Bitcoin Price To Hit $29,000 In 2023 – Report

Finance Magnates senior analyst and editor Damian Chmiel said BTC will be worth $70,000 in 2025. He added that BTC needs two things to rebound, the return of bullishness on Wall Street and the Fed’s exit from its rate-tightening policy.

He said, “The former will not happen without the latter, and we are left to wait patiently for now. In the long term, however, I believe Bitcoin will become a popular choice among traders.”

University of Canberra senior lecturer John Hawkins, said BTC was overpriced and will close the year at $10,000, before dropping to $5,000 in 2025 and $500 in 2030.

According to Hawkins, Bitcoin has no useful role as an asset after it’s been “spruiked as a payments instrument, safe haven, inflation hedge and diversification asset.”

“In the short term, more of the crypto companies that are shedding staff and restricting withdrawals, and no longer have FTX to bail them out, will fail, putting downward pressure on the Bitcoin price,” he continued.

The report read in part, “While BTC is currently rallying above $20,000, the panel expects it to drop to $13,067 at some point in 2023 – the lowest it’s been since October 2020.

“Following the recent market crash and FTX collapse, a fifth (21 per cent) of Finder’s panel believe institutional investors will leave the crypto market for other asset classes this year. However, the majority (75 per cent) think otherwise, while the remaining 4 per cent are unsure.”

According to AskTraders senior cryptocurrency and forex analyst Nick Ranga, institutional investors will leave crypto this year. He said, “With inflation still uncomfortably high and recession risk looming, overall market sentiment remains risk-off.

“US interest rates are expected to peak at around 5 per cent in the first half of 2023 so we could see investors return to riskier assets later in the year. In the short term there could still be more downside.”

Rouge International managing director Desmond Marshall, added, “Unless there are more sudden surprises like FTX, the market is now undergoing a cleanup of scammy and faulty exchanges and companies.

“After this cleanup and with the Fed interest continuing to hike, and with the BTC upcoming halving in 2024, there should be stronger support during H2 of 2023.”