Bitcoin (BTC), the world’s most prominent cryptocurrency, has been a topic of fervent speculation in the financial world. Recent developments, including the possibility of a spot Bitcoin exchange-traded fund (ETF), have driven the crypto asset’s price to new heights. To gain insights into Bitcoin’s potential price trajectory, 29 finance experts were consulted to offer their end-of-year estimates for BTC. Their projections varied, reflecting diverse perspectives on the cryptocurrency’s future performance.
Rising Optimism and Retreat
The surge in Bitcoin’s value, driven by growing optimism over a potential spot ETF approval, saw the leading cryptocurrency reach a peak above $31,400. However, following this bullish momentum, BTC experienced a considerable retreat.
To date, the current price of the cryptocurrency with the largest market share in the world is hovering around $29,000. This price volatility has sparked curiosity among experts and investors alike, prompting them to seek predictions for the remainder of the year.
Price Targets for 2023
According to a comprehensive analysis of estimates provided by prominent finance professionals to Finder.com, which was consequently shared with Finbold, the majority of panelists are bullish on BTC’s future. They foresee a positive outlook, with the end-of-year price target averaging $38,488.
This implies a potential upside of more than 30% compared to the current price. The experts also highlighted that Bitcoin’s potential peak in 2023 could reach around $42,000, fostering an optimistic sentiment among market participants.
Diverse Perspectives on BTC’s Growth
Prominent technologist and futurist Joe Raczynski envisions BTC’s year-end price surpassing the panel average and reaching $40,000. He attributes this bullish outlook to increasing institutional interest and the potential approval of a Bitcoin spot ETF. The expert predicts that such approval could attract tens of billions of dollars into the cryptocurrency this year, too.
On the other hand, DigitalX’s Alex Nagorskii holds a slightly more conservative view, suggesting a potential end-of-year target of $35,000 for BTC. He believes Bitcoin is on the brink of entering the halving narrative, and its trajectory will largely depend on the approval of SEC spot ETFs, ongoing exchange lawsuits, and the identification of any bad actors in the space.
Looking beyond 2023, the panel of finance experts foresees even greater gains for Bitcoin. On average, they expect Bitcoin price to soar to approximately $100,000 by the end of 2025 and surpass $280,000 before the end of 2030. Such projections indicate a sustained bullish sentiment among experts regarding the cryptocurrency’s long-term potential, especially in its coming halving.
Expert Advice for Investors
With 59% of panelists expressing bullish sentiment on BTC, many view this as an opportune time to enter the market. As Bitcoin’s potential for growth remains strong, it attracts a significant number of investors seeking to capitalize on its potential appreciation.
On the other hand, it’s essential to remember that 33% of experts advise holding the cryptocurrency while 7% suggest selling. The latter emphasizes the importance of considering individual risk tolerance and investment goals along the way.
Bitcoin’s future price remains a topic of great interest among finance experts and investors. With potential catalysts like the approval of a spot Bitcoin ETF on the horizon, the outlook for BTC appears promising.
The diverse predictions presented by the panel of finance professionals demonstrate the various perspectives on Bitcoin’s potential performance. As the crypto market continues to evolve, investors should exercise prudence, considering expert advice and conducting thorough research before making any investment decisions.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.