It’s no secret that Bitcoin and other digital currencies have had a challenging year. From the Terra Luna crash to the collapse of the largest cryptocurrency exchange, FTX, the market has seen its share of ups and downs.
But despite the hiccups, the crypto industry is still on track to see growth in 2023. According to a survey of 56 cryptocurrency and fintech experts conducted by Finder, the price of Bitcoin is expected to peak at around $29,095 in 2023 before falling back to $26,844.
The survey also found that institutional investors are starting to get involved in the crypto market, with around six out of ten (or 60%) of these institutions having invested in Bitcoin and other crypto assets. The experts are optimistic that the market will continue to grow in the coming year.
Anthony Scaramucci, the founder of SkyBridge Capital, referred to 2023 as a “recovery year” for Bitcoin and predicted that it could trade between $50,000 and $100,000 in two to three years.
Meanwhile, Ruadhan O, developer and founder of Seasonal Tokens, believes that Bitcoin’s price is still constrained by concerns over the financial sustainability of the industry’s centralized enterprises. Nevertheless, he predicts that the currency will peak at $27,000 by the end of the year.
Shubham Munde, a senior research analyst for Market Research Future, is also expecting growth for Bitcoin in 2023. He believes the currency will reach around $35,000 by the end of the year.
Damian Chmiel, a senior analyst and editor at Finance Magnates is similarly optimistic. He believes that Bitcoin will be worth $70,000 in 2025 but needs two things to rebound: Wall Street optimism, and the end of the US central bank’s rate-tightening policies.
It’s clear that the crypto industry is still on the rise, despite the hiccups. This bodes well for individuals who have already invested in the cryptocurrency markets and those looking to get involved. With the right market conditions, 2023 could be an excellent year for Bitcoin.
But as always, do your own research, and only invest what you can afford to lose.
