The year 2022 has been a difficult year for investors, with major crypto companies going bankrupt and cryptocurrencies falling dramatically. The key players of the market were mostly positive in their 2022 price predictions and were caught off-guard in a chaotic year. We experienced the UST-Luna collapse in May, the bankruptcy filing of Three Arrows Capital, one of the largest crypto money companies in the industry, and the collapse of FTX, one of the world’s largest cryptocurrency exchanges, in November.
Bitcoin has dropped nearly 75% since reaching its all-time high of $69,000 in November 2021, and the value of the entire cryptocurrency market has slumped to $850 billion.
Will there be a new bull season in 2023 or will we end with a bear season? While searching for the answer to this question, I wanted to take a look at the forecasts of the actors of the financial world regarding the past year and this year.
based in London Standard Chartered His bank’s crypto research team said that by early 2022, Bitcoin would reach $100,000, but that did not happen. The bank said that in 2023, more crypto companies could go bankrupt, thus reducing the demand for Bitcoin and the price could fall as low as $5,000. We can consider this forecast, which represents a 70% decrease from current prices, as the most unfavorable scenario.
Mobius Capital Partners ‘s co-founder, Mark Mobius, predicted that in May 2022, when Bitcoin was above $28,000, it would drop to $20,000, then after a short recovery, it would decline to $10,000 at the end of the year. When we look at Mark’s prediction over the past year, we can see that it is one of the most consistent analyzes.
At the end of 2022, Mark made another prediction, saying that he expects Bitcoin to drop to $10,000 in 2023, with the effect of the Fed’s tight monetary policy.
Can BTC Rise To $250,000?
investment company VanEck Based on the difficulties experienced by miners and low profit margins, Matthew Sigel, Digital Asset Research Manager, said that Bitcoin will fall between $10,000 and $12,000 in the first quarter of 2023, but as inflation declines and energy prices stabilize, Bitcoin price will rise to $30,000 in the third and fourth quarters of 2023. indicated that it could rise. VanEck’s CEO, Jan Van Eck, stated that the price of Bitcoin could reach $250,000, but it would take decades.
JPMorgan strategists, in their price predictions in 2022, determined the ‘fair value’ of Bitcoin as $ 38,000. He predicted a short-term price target of $73,000 for 2022 and $150,000 for a long-term price forecast. Analysts stated in their 2023 price predictions that with the collapse of the FTX stock market, the collateral completion process in the crypto money markets may take weeks, and therefore the price of Bitcoin may decrease to $ 13,000 in 2023.
Contrary to traditional financial actors, we see crypto market analysts’ Bitcoin price predictions for 2023 in a more positive course. The author of Trading Wisdom: 50 Lessons Should Know Every Trader stated that the price of Cheds Bitcoin 2023 will exceed $50,000.
One of the important names of Silicon Valley, he made a fortune by investing in companies such as Tesla and Theranos and in cryptocurrencies. Tim Draper,also venture capital firm Draper Fisher Jurvetson co-founder of . Tim said at a technology conference in Amsterdam in 2018 that Bitcoin will reach $250,000 by the end of 2022.
Four years later, Tim extended the timeframe of his prediction for another six months, stating that Bitcoin will go from $17,000 to $250,000 by June 2023.
Another famous analyst Michael van de PoppeSharing an analysis of Bitcoin’s price next year with his Twitter followers, he stated that by mid-2023, Bitcoin will come to a price range of between $ 45,000 and $ 50,000.