2022 proved to be a tumultuous year for both Bitcoin and the entire crypto market. A series of crashes and collapses impacted the value of most coins and tokens. Despite the constant change in the crypto industry, experienced members of the crypto community are no longer taken aback by new crises and problems, as they seem to occur regularly and are somewhat expected. Let’s devise a universal Bitcoin price prediction for 2023.
What was the 2022 like for Bitcoin?
Reflecting on what happened to the value of Bitcoin in 2022, the year started with a value of $46,000, but quickly dropped after reaching a new all-time high in November 2021. The price fluctuated between $48,000 and $36,000 until April, when it began to decline due to a rise in interest rates by the US Federal Reserve and the collapse of the Terra ecosystem. From June 10th, the rate has not returned to $30,000 and has been fluctuating between $24,500 and $20,000 until November. During November, a new stage of decline began due to a scandal involving Sam Bankman-Freed, which ultimately led to the bankruptcy of FTX and other exchanges and platforms. This caused Bitcoin’s value to drop from $20,000 to $16,000 to $18,000. On December 31st, 2022, Bitcoin was valued at $16,603, which reached $18,244 by the end of the year.
Where will Bitcoin be in 2023 according to experts?
Looking ahead, various industry leaders have made predictions about Bitcoin’s future value. Tim Draper, co-founder of Draper Fisher Jurvetson, predicts that Bitcoin price will reach $250,000 by mid-2023. Initially, this prediction was focused on the end of 2022, but Draper extended the forecast deadline to mid-2023. Alistair Milne, founder of Altana Digital Currency Fund, predicts that the price of Bitcoin will rise to $45,000, depending on inflation. Mike Novogratz, founder of Galaxy Digital, believes that the bearish phase will end during the first half of 2023 and that the growth of Bitcoin will be tied to the suspension of interest rate increases by the US Federal Reserve. Eric Wall, CIO at Arcane Assets, predicts that the $15,400 price of Bitcoin was the bottom and believes the price will break the $30,000 mark this year. PlanB, author of the Stock-to-Flow model, predicts that the fall to $15,500 in November was the bottom and that Bitcoin will continue to grow. He predicts that by 2024, the rate will be around $32,000 and that in 2025 there will be a bull market, with the rate reaching $100,000. Mikael van de Poppe, an analyst, suggests that the price of Bitcoin will rise to $30,000 to $40,000 during the first half of 2023.
Will Bitcoin go up in 2023?
It’s believed that the first half of the year will end with a value of around $30,000 and that further growth may lead to a level of $40,000 to $50,000. The closer the halving event in 2024, the higher the likelihood of growth. While the end of 2023 may be promising for investors, it’s important to note that there are no guarantees and the situation on the market may change as the year progresses. It’s also worth noting that it’s unlikely that Bitcoin will reach a value of $50,000 in February. However, if a miracle were to occur, it would certainly be cause for celebration!