, I believe Bitcoin will become a popular choice among traders.”
University of Canberra senior lecturer John Hawkins, said BTC was overpriced and will close the year at $10,000, before dropping to $5,000 in 2025 and $500 in 2030.
According to Hawkins, Bitcoin has no useful role as an asset after it’s been “spruiked as a payments instrument, safe haven, inflation hedge and diversification asset.”
“In the short term, more of the crypto companies that are shedding staff and restricting withdrawals, and no longer have FTX to bail them out, will fail, putting downward pressure on the Bitcoin price,” he continued.
The report read in part, “While BTC is currently rallying above $20,000, the panel expects it to drop to $13,067 at some point in 2023 – the lowest it’s been since October 2020.
“Following the recent market crash and FTX collapse, a fifth (21 per cent) of Finder’s panel believe institutional investors will leave the crypto market for other asset classes this year. However, the majority (75 per cent) think otherwise, while the remaining 4 per cent are unsure.”
According to AskTraders senior cryptocurrency and forex analyst Nick Ranga, institutional investors will leave crypto this year. He said, “With inflation still uncomfortably high and recession risk looming, overall market sentiment remains risk-off.
“US interest rates are expected to peak at around 5 per cent in the first half of 2023 so we could see investors return to riskier assets later in the year. In the short term there could still be more downside.”
Rouge International managing director Desmond Marshall, added, “Unless there are more sudden surprises like FTX, the market is now undergoing a cleanup of scammy and faulty exchanges and companies.
“After this cleanup and with the Fed interest continuing to hike, and with the BTC upcoming halving in 2024, there should be stronger support during H2 of 2023.”