Bitcoin Price prediction: According to a panel of experts, Bitcoin (BTC) will hit $80,000 this year. This will be a new all-time high. This is according to Finder.com’s latest Bitcoin Price Predictions report.
Finder’s panel is comprised of 35 fintech and cryptocurrency specialists. They believe that BTC will peak at $81,680 this year. Then drop to $65,185 by December.
Martin Fröhler is the CEO of Morpher. He gave one of the most bullish end-of-2022 forecasts. “Political uncertainty, inflation, and an ever-increasing desire to own non-government controlled assets will propel Bitcoin to new all-time highs.”
Bitcoin price prediction: Not everyone is positive
CoinJar CEO Asher Tan gave a more conservative prediction. Tan predicted that BTC will peak at $60,000. This is before dropping slightly to $56,000 by December.
“There’s still plenty of uncertainty about the short-term Bitcoin outlook. Given the macroeconomic headwinds, it would not surprise me to see Bitcoin spend the whole year bouncing around between US$30-60k – the sort of conditions that are terrible for traders, but rewarding for accumulators with a multi-year timeframe.”
The panel’s average forecast for the end of the year is a bit higher than the price of BTC at the time of writing. But it is 15% lower than the prediction made in January of $76,360.
Use-cases
Finder suggests that Bitcoin’s lack of use cases (other than being a store of value) may be why the panel is becoming less bullish when it comes to BTC.
Half of Finder’s panel believe that BTC will eventually be overtaken by a more advanced blockchain. They predict that it will no longer be the most popular cryptocurrency.
Says Joseph Raczynski, technologist and futurist at Thomson Reuters, “Bitcoin is a one trick pony. For now, it really only serves as another currency, akin to a dollar, euro, or pound. Other blockchains that serve a multitude of purposes will likely have a chance to take the throne.”
Raczynski said this is likely to be Ethereum.
“Ethereum can serve as money but has created a platform to tokenize all assets and create a massive platform of the internet of value. This is far grander than BTC potentially.”
Since October 2021, longer-term forecasts for BTC have been on the downtrend. By 2025, the panel predicts Bitcoin will be worth $179,280. This is a 13% drop from the panel’s prediction of $206,351 in October. It’s also a 7% drop from the forecast of $192,800 in January.
Former predictions revised
Since October, the panel’s price predictions for 2030 have also dropped. The panel now predicts that BTC will be worth $420,240 in December 2030. This is roughly 25% lower than their forecast of $567,472 in October.
John Hawkins is a senior lecturer at the University of Canberra. He is the most bearish on BTC’s future. He predicts BTC will be worth just $5,000 in 2022, and $100 by the end of 2025. By 2030 he predicts it will lose out to Ethereum.
“As well as private crypto being replaced by CBDCs, and a general collapse of the speculative bubble, I think Bitcoin will lose out to Ethereum which has a stronger use case, especially if Ethereum ever converts to Proof-of-Stake (PoS) and so becomes more environmentally responsible.”
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