Some experts believe that the price of bitcoin will drop to $10,000 or less in 2023, while others suggest that bitcoin’s sentiment-driven price action makes predictions meaningless.
Many analysts previously predicted the price of bitcoin with mixed success, giving their opinion in 2023 in view of the spectacular impact of 2022 on the asset’s performance and decreasing trading volumes.
Tim Draper predicts a bullish run for bitcoin price
Bitcoin bull Tim Draper said the alignment of women’s crypto spending habits with their retail habits will increase wallet adoption and bitcoin will reach $250,000 in 2023. Draper predicted in 2019 that bitcoin would reach $250,000 by the end of 2022.
Draper started out as a venture capitalist, investing in several crypto companies including Tesla, Twitch and more recently Coinbase and Tezos.
He shot crypto to prominence in 2014 after paying $19 million for 30,000 bitcoins seized from Silk Road.
A model by Jurien Timmer, Global Head of Macro at Fidelity Investments, predicts a bitcoin price of $30,000 in 2023.
Professor Carol Alexander of the University of Sussex envisages Bitcoin to reach $30,000 in Q1 2023 and $50,000 in Q2 2023. Before focusing his research efforts on crypto, Alexander studied game theory, mathematics, and number theory. She was openly critical of Tradefy over the collapse of Celsius and crypto hedge fund Three Arrows Capital.
Edward Moya of Oanda, a forex broker that offers crypto trading through a contract with a client that receives revenue through price changes of an asset, believes that the price of bitcoin Already reflects a decline through most of 2022 and will only decrease if another major crypto company collapses, or if Wall Street begins a mass exodus from risky assets.
Luno’s vice president of corporate development, Vijay Iyer, predicted that there would be an all-time low for bitcoin if the market absorbed the selling pressure created by bitcoin miner capitulations. Public crypto miners face pressure from creditors as the price of bitcoin and rising energy costs threaten miners’ ability to service debt. To compensate for dwindling revenues, many miners have resorted to selling their mined bitcoins and equipment.
Doom and gloom in Tradefy’s predictions
Eric Robertson of Standard Chartered predicted in a December 5, 2022 company report that bitcoin would fall to $5,000 after sustaining irreversible reputational damage from the bankruptcies of several crypto firms.
Investor Mark Mobius said that a tighter policy by the Federal Reserve will lead to a bitcoin price of $10,000 in 2023.
Mobius is a crypto skeptic who warned that the selloff following the collapse of FTX could send the S&P 500 lower.
Bitcoin Price Predictions Pointless, Some Argue
Nexo CEO Antoni Trenchev has abandoned price predictions after bitcoin’s positive trajectory last year was hampered by external forces. Trenchev predicted that bitcoin would reach $100,000 in 2023.
AJ Bell analyst Laith Khalaf agrees that price predictions are pointless because sentiment drives the cryptocurrency’s behavior.
Dan Held of Trust Machine, a recent bitcoin application promoter Asked Crypto Twitter for their predictions.
While predictions varied wildly, a figure of around $30,000–$35,000 proved popular.
Davinci Jeremy, a crypto teacher, Prediction that the price of one bitcoin will reach $35,000 in 2023, while Riley, the chief marketing officer of bitcoin savings and investment app, … Offered A comical prediction that 1 bitcoin will be worth 1 bitcoin.
Crypto analyst Wendy O wrongly predicted that bitcoin could fall to $10,000 by the end of 2022. Deutsche Bank’s slightly higher bullish prediction of $28,000 also fell flat.
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