Bitcoin Price Predictions for 2023: Rally to $250,000 or Fall to $5,000

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Looking to the future: To say that 2022 was a tough time for crypto is an understatement. After a long period of rising prices and delighting investors, the last year saw the onset of a crypto winter that sent the price of Bitcoin crashing, bankrupting businesses and wiping out over $1 trillion. of the market, not even mentioning the collapse of FTX. But what will 2023 bring? Analyst predictions vary wildly, from Bitcoin nearly quadrupling its previous all-time high and hitting $250,000, to the digital coin crashing to $5,000, which would be its lowest price since 2019.

Bitcoin started 2022 at nearly $48,000. This is down from its peak price of nearly $68,000 a few months earlier, but it was still good news for those who had invested a few years earlier when BTC was below $10,000.

However, the last 12 months have been some of the worst in crypto. The collapse of stablecoin TerraUSD and its backer Luna crushed the industry in May. This led to huge crypto firms such as Celsius going bankrupt and the market falling below $1 trillion as the price of Bitcoin and other digital assets crashed. Then came the FTX controversy, which saw founder Sam Bankman-Fried arrested and celebrities prosecuted for promoting the company in TV commercials.

Bitcoin has been hovering between $16,000 and $17,000 since mid-December. But how will the world’s most popular crypto perform in 2023? CNBC summarizes some predictions from analysts, investors and others in the industry.

The price of Bitcoin over the past five years. Will it increase or decrease in 2023?

The most optimistic call comes from billionaire venture capitalist Tim Draper. He thinks Bitcoin will gain 1,400% to end the year with a value of $250,000. “My hypothesis is that since women control 80% of retail spending and only 1 in 7 bitcoin wallets are currently held by women, the dam is about to burst,” Draper told CNBC. He expects things to get even better in 2024 when the halvingan event that occurs every four years in which the reward for mining Bitcoin is halved will take place.

On the opposite end of the scale is Standard Chartered’s global head of research, Eric Robertsen, who believes Bitcoin’s slide will continue to $5,000 next year, down about 70% from compared to its current price. Veteran investor Mark Mobius has a similarly pessimistic outlook, estimating that BTC will fall to $10,000 in 2023.

Carol Alexander, professor of finance at the University of Sussex, has better news for holders. She believes BTC will hit $30,000 in Q1, climbing to $50,000 over the next three or four quarters, thanks to whales holding large amounts of Bitcoin stepping in to help the market.

Ultimately, of course, it is impossible to accurately predict Bitcoin’s future price. Whether the market recovers or plunges even further in 2023 is anybody’s guess.

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