The first half of 2023 is already coming to an end, but what to expect from the second is not yet clear. Authoritative analysts, crypto enthusiasts, crypto skeptics, and many others continue to speculate about the future market behavior of the first cryptocurrency. Predicting the future is a thankless task, but this circumstance does not really prevent one from competing in the accuracy or fantasticness of forecasts. Let’s take a look at the most stunning Bitcoin price predictions for the current year.
Depreciation to zero
In narrow circles of violent opponents of cryptocurrencies and complete retrogrades, a tradition has already been established to annually prophesy the imminent collapse of Bitcoin. In particular, Peter Schiff consistently adheres to this opinion. However, BTC also consistently refutes the arguments of pessimists year after year.
Of course, such an outcome is possible, for example, in the case of an agreed global regulatory ban on cryptocurrencies. But a number of something similar is possible to realize in the coming decades. Similar consequences look quite realistic against the backdrop of a complete loss of confidence in the system, but this is also a very unlikely scenario.
Yes, of course, in the very, very long term, the very existence of our civilization is in question, and the crypto-skeptics will surely turn out to be right. But this does not prevent you from earning today on changes in the ETH to BTC exchange rate, right?
The king is dead. Long live the king
Another rather radical opinion: some other cryptocurrency will overthrow BTC from its pedestal and the king of the market will fall heavily in price. It is not worth completely excluding such a scenario. First, historically there have been such precedents. Secondly, the market is dynamic and it is quite possible that over time encroachments on the dominance of Bitcoin will become commonplace. But it is unlikely that we will see it this year.
Let’s say $12,000 per coin
Well-known trader @CryptoCapo is of the opinion that BTC could fall in price by more than half of the current price and update the local low at $12,000. Not entirely unbelievable, but for such a deep and rapid fall, no less good reasons are needed than for a complete depreciation. At a minimum, brutalized regulators, serious network technical problems, and very large-scale fraud combined with hacks. Yes, we recall that last year, particularly stubborn optimists were patiently waiting for the moment to buy BTC at $10,000, but BTC itself and active market realists had completely different plans.
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$100,000! Who is bigger?
At the opposite pole, crypto-optimists are grouped. Some experts believe that the mark of $100,000 is quite achievable and this could happen by the end of this year. To do this, the coin will have to rise in price “only” a little more than three times the current price. However, some very good reason is needed to take off, or rather several at the same time. Moreover, as usual, FOMO and market euphoria should play an important role in the rally.
Analysts at Standard Chartered suggest that the US banking crisis could be the driving force behind the rapid growth of the cryptocurrency market. And of course, in optimistic forecasts, such expectations are often associated with the upcoming halving, although there is still about a year left before it.
Bitcoin at $1,000,000
And why not dream about such a scenario? In the realities of today, this looks completely impossible. But still, there are desperate optimists who sincerely believe that at the end of the year, BTC will cost $1 million. Who knows, maybe someday they will be right, but it is unlikely that this year.
How BTC price is predicted
Even the most fantastic and absurd forecasts are built on some grounds. Among them:
- Expert analysis. Analysts study the general economic situation, technical indicators, and market trends and use this information to make informed predictions about the future price dynamics of a coin. And part of the fantastic forecasts is based on expert analysis. But embellished, in accordance with the personal views and expectations of the authors.
- Historical trends. Bitcoin has objectively the richest history in its asset class. It is already enough to state the existence of cyclical processes and more or less successfully predict the most probable large-scale movements. However, against the backdrop of traditional investment assets, BTC is a real baby and all socio-economic upheavals are new to him. Accordingly, it is extremely difficult to predict how the market will react to the next crisis.
- Macroeconomic processes. The dynamics of events in the cryptocurrency market depend on the general economic situation, and the further, the more.
Whatever views you personally hold and whatever your expectations, it is important to maintain a sober mind. Falling into euphoria or vice versa, panicking, and rushing to sell your crypto on the first market movement are equally detrimental. Before making financial decisions, be sure to conduct your own market research, taking into account your goals and capabilities.