It is a understatement to say that 2022 is a difficult period for cryptocurrencies. After experiencing long-term price increases and investor joy, last year witnessed the arrival of a cryptocurrency winter, causing the price of Bitcoin to plummet, the company to go bankrupt, and wiping out over $1 trillion from the market, without mentioning the collapse of FTX
It is a understatement to say that 2022 is a difficult period for cryptocurrencies. After experiencing long-term price increases and investor joy, last year witnessed the arrival of a cryptocurrency winter, causing the price of Bitcoin to plummet, the company to go bankrupt, and wiping out over $1 trillion from the market, without mentioning the collapse of FTX.But what will 2023 bring? Analysts' predictions vary greatly, from Bitcoin almost doubling to a skyrocketing price of $250000 per coin, to the collapse of digital coins to $5000, which will be the lowest price since 2019.
Bitcoin approached $48000 at the beginning of 2022. This is slightly lower than the historical high of nearly $68000 a few months ago, but for those who invested when the BTC was below $10000 a few years ago, this is still a good time.
However, the past 12 months have been the worst period among cryptocurrencies. The collapse of the stable currency TerraUSD and its supporting currency Luna shattered the entire industry in May. It led to the bankruptcy of giant cryptocurrency companies such as Celsius, and as the prices of Bitcoin and other digital assets collapsed, the market fell below $1 trillion. Then came the collapse of FTX, with founder Sam Bankman Fried arrested, causing market confidence to continue to decline.
Since mid December, Bitcoin has been hovering between $16000 and $17000. But how will the world's most popular cryptocurrency develop in 2023? CNBC combines some predictions from analysts, investors, and others in the industry.
The most optimistic prediction comes from billionaire venture capitalist Tim Draper. He believes that Bitcoin will rebound by 1400% and be worth $250000 by the end of the year. My hypothesis is that because women control 80% of retail spending, and currently only one seventh of Bitcoin wallets are held by women, the dam is about to burst, "Draper told CNBC. He predicts that the situation will improve in 2024, and the efficiency of Bitcoin mining will also be halved.
On the other end of the scale is Eric Robertson, the global research director of Standard Chartered Bank, who believes that Bitcoin will continue to fall to $5000 next year, about 70% below its current price. The outlook for veteran investor Mark Mobius is also pessimistic, as he believes that BTC will fall to $10000 in 2023.
Carol Alexander, a professor of finance at the University of HMS Sussex, brought better news to the holders. She believes that due to the intervention of giant whales holding a large amount of Bitcoin to help the market, BTC will reach $30000 in the first quarter and climb to $50000 in the third or fourth quarter.
Of course, in the end, it is impossible to accurately predict the future price of Bitcoin. In 2023, it is uncertain whether the market will recover or further plummet.
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