Bitcoin Predictions 2023 | Bitcoin price forecast summary
What are the Bitcoin predictions? Whether you are interested in investing in the most famous digital currency or you are already invested in it and want to know its future, here are Bitcoin predictions from the largest experts and analysts.
Is there any indication of what Bitcoin and other currencies will know in 2023 after undergoing a correction? Continue reading the article.
Although regulators promise tougher action against cryptocurrency, the cryptocurrency market continues to grow and thrive despite harsh criticism regarding its impact on the environment. China is among the countries that have cracked down on cryptocurrency mining.
Bitcoin price forecast 2023
Where will bitcoin be by the end of this year? To answer this question, we will provide a summary of the forecasts of more than 35 financial experts and analysts. The majority of experts predict that this year will be another strong year, especially for Bitcoin, as experts expect Bitcoin to average $94,967 at the end of the year.
BTC could reach $100,000 by the end of the year. The leading virtual currency is expected, on average, to peak at $107,484 by the end of the year.
Samantha Yapp, CEO of YAP Global, and one of the leading financial experts, explains that institutional adoption will continue to drive Bitcoin higher.
It is interesting to note that some experts expect the price of Bitcoin to drop below $60,000 USD this year. The lowest prediction came from Lee Smales, assistant professor of finance at the University of Western Australia, who predicted it would drop to a price of just $25,000 at the end of the year. Other experts have predicted that the bitcoin price will be somewhere between $40,000 and $56,000 at the end of 2022.
The currency that will appreciate the most severely, in the long run, will be Bitcoin. It could eventually replace gold and bonds. Morpher CEO Martin Fröhler believes.
Bloomberg forecast: Bitcoin to $100,000
The latest predictions of the Bitcoin currency presented by the most famous economic magazine “Bloomberg”, as part of its expectations for many digital currencies and how they will perform in the coming months:
“This year has already been a rollercoaster when it comes to the price of Bitcoin as it climbed from under $30,000 to over $60,000 to a new all-time high in a matter of a few months before crashing back to the 2021 entry level.”
In the last months of 2021, Bitcoin gained close to $20,000 and it is currently reaching the $50,000 level. Although it achieved a significant decline on January 24 of the current year 2022, predictions that expect the price of Bitcoin to double, i.e. $ 100 thousand in the future, continue to accumulate.
Among some of the reasons for this expectation. Historical BTC Trading Trends, and Low Supply of Bitcoin The currency that drives the cryptocurrency market, as the speed of creation of new bitcoins decreases every four years after an event called “halving”. After the last third halving in 2020, the price has now dropped to 6.25 BTC per block.
It’s not just bitcoin that Bloomberg expects to rally this year. In general, the prices of digital currencies are expected to rise in the near future. The same is likely to be true for other digital assets, including Ethereum (ETH).
Billionaire Tim Draper: Bitcoin Price Prediction $250,000
Billionaire investor Tim Draper continues to stick to $250,000 Bitcoin predictions. He is considered a venture capitalist, and also a prominent investor in Tesla, Skype, Hotmail, Twitter, Coinbase, and others.
Even with Bitcoin’s massive fluctuations in value and all the worries and turmoil about its energy depletion affecting the environment, Tim Draper still believes that Bitcoin will reach $250,000 by the end of 2022 or early 2023.
According to Tim Draper, the Opennode payment processor, which is an industry standard, will be so ubiquitous in about a year and a half that everyone will start accepting Bitcoin.
Now, Microsoft, PayPal, Whole Foods, Starbucks… are examples of some of the major companies that accept Bitcoin directly or indirectly via a third-party digital wallet app. Experts consider Bitcoin to be more of a store of value than a currency.
In 2018, after Tim Draper made his first bold prediction, Bitcoin was priced at around $8,000.
What will happen with the other major altcoins?
Ethereum coin:
According to market capitalization, Ethereum is the second largest cryptocurrency with a value of $269 billion. Since the beginning of the year, ETH has grown in value by 854%, which is much higher than that of BTC.
This coin actually has the strongest bull state in the industry due to the multiple growth engines it has. The main reason is the upcoming upgrade of ETH 2.0, which is expected to become a critical component in the expansion of Decentralized Finance (DeFi).
With this upgrade, the proof of stake system will be implemented in the current year 2022. Platform reliability, security, and efficiency are among the primary goals of this update.
Litecoin coin:
With a market capitalization of over $9.2 billion, Litecoin is one of the most valuable digital currencies. It is one of the oldest digital currencies in the market that was created through a fork in the Bitcoin blockchain. This asset has gained 215% in 12 months. There may have been a few missteps. However, LTC showed signs of recovery in the past week, which is a sign that the market is improving.
In a similar way to BTC, LTC is a highly decentralized open source digital currency. The transaction takes only 2.5 minutes with this coin, instead of 9 minutes. And at least 40% of its transactions are cheaper than Bitcoin transactions.
Indeed, the struggle of maintaining market share and brand recognition has been a long one for this coin. Although it would be difficult to outperform the industry giants, it has a long-term status due to its unique features and value to users.
The growth of non-fungible tokens (NFTs):
It is almost impossible to read the news on a social networking site like Facebook without coming across a story about non-fungible tokens (NFT). According to many experts, New Millionaires has helped boost the popularity of NFTs, causing a real rush among those looking to profit from them.
Some also believe that the rise of NFTs like NBA Top Shot has made them more accessible, while a third of experts (35%) think the pandemic has made tech events more accessible to a wider audience.
Nearly three-quarters of cryptocurrency experts also believe that NFTs are here to stay and become mainstream, but four out of five believe that it is not the best time for individual investors to jump into the waters of these tokens.
Summary
After a few up and down months for the market, analysts seem to be divided on which way the market heads from here. Some believe we are in a lull that will see prices drop to annual lows, while others expect new all-time highs before the end of the year.
Looking to 2025, experts predict that Bitcoin will end the year with an average price of $360,179. About one in seven experts (14.29%) expect Bitcoin to be worth $1 million by the end of 2025, and more than a third (35.71%) expect it to be worth $500,000 by the end of 2025.
Finally, the volatility of Bitcoin and other leading cryptocurrencies makes any kind of price prediction difficult.
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