Some analysts even believe that trying to predict the price of bitcoin is useless.
Last year, bitcoin lost more than 60% of its price. But experts interviewed by CNBC have new predictions about its fate in 2023.
The cryptocurrency market welcomed the new year with a pessimistic mood. The worsening macroeconomic climate, the bankruptcy of the FTX cryptocurrency exchange, rising interest rates around the world, etc. a $1.3 trillion drop due to But there are daredevils who predict unprecedented growth for bitcoin.
Venture billionaire Tim Draper hoped that the price of this cryptocurrency would rise to $250,000 last year. He didn’t give up on his prediction, he just “stretched” to 2023. And according to Tim, that’s not the limit. He expects bitcoin price to rise 1400% in 2023, as the crypto market has “bottomed out”.
But forecasters from Standard Chartered are trying to quell the anger of their colleagues and believe bitcoin could drop to $5,000. “The drop in the tech giants’ shares brings with it cryptocurrency. It’s already done,” Eric Robertsen said.
According to him, crypto firms and exchanges are facing insufficient liquidity leading to bankruptcies and investors losing confidence in cryptocurrencies.
Some specialists hold more centered positions. For example, senior investor Mark Mobius of Franklin Templeton Investments insists that Bitcoin will trade at $10,000 in 2023.
“With higher interest rates, the attractiveness of owning or buying bitcoin or other cryptocurrencies becomes less attractive because just having one coin does not earn interest,” Moebius said.
But Carol Alexander, a professor at the University of Sussex, was right when she predicted that bitcoin would drop to $10,000 in 2022. Now she believes the cryptocurrency could hit as high as $50,000 as trading volumes plummet and traders are confused. This means that large owners known as “whales” will step up to support the market.
Among a number of experts, those who can no longer guess about the “thick cryptocurrency” stand out. For Anthony Trenchev, CEO of crypto lending platform Nexo, recent events in the crypto market have been a sobering shower. Trenchev had hoped bitcoin would rise to $100,000 by early 2023, but now refuses to make any predictions.
Leith Khalaf, financial analyst at AJ Bell, says trying to predict the price of bitcoin is useless. “I wouldn’t be surprised if Bitcoin drops to $5,000 or rises to $50,000 because the market is very emotionally sensitive,” Khalaf says.
In general, the predictions of experts are reminiscent of the old joke about the chance to meet a dinosaur on the street. “The chance is 50/50. You either meet or you don’t.”
By the way, the bitcoin price today is $16,835.
remember before Focus He talked about why Bitcoin could disappear completely and what would happen to the blockchain.
Source: Focus
Ashley Fitzgerald is an accomplished journalist in the field of technology. She currently works as a writer at 24 news breaker. With a deep understanding of the latest technology developments, Ashley’s writing provides readers with insightful analysis and unique perspectives on the industry.