Sunday, June 16, 2024
spot_imgspot_img
HomeCryptocurrenciesBTC to peak at $42K in 2023: Finder’s Bitcoin Price Predictions Report

BTC to peak at $42K in 2023: Finder’s Bitcoin Price Predictions Report

Bitcoin is set to peak at $42K this year, according to the average prediction from a panel of 29 industry specialists surveyed for Finder’s BTC price predictions report.

This is roughly the same prediction for the 2023 peak given in April this year, however the average prediction for the end of 2023 has risen from $35,000 to $38,000 – an increase of 9%.

Futurist Joe Raczynski thinks BTC will end 2023 slightly higher than the panel average at $40,000 thanks to growing institutional interest.

“We are finally through the darkness of crypto winter. With a myriad of top financial institutions submitting an application for a Bitcoin spot ETF, the pressure is on the SEC to approve, and if so, tens of billions of dollars will chase Bitcoin this year.”

At its current value 43% of panelists, including Morpher CEO Martin Froehler, think BTC is underpriced. Meanwhile 36% say it’s priced fairly and 21% overpriced.

Froehler predicts an end-of-year price of $40,000 given where we are in the interest rate cycle as well as the anticipated bitcoin halving event.

“We are almost done with the interest rate hike cycle, so the current macroeconomic headwinds will soon begin to fade. Simultaneously, we are about 9 months away from the next Bitcoin halving event, which historically has always propelled the price up dramatically,” Froehler said.

Looking further ahead, the panel thinks BTC will be worth around $100K on average by the end of 2025 and over $280K by the end of 2030.

Nansen CEO Alex Svanevik predicts BTC will be worth $115K and $260K by year-end 2025 and 2030 respectively, attributing his predictions to “high inflation and mistrust in institutions.”

Digital Capital Management managing director Ben Ritchie is on the more bullish end of the spectrum and thinks BTC will be worth $150K by 2025 and $375K by 2030.

“Bitcoin’s utility extends beyond its function as a currency, encompassing data storage essential for the issuance of smart contract tokens and non-fungible tokens. Additionally, its robust security features contribute to its allure, instilling confidence among investors regarding the safekeeping of their Bitcoin holdings,” he said.

However not all panelists share the same level of optimism. Digital strategist at Galia Digital Kate Baucherel thinks BTC will end 2023 at its current price of $30,000 before reaching $55,000 in 2025.

“All markets are depressed, and crypto is no exception. BTC is sitting around a reasonable level. The impending halving in 2024 will likely start to impact the price towards the end of this year,” Baucherel said.

Associate professor of decentralized finance at Nottingham Trent University Jeremy Cheah gave a more modest prediction of $45,000 by year-end 2025, pointing to “lawsuits and tighter market regulations on exchange platforms.”

Funds Management Operations at DigitalX Alex Nagorskii thinks best case scenario BTC could reach $35,000 by the end of the year and $65,000 by year-end 2025.

“Bitcoin is on the verge of entering the halving narrative, backed by potential flows from US spot ETFs, if approved. There are a number of ways this can play out which will largely depend on SEC spot ETF approval, a number of high profile exchange lawsuits and if any more bad actors are identified in the space.”

University of Canberra senior lecturer John Hawkins thinks BTC will be worth just $20,000 by the end of 2023. He anticipates a continuous decline until BTC is priced at just $100 by the end of 2030.

“Bitcoin is a speculative bubble. It is very hard to predict when it will burst, but it will. Digital currencies will probably have a future, but it will be CBDCs not fiat crypto like Bitcoin.”

Overall, the majority of panelists (59%) say it’s time to buy, while 33% say hold and just 7% sell.

You can find the full report here: https://www.finder.com/bitcoin-price-prediction-2023

Staff
Staff Writer posting jobs, articles and collaborative content.

Leave A Reply

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -spot_imgspot_img

Most Popular

Latest News