Some experts believe Bitcoin’s price will fall to $10,000 or less in 2023, while others suggest that Bitcoin’s sentiment-driven price actions render predictions futile.
Several analysts who have previously predicted Bitcoin’s price with mixed success offer their take on the asset’s performance in 2023 in the wake of 2022’s spectacular implosions and dwindling trading volumes.
Tim Draper Leads Bullish Bitcoin Price Predictions
Bitcoin bull Tim Draper said that the alignment of females’ crypto spending habits to their retail habits would increase wallet adoption and drive Bitcoin to $250,000 in 2023. Draper predicted in 2019 that Bitcoin would reach $250,000 by the end of 2022.
Draper started as a venture capitalist, investing in Tesla, Twitch, and, most recently, several crypto companies, including Coinbase and Tezos.
He shot to crypto prominence in 2014 after paying $19 million for 30,000 Bitcoins seized from Silk Road.
Fidelity Investments’ global macro head Jurrien Timmer’s model predicts a Bitcoin price of $30,000 in 2023.
Professor Carol Alexander of Sussex University envisages Bitcoin reaching $30,000 in Q1 2023 and $50,000 in Q2 2023. Before focusing her research efforts on crypto, Alexander studied game theory, mathematics, and number theory. She was openly critical of TradFi’s take on the collapse of Celsius and crypto hedge fund Three Arrows Capital.
Edward Moya of Oanda, a forex broker that offers crypto trading via a contract with a client who receives revenue through an asset’s price change, believes that Bitcoin’s price already reflects most of the fallout from 2022 and will only go lower if another major crypto company collapses, or if Wall Street starts a mass exodus from risky assets.
Luno’s vice president of corporate development Vijay Ayyar predicts a bottoming period for Bitcoin if the market absorbs the selling pressure created by Bitcoin miner capitulation. Public crypto miners face pressure from creditors as bitcoin’s price and rising energy costs threaten miners’ abilities to service debt. Several miners have resorted to selling their mined bitcoin and equipment to recoup dwindling revenue.
Doom and Gloom in TradFi’s Predictions
Standard Chartered’s Eric Robertson predicted in a Dec. 5, 2022 company report that Bitcoin will fall to $5,000 after sustaining irreversible reputational damage from the insolvencies of several crypto firms.
Investor Mark Mobius said that the Federal Reserve’s tightening policy would drive Bitcoin’s price to $10,000 in 2023.
Mobius is a crypto skeptic who warned that a selloff after the FTX collapse could lower the S & P 500.
Bitcoin Price Predictions Futile, Argue Some
Nexo CEO Antoni Trenchev has given up on price predictions after external forces interrrupted Bitcoin’s positive trajectory last year. Trenchev had 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 Bitcoin application promoter Trust Machines recently asked crypto Twitter for their predictions.
While predictions varied wildly, a figure of around $30,000-$35,000 proved popular.
Davinci Jeremie, a crypto educator, predicts that the price of one Bitcoin will reach $35,000 in 2023, while the chief marketing officer of Relai, a Bitcoin savings, and investment app, offered a humorous prediction that 1 Bitcoin will cost 1 Bitcoin.
Crypto analyst Wendy O incorrectly predicted that Bitcoin could fall to $10,000 by the end of 2022. Deutsche Bank’s slightly more bullish predictions of $28,000 also fell flat.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
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