Crypto Predictions: Where Bitcoin Price Goes in 2023

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It’s been a tough year for crypto investors.

There was the recent implosion of FTX, an exchange previously considered relatively reliable and run by one of the most prominent figures in the crypto industry. Earlier in 2022, there was the bankruptcy of crypto lender Voyager and the collapse of TerraUSD, a “stablecoin”. (A stablecoin is a cryptocurrency whose price is pegged to another asset like the US dollar).

In addition to an erosion of confidence in crypto, there have been price losses mirroring those of the stock market amid high inflation and rising interest rates.

Bitcoin was trading at $16,607 on Thursday, down 65% from the start of the year. It’s no wonder that around half of bitcoin investors lose money if they sell now, according to data from analytics firm IntoTheBlock.

This comes after bitcoin and other cryptocurrencies like ether exploded in popularity in 2021.

So what does the price of the biggest cryptocurrency have in store for us in 2023? Here’s what the experts say.

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Amid the chaos at the start of the FTX exchange collapse, Mobius Capital Partners co-founder Mark Mobius told Bloomberg that he expects bitcoin to fall to $10,000 per coin. . He noted that while “crypto is here to stay,” he wouldn’t invest his client’s money or his own money in bitcoin because it’s “too dangerous.”

Mobius later expanded on his predictions in an interview with CNBC, attributing the anticipated losses to rising interest rates and growing investor concerns about the crypto market. He said that while he expects bitcoin price to hover around $17,000, it could fall to $10,000 next year.

Matthew Sigel, head of digital asset research at investment firm VanEck, is eyeing a similar price target. He predicts that the cryptocurrency will fall between $10,000 and $12,000 per coin in the first quarter of next year.

Sigel cites struggling crypto miners as the reason for the decline: “With Bitcoin mining largely unprofitable given the recent rise in electricity prices and the decline in Bitcoin prices, we expect many miners will restructure or merge,” he wrote this month.

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Investing in Gold But Crypto Prices Are Still Unpredictable

It should be remembered that cryptocurrency is one of the most volatile assets in the market. Prices fluctuate enormously and not all experts share the same opinion.

Madeline Hume, senior research analyst at Morningstar, says the unpredictable nature of digital assets makes it difficult to know when prices will stop falling.

“Bitcoin, and crypto in general, are facing the double whammy of an already booming crypto winter and a challenging macroeconomic climate on the horizon,” Hume says. “While crypto has already fallen significantly since its peak in November 2021, the absence of fundamental valuations for these assets means that we won’t know where the bottom is until we get past it, and it won’t there is no indication of a thaw yet.

Sigel’s forecast improves in the second half. As inflation declines, energy prices stabilize, and the crisis in Ukraine (potentially) ends, Sigel predicts bitcoin prices could rally back to $30,000 in the third and fourth quarters of 2023.

Some analysts have predicted that bitcoin could drop as low as $5,000 over the next year, while others said prices will climb to $250,000. Experts at Ark Investment Management, led by famed investor Cathie Wood, stand by their prediction that one bitcoin will be worth over $1 million by 2030.

“So is crypto over?” writes Sigel. “Not by far.”

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