The revolutionary character of Bitcoin, the first digital currency to unlock previously closed barriers in the digital currency market, means that it hardly needs an introduction. The past year was extremely difficult for all cryptocurrencies, including Bitcoin. In fact, the largest cryptocurrency in the world, has lost approximately 65% of its market value in 2022.
A succession of tragic occurrences, including the Terra Luna crash, the collapse of the largest cryptocurrency exchange, FTX, and the impending macroeconomic difficulties, caught crypto aficionados off guard.
Image: Cryptocurrency News
Nowhere But Up For Bitcoin Price
Still, Bitcoin’s loyal fans haven’t given up. There are tremendous expectations that 2023 will mark a return for the digital asset. In spite of the market decline, institutional use of crypto assets will increase as companies begin pilot programs and continue to research the technology.
Ric Edelman, head of the Digital Assets Council of Financial Professionals, expects that more than 500 million people will possess Bitcoin by the end of 2022, according to The Ascent.
According to the Fidelity estimate on crypto adoption in 2022, approximately six out of ten institutional investors (or about 60%) had invested in bitcoin and other digital assets worldwide.
The 56 cryptocurrency and fintech experts on Finder’s panel believe that Bitcoin price will peak at $29,095 in 2023 before falling to $26,844 by the end of the year.
Ruadhan O, developer and founder of Seasonal Tokens, believes Bitcoin will top at $27,000 and says its price is still constrained by concerns over the financial sustainability of the industry’s centralized enterprises.
Recovery Year For The Alpha Coin
The founder of SkyBridge Capital, Anthony Scaramucci, referred to 2023 as a “recovery year” for bitcoin and anticipated that it will trade between $50,000 and $100,000 in two to three years.
Senior research analyst for Market Research Future, Shubham Munde, agrees that Bitcoin’s price will recover during 2023 and is anticipating that it will reach approximately $35,000 by the end of the year.
According to MRF, the market would have a substantial increase in 2024 due to increased acceptance and favorable regulation.
The chief operating officer of ZebPay, Raj Karkara, appears to be fairly positive about Bitcoin. BTC, he says, might increase again in 2023 if “there are no macroeconomic impediments,” adding that the cryptocurrency’s fundamentals are “rock solid” regardless of market conditions.
Damian Chmiel, a senior analyst and editor at Finance Magnates, believes the crypto will be worth $70,000 in 2025 and says Bitcoin needs two things to rebound: the return of Wall Street optimism and the end of the US central bank’s rate-tightening policies.
BTC total market cap at $419 billion on the daily chart | Chart: TradingView.com
Optimism Lingers Despite The Hiccups
Over the past few years, the cryptocurrency market has experienced rapid price increases and decreases. And yet, despite the wild swings, there is no denying the crypto industry’s meteoric rise over the past several years.
The historical performance of crypto markets implies that 2023 will be a good year for bitcoin price and virtual currencies despite the hiccups, thus industry specialists are optimistic that this trend will continue.
This bodes favorably for individuals who have already invested in the cryptocurrency markets as well as those who have yet to do so.
At the time of writing, Bitcoin is trading at $21,768, down 5.11% in the last seven days, data from CoinMarketCap shows.
-Featured image from Innovation News Network