The events of 2022 in the digital currency market have caused disagreements about the future of Bitcoin among analysts, managers and investors. While the CEO of a digital currency exchange expects Bitcoin to reach $40,000 by the summer of 2023, an international banking and financial services company has predicted a drop in the price of Bitcoin to $5,000.
Eric Voorhees: $40,000 Bitcoin by Summer
To the report Cointelegraph, Erik Voorhees, the founder and CEO of Shapeshift digital currency exchange, in an interview with Bankless on January 2nd (12th), while expressing optimism about the possible growth of the price of Bitcoin this year, said:
I wouldn’t be surprised if Bitcoin hits $40,000 by summer.
Voorhees added that if his prediction comes true, Bitcoin will experience a 2.5x increase from its current price of around $16,700, which he said would be a great return.
The CEO of Shapeshift Exchange pointed out that the time of the start of the next bull market is not exactly known, and said that the next bull run will happen in the next 6 months to 3 years.
He rejected the idea that the beginning of the upward trend could take 10 years, arguing that such an event would mean the collapse of the entire digital currency market.
Looking ahead, Voorhees noted that macroeconomic conditions, interest rates, and tight monetary policies are important factors that will determine how the cryptocurrency market performs this year.
He also pointed out that the opinions of analysts outside of the market are irrelevant when it comes to digital currencies, because these analysts are the ones who will be surprised by the start of the next rally.
Voorhees said in the end:
Whether we are in a bull market or a bear market, we are in the middle of a revolution right now.
Tim Draper: $250,000 Bitcoin by April 2024
Billionaire investor Tim Draper once again emphasized his $250,000 bitcoin prediction this year by posting a photo of himself on Twitter on January 11.
Draper first made the bold prediction of Bitcoin to $250,000 in April 2018 during a lecture at Draper University in San Mateo. He said at the time that he predicted the price of each bitcoin would reach 250,000 by 2022.
Draper noted that people who believe the $250,000 Bitcoin prediction are considered crazy by others, however he assured his audience that it will eventually happen.
He acknowledged that the $250,000 Bitcoin forecast by 2022 was a bit off, but said he believed it would certainly happen before Bitcoin’s next halving in April 2024.
However, Twitter users have mixed opinions about his bullish prediction. A user wrote that he has lost interest in following the price of Bitcoin since Celsius stole one of his bitcoins, while one user predicted that the price of Bitcoin is unlikely to reach more than $30,000 in 2023. Another wrote back to Draper:
You are too optimistic.
Mike McGlone: $100,000 Bitcoin by 2025
Draper’s comments seem overly bullish, even among Bitcoin supporters.
Mike McGlone, chief commodity strategist at Bloomberg, who has been optimistic about the future of Bitcoin in the past, stated in September 2022 that the price of this digital currency will eventually reach $100,000 by 2025.
He had already made this prediction once during an interview in October 2020 where he said that Bitcoin is on track to reach $100,000 by 2025.
A year later, in an interview with Kitco News, he stood by his prediction and said that sooner or later Bitcoin will reach $100,000. McGlone noted:
The reason for this is the decreasing supply, while the acceptance and demand is increasing.
Standard Chartered: Bitcoin $5,000 in 2023
The British banking company Standard Chartered predicted in December that one of the possible surprises of the financial market in 2023 is a drop in the price of Bitcoin to less than $5,000.
According to CNBC’s report on December 5 (December 14), the increase in profitability and the fall in the value of technology stocks can lead to the acceleration of the sale of Bitcoin and cause more bankruptcy and the fall of digital currencies and the loss of investor confidence in digital assets.
However, Eric Robertsen, Standard Chartered’s global head of research and chief strategist, noted that this forecast is far from his view and the overall market opinion, and is a bit far from reality.
While some figures in the cryptocurrency industry are confident enough to share their predictions for Bitcoin’s price in the coming years, others are more cautious about sharing their opinions.
Antoni Trenchev, founder and co-director of digital asset management platform Nexo, recently stated that there are many factors that can affect the price of Bitcoin.
Alex McCurry, CEO and co-founder of blockchain solutions provider Solidify, also told Cointelegraph on January 3 (Dec 13) that Bitcoin is a completely unpredictable asset.
Robert Kiyosaki, author of the best-selling book “Rich Dad, Poor Dad”, has not published a Bitcoin price forecast despite frequent posts about Bitcoin on Twitter in recent months.
Kiyosaki said in December 2022 (Azar) that he is investing in Bitcoin and is very excited about it; Because unlike other tokens, which according to him are classified as securities, Bitcoin is in the category of commodities like gold, silver and oil.