Bitcoin predictions have been launched with the start of the new year. The prediction comes from prominent personalities in the space who have shared where they think the price of the digital asset will go. Some of these are bullish while others err more on the bearish side. Here are the top 5 bitcoin predictions for 2023 from most bullish to most bearish.
Tim Draper Says $250,000
Billionaire Tim Draper has always had high hopes for bitcoin, marking a price of $250,000 for the year 2023. While Draper has adjusted the timeline a bit, he did not release his predictions. In an email to CNBC, the billionaire investor said he believes the digital asset is still worth $250,000.
According to him, the more women, who control 80% of retail spending, are drawn to BTC, the asset’s price will explode. He expects the $250,000 mark to be reached before the next bitcoin halving, saying he expects “the halving in 2024 will be positive.”
Carol Alexander Puts Bitcoin Under $50,000
Another predictor highlighted by the CNBC report is a professor of finance at the University of Sussex. Professor Carol Alexander takes a more conservative stance compared to Tim Draper by predicting that digital assets will reach $50,000 by 2023.
However, Alexander does not expect that to happen, but believes it will happen in Q3 or Q4 2023. He expects another bull market this year, but not as much as the previous one because he believes it will be a “managed bull.” As for who will drive this, the professor expects a big BTC whale behind the rally.
“We’re going to see a month or two of stable trend prices interspersed with limited periods and maybe some short-term crashes,” Alexander told CNBC.
Erik Voorhees Goes With $40,000
Erik Voorhees is a well-known name in the crypto space as the founder of the ShapeShift exchange. With his predictions for the year, Voorhees told Bankless in an interview Monday that he expects the price of bitcoin to reach $40,000 by June. While not as bullish as the first two, it will be about 150% increase from the current price.
One thing Voorhees can’t decide is when he expects the next bull market to happen. They create a timeline of about six months to 3 years for when the next bull run will occur. However, he believes that there is a revolution regardless of whether there is a bull market or a bear market.
BTC price at mid-$16,000 | Source: BTCUSD on TradingView.com
Mobius Mark Down With $10,000
Deviating from the extraordinary predictions of others, Mark Mobius, a veteran investor, told CNBC that he actually expects bitcoin to drop to $10,000 in 2023. He pointed to the increase in interest rates by the Federal Reserve as a possible investor deterrent. interested in buying or holding bitcoins. For him, because bitcoin does not pay interest, it does not entice investors.
As for Mobius’ prediction, if this happens, it will mean another 50% drop for digital assets in 2023 after a collapse of more than 60% in 2022. But investors remain armed because they expect this to be the case.
Standard Chartered Goes Scorched Earth $5,000
Perhaps the interesting thing about bitcoin and investors is that it is not expected that bitcoin will fall even close to the previous market bottom but Standard Chartered does not share this sentiment. The global banking giant issued a prediction for BTC that may be one of the most bearish cases for the industry to date.
The bank expects the price of BTC to drop another 70% and reach $5,000 in 2023. This reflects the fact that tech stocks continue to decline and expects bitcoin to follow suit, reducing liquidity in the crypto sector. prompting many companies to file for bankruptcy.
“Furthermore crypto companies and exchanges find themselves with insufficient liquidity, leading to more bankruptcies and the collapse of investor confidence in digital assets,” said Eric Robertsen, Standard Chartered’s head of global research.
Bonus – Mike McGlone Guns For $100,000
In 2022, Bloomberg analyst and Senior Commodity Strategist Mike McGlone gave his own prediction about the future of bitcoin but put it in a longer period compared to others. McGlone expects the price of BTC to reach $100,000 but not until 2025.
The prediction itself relies on a simple framework of supply and demand. Analysts say that the supply of cryptocurrencies is decreasing and the demand is increasing. Because of this, he believes that it is only a “matter of time” until the digital asset is traded at $100,000.
Option images from MARCA, charts from TradingView.com