The cryptocurrency market has recently regained its $1 trillion market capitalization as optimism returned with the start of the new year, leading investors and finance experts to try and ascertain where Bitcoin (BTC) could be heading toward the end of 2023.
Indeed, a panel of 56 fintech and cryptocurrency specialists has projected that the price of Bitcoin would increase during 2023, peaking at $29,095, and then finishing the year at $26,844, according to the results of a Finder poll shared with Finbold on January 24.
What did the experts say?
As Seasonal Tokens creator Ruadhan O, explained:
“The price is low because possible imminent catastrophes are being priced in. By the end of the year, market sentiment will have changed, and after the fear goes away, the market will rediscover the scarcity of Bitcoin.”
On top of that, the panel, which, among others, also included a senior market analyst at online trading broker FxPro, Alexander Kuptsikevich, believes that BTC will soar to $77,492 by the end of 2025 and $188,451 in 2030.
According to Kuptsikevich:
“The phase of the most active cryptocurrency sell-off is over. 2023 will be a year of careful price recovery. However, a real FOMO market is unlikely to come until 2024-2025.”
On the other hand, the University of Canberra senior lecturer John Hawkins is bearish, projecting BTC would end the year at $10,000, as he opined that it had no useful role as an asset after it had been “spruiked as a payments instrument, safe haven, inflation hedge, and diversification asset.”
Buy Bitcoin now?
That said, 50% of Finder’s panel believes that now is the time to buy Bitcoin, as opposed to 37% who suggested holding, and 13% who recommend selling the flagship decentralized finance (DeFi) asset.
It is also worth mentioning that a fifth (21%) of the panel stated that institutional investors would pull out of the crypto market for other asset classes this year due to the recent market crash and FTX collapse. However, the large majority of the panel (75%) disagrees.
Bitcoin price analysis
Meanwhile, Bitcoin has been recording significant gains since the year’s turn, growing 36.62% from $16,550 on January 1 to $22,610 at the time of publication. Its current price also represents a daily decrease of 1.35%, but still an increase of 6.87% over the week and 34.25% during the previous 30 days.
At the same time, Bitcoin’s market capitalization stood at $436.42 billion, outperforming by this indicator all the leading traditional finance entities in the world, including JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC), as Finbold reported earlier.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.