As 2023 sets off, Bitcoin enthusiasts and investors have issued their Bitcoin predictions of cryptocurrency prices in the year ahead. In the past 12 months, Bitcoin has experienced a significant decline. At the start of the year, Bitcoin was trading at around $46,700. It has since lost more than 64% and is trading at approximately $16,660 at the time of writing.
Rising interest rates globally threaten asset returns such as bitcoin and stocks. Also, investors are wondering what will happen to the FTX exchange case. Hence, 2023 will be an interesting year to watch out for the Bitcoin price. Let’s see which predictions stand out;
Tim Draper’s $250K Bitcoin Prediction
It’s no surprise that Tim Draper, one of the most prominent Bitcoin permabulls, maintains his positive outlook. He believes the price could reach $250 by year’s end, a 1400% rally.
Despite the lack of trading volume and depressed prices, Draper thinks that the market may have found a bottom. He also believes that the coming 50% halving will significantly impact the prices.
The event occurs every four years and is viewed as a positive for bitcoin as it cuts down on supply. The next iteration is scheduled to happen sometime in 2024 and is expected to impact prices significantly.
With the falling prices and rising energy expenses, Bitcoin miners have needed help to keep up with the demand. With the massive amount of digital currency they have, these actors are regarded as some of the most prominent sellers within the market. With the miners reducing their holdings, the selling pressure should ease on bitcoin.
Vijay Ayyar, vice president of corporate development at crypto exchange Luno says this is a historically good sign for bitcoin. He noted that before the down markets, the capitulation of miners had indicated major bottoms. Due to the rising cost of production, many miners have decided to either stop their operations or sell more bitcoin to maintain their business. If the market can absorb the selling pressure from miners, it could indicate that the market is entering a bottoming phase.
Carol Alexander, $50K
Carol Alexander, a finance professor at Sussex University, is one of the enthusiasts with a positive outlook on Bitcoin. In 2022, she noted that Bitcoin would be around $10K, though it didn’t quite happen.
She now thinks Bitcoin is poised for gains, though she has a few different reasons for her optimism. One of the main reasons she thinks so is the emergence of more dominos following the FTX incident. That would create a managed bull market, according to her.
In addition, she believes that Bitcoin will not be in a bubble and will experience a managed bull market. She says that there will be several short-lived crashes.
Standard Chartered, $5K
On the other hand, some enthusiasts are anticipating the worst. In a research note released on December 5, Standard Chartered noted that Bitcoin could drop to around $5,000. That is a 70% decline from its current price. One of the bank’s Bitcoin predictions was labeled as underpriced by the markets.
According to Eric Robertsen, the head of research for Standard Chartered, the bank’s nightmare scenario for 2023 sees yields and technology shares dropping along with Bitcoin. While the sell-off has slowed down, the damage has already been done.
He noted that the lack of liquidity in the crypto industry is expected to cause more bankruptcies and a collapse of investor confidence. In addition, the situation could get worse in the year ahead. He added that the lack of liquidity could cause a significant price decline.
Eric Wall, $30K+
Eric Wall, a bullish analyst, believes that Bitcoin will reach $30K in 2023. He also stated that the cryptocurrency would bottom at $15.4k.
Wall laid out several other Bitcoin predictions. He thinks that Bankman-Fried will spend over ten years in prison, which would mean that his lawsuits against his companies would be over by then. Notably, in December, Bankman-Fried was released on a $250 million bail.
He also believes that Ethereum will allow withdrawals for those who have invested in it. In addition, Ethereum will allow withdrawals for those holding staked ETH.
Alistair Milne, $45k
One of the individuals who gave multiple Bitcoin predictions about Bitcoin’s price was the CIO of Altanai Digital Currency Fund, Mr Alistair Milne.
He noted that Bitcoin would likely go to around $45k by the end of 2023, which he said could be discounted due to the damage it has done. He also said hard assets would become more popular if the central banks raised their inflation target.
In addition, in a Twitter thread, he said that the price of Bitcoin would go from $150 to $300 by 2024. He noted that it is not time to be pessimistic and that it is an opportunity for the bulls.
He concluded by saying that he is all in once more, excluding the capital he anticipates using for other projects in the next two to three years.
Mark Mobius $10,000
Mark Mobius, a veteran investor, made a successful Bitcoin prediction in May 2022. He said the cryptocurrency would drop to around $20,000 when it hit a high of approximately $28,000.
Despite his Bitcoin prediction not coming to pass, he noted that he is still sticking with his $10,000 price target for bitcoin in 2023. According to him, the bear case for bitcoin is due to the rising interest rates and the tighter monetary policy of the US Federal Reserve. He added that the increasing interest rates are negatively affecting the attraction of people to buy and hold cryptocurrencies.