After crossing the psychological threshold at $30,000 earlier in April, Bitcoin (BTC) is back to trading below this key level once again, leaving investors and financial experts trying to gauge the movements of the flagship decentralized finance (DeFi) by the end of the year.
Indeed, a panel of 32 financial technology and cryptocurrency specialists has projected that the price of Bitcoin would grow during 2023, peaking at $42,225 before finally ending the year at $35,459, according to the results of a poll carried out by the investment platform Finder and shared with Finbold on April 19.
What do the experts say?
As a bullish case for Bitcoin, GroveToken COO Carlo Di Clemente used the fact that having lost trust in banks, people have started to look at the maiden crypto asset as a practical alternative to traditional banking, which “has had a positive effect on Bitcoin adoption in 2023.”
“Bitcoin could also continue to experience significant price appreciation over the next decade as more institutional investors and corporations adopt [an] increasing mainstream acceptance [of] Bitcoin as a form of payment.”
His views are shared by Tommy Honan, head of commercial operations at Swyftx, who stressed Bitcoin’s “many sought-after properties for institutional and retail investors alike,” as well as its finite supply, which “could lead to an increase in price as supply shock is felt.”
On the other hand, John Hawkins, senior lecturer at the University of Canberra, isn’t optimistic about the future of Bitcoin, arguing that:
“Bitcoin is a speculative bubble, which I expect to burst. (…) Although predicting when is very hard. It has failed as a payment instrument or currency, failed as an inflation hedge or store of value, and failed as a diversification asset.”
Is it time to buy Bitcoin now?
That said, 52% of Finder’s panel believe that now is a good time to buy Bitcoin, whereas 32% suggest holding. On the opposite side of the spectrum is the 16% of panelists who recommend selling the largest digital asset by market capitalization.
It is also worth mentioning that more than half of panelists believe that President Joe Biden’s plan to close the ‘wash trading’ loophole for digital assets would create a certain amount of negative effect on Bitcoin.
Specifically, 22% have stated it will have a “minimal effect,” another 22% say that it will have a “moderate effect,” and 19% believe it will have a “significant effect.” In contrast, 28% of panelists are skeptical that President Biden’s ‘wash trading’ rule would have any effect on Bitcoin or the broader crypto market.
Bitcoin price analysis
As things stand, Bitcoin is currently changing hands at the price of $29,281, recording a decline of 2.39% on the day, as well as decreasing 3.24% over the last week, while still retaining the 3.88% gains it has accumulated over the past month, according to the data retrieved on April 19.
Whether the general consensus among the experts on the BTC price in 2023 can materialize will largely depend on the sentiment in the wider cryptocurrency sector and beyond, particularly influenced by the regulatory onslaught that is currently underway.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Eye-popping returns make Bitcoin seem like a good investment, particularly based on the crypto's recent performance in 2023 and early 2024. But as with any investment, you should make sure you understand the risks.
Bitcoin, it found, is likely to hit an average peak price of $87,875 in 2024, with some experts predicting it will climb as high as $200,000. On the flip side, the average lowest price Bitcoin could hit by the end of 2024, is seen as $35,734, the report said, with some predicting it will fall as low as $20,000.
If Wood is correct and Bitcoin does reach $3.8 million by 2030, an investment of $1,000 would be worth over $60,000. This would result in a compound annual growth rate (CAGR) of over 100%. Read Next: Bitcoin has jumped another 45% already this year – how much would you need to get started today?
Bitcoin showed notable strength in 2023, ending the year positively. This has raised expectations for the price to continue rising in the long run, potentially turning into a bullish market later in 2024.
Unfortunately, it's also incredibly volatile. For that reason, while current market conditions are favorable for anyone considering buying Bitcoin, it is an asset you should purchase only at your own risk. Because while Bitcoin may have the potential for significant returns, you may also lose most of your investment.
We predict that Bitcoin will hold an average price of $60,000 in 2024, thanks to the Halving event, and settle more in 2025 with an average of $65,000. In 2026, we see Bitcoin trading as high as $90,000 by the end of the year. By 2030, we predict that Bitcoin could reach a high of $160,000.
The report sees Bitcoin hitting price targets in 2030 of $257,500 in the bearish forecast, $682,000 in an average market and $1.48 million in a bullish market.
In 2024, the majority of bitcoins are still out in the wild, so to speak—but over time, and if they continue to be treated as a speculative investment and store of value, these large entities will likely keep growing their holdings.
Experts are largely bullish in the year to come for cryptocurrency, and the context of bitcoin spot ETFs and the halving help to explain why. Martin Leinweber, digital asset product strategist at MarketVector Indexes, tells Money that the demand for bitcoin products is extremely high.
Because Bitcoin is so powerful and has so much potential, Bitcoin's projected value and estimated growth could be astronomical. Speculation from crypto analysts and industry experts suggests that Bitcoin's long term value could reach over $100,000 to as much as one million dollars per BTC in the future.
This is still a cryptocurrency that could be easily cut in half before it doubles. But if you can afford to stash away that $10,000 for at least a few years, it makes sense to buy some Bitcoin today as the ETF approvals, halving, and other catalysts draw in more investors.
"We put our bull case for bitcoin at $1.5 million," Wood said. "If institutional investors were to allocate a little more than 5% of their portfolios to bitcoin, that alone would add $2.3 million to the projection I just gave you." It's an impressive forecast.
A $100 investment in Bitcoin could purchase 0.00607 BTC today based on a price of $16,466.14 at the time of writing. If Bitcoin hits the $1 million price target by Wood in 2030, the $100 investment would turn into $6,070. This represents a gain of 5,970% from now until 2030.
“Were that projection to come to fruition, a $1,000 investment today could be worth approximately $1,333 in twelve months, though it could also become $750 if prices fall. Investors should only speculate with risk capital that they can afford to lose,” he added.
The average consensus price for December 2022 is $117.86, so forecasters expect BCH to rise by about 22% from its December 2022 price ($96.32). This makes Bitcoin Cash one of the best cryptocurrencies to buy in 2023.
Address: Suite 153 582 Lubowitz Walks, Port Alfredoborough, IN 72879-2838
Phone: +128413562823324
Job: IT Strategist
Hobby: Video gaming, Basketball, Web surfing, Book restoration, Jogging, Shooting, Fishing
Introduction: My name is Rev. Porsche Oberbrunner, I am a zany, graceful, talented, witty, determined, shiny, enchanting person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
