Hit or miss? Top 5 Bitcoin Predictions for 2023

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Bitcoin Predictions rolled out with the start of the New Year. These predictions come from prominent figures in the space who have shared where they think the price of the digital asset is heading. Some of them are bullish while others err more on the bearish side. Here are the top 5 bitcoin predictions for the year 2023, from the most bullish to the most bearish.

Tim Draper says $250,000

Billionaire Tim Draper has always had high hopes for bitcoin, giving it a price tag of $250,000 for the year 2023. Although Draper has adjusted the timeline a bit, he hasn’t given up on his prediction. In an email to CNBC, the billionaire investor reiterated that he believes the digital asset is still heading towards $250,000.

According to him, the more women, who control 80% of retail spending, are attracted to BTC, the more the price of the asset will explode. He expects the $250,000 mark to be hit before the next bitcoin halving, saying he expects the halving in 2024 to be positive.

Carol Alexander puts Bitcoin at $50,000

Another prediction that CNBC’s report highlights is that of a professor of finance at the University of Sussex. Professor Carol Alexander takes a more conservative stance compared to Tim Draper with her prediction that the digital asset will hit $50,000 in 2023.

However, Alexander doesn’t expect that to happen anytime soon, instead believing it would be in the third or fourth quarter of 2023 when it does. She expects another bull market within the year, but nothing like the previous one, as she believes it will be a managed bull market. As for who will drive this, the professor expects the big BTC whales to be behind the rally.

Well, see a month or two of flat prices interspersed with limited periods and probably some short-lived crashes, Alexander told CNBC.

Erik Voorhees goes with $40,000

Erik Voorhees is a notable name in the crypto space being the founder of the ShapeShift exchange. Outlining his prediction for the year, Voorhees told Bankless in an interview on Monday that he expects bitcoin’s price to hit $40,000 by June. Although not as bullish as the first two, it would represent an increase of around 150% from the current price.

One thing Voorhees couldn’t decide was when he expects the next bull market to occur. He set a time frame of around six months to 3 years for when the next bull run would likely occur. However, he believes that a revolution is underway whether there is a bull or bear market.

BTC price at mid-$16,000 | Source: BTCUSD on TradingView.com Mark Mobius drops with $10,000

Deviating completely from the incredibly bullish predictions of others, seasoned investor Mark Mobius told CNBC that he actually expects bitcoin to fall to $10,000 in 2023. He points out that rate hikes Federal Reserve interest rates are a deterrent to investors who might be interested in buying or holding bitcoin. For him, as bitcoin does not earn any interest, it does not attract investors.

For Mobius’ prediction, if this materializes, it would mean another 50% drop for the digital asset in 2023 after a more than 60% crash in 2022. But the investor is sticking to his guns as he expects this to be the case.

Standard Chartered goes to the scorched earth at $5,000

One perhaps interesting thing about bitcoin and its investors is that bitcoin is not expected to fall even close to the previous market low, but Standard Chartered does not share this sentiment. The global banking giant released its forecast for BTC, which turned out to be arguably one of the most bearish cases in the industry to date.

The bank expects the price of BTC to fall another 70% to $5,000 in 2023. It points to the fact that tech stocks continue to decline and expects bitcoin to do so as well, as well. than reduced liquidity in the crypto sector. pushing many companies to file for bankruptcy.

More companies and crypto exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets, said Eric Robertsen, global head of research at Standard Chartered. .

Bonus – Mike McGlone Guns for $100,000

In 2022, Bloomberg analyst and senior commodity strategist Mike McGlone gave his own predictions for the future of bitcoin, but placed it over a much longer time frame compared to others. McGlone expects the price of BTC to hit $100,000, but not before 2025.

His own prediction is based on the simple framework of supply and demand. The analyst claims that the supply of cryptocurrency is decreasing and the demand is increasing. Given this, he thinks it’s only a matter of time before the digital asset is trading at $100,000.

Featured image from MARCA, chart from TradingView.com

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