Will the price of Bitcoin increase by 1400% in 2023?

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It was certainly a difficult year for the price of Bitcoin (CRYPTO: BTC) in 2022.

As we explained here, rising interest rates, selling off technology, and numerous industry scandals and meltdowns led the world’s largest cryptocurrency to lose around 65% of its value.

Will things be better for Bitcoin price in 2023?

Although predicting the price of Bitcoin seems like an impossible task, that hasn’t stopped a number of analysts from giving it a shot.

Unsurprisingly, these analysts have very different expectations for cryptocurrency.

For example, according to CNBC, Draper Fisher Jurvetson’s Bitcoin bull Tim Draper estimates the cryptocurrency could soar nearly 1,400% to $250,000 in 2023.

In fact, Draper suspects that the price of Bitcoin could reach this level by the middle of the year. However, it’s worth noting that he made the same prediction for 2022, which clearly didn’t come to fruition.

Draper expects female investors to be the main driver of this gain. He told CNBC:

My guess is that since women control 80% of retail spending and only 1 in 7 bitcoin wallets are currently owned by women, the dam is about to burst.

bitcoin bear

The Standard Chartered team doesn’t believe it. He suggested that the price of Bitcoin could fall by more than two-thirds to hit US$5,000 in 2023.

He warned that rising bond yields and a fall in tech stocks could lead to an acceleration in the selling of Bitcoin and cause further bankruptcies and meltdowns in the crypto world.

This point of view is shared with Mark Mobius of Mobius Capital Partners. He warned that higher interest rates would reduce Bitcoin’s appeal and expects the cryptocurrency to fall by a third to US$10,000 in 2023. Mobius told CNBC:

With higher interest rates, the allure of holding or buying Bitcoin or other cryptocurrencies becomes less appealing because simply holding the coin does not earn interest.

Time will tell which analysts make the right call.

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