Bitcoin in 2023. What’s your outlook?

Bitcoin in 2023

Bitcoin in 2023. As the cryptocurrency market continues to stagnate. Some people who are influential in cryptocurrency have come up with forecasts

Crypto Winter

It was the year of Crypto Winter, called the ice age of virtual assets (virtual currency). In particular, cooling intensified as famous companies such as Terraform Labs and FTX collapsed and major virtual assets such as Bitcoin plunged. Recently. Following the Fed’s high-intensity tightening stance, concerns over an economic slowdown have spread. Making it more difficult to predict bitcoin prices.

Bitcoin Reaches $250,000 by June 2023

Tim Draper, who is considered a Bitcoin bullish, predicted at a conference in Amsterdam in 2018 that “Bitcoin will reach $250,000 (about 319.12 million won) by the end of 2022. However, he revised the forecast earlier this month, saying, “The bear market will continue for the time being due to the FTX crisis,” adding, “The $250,000 will be reached in June 2023.” In order for Draper’s prediction to be realized, Bitcoin must rise by about 1,400% from the current price of $16,000 (about 20.42 million won) within six months.

Bitcoin in 2023. Antony Tranchev

Antony Tranchev, founder of virtual asset lender Nexo. Also said Bitcoin could surpass $100,000 (about 127.65 million won) by April next year. “Institutional investors’ interest in Bitcoin is increasing,” he said in an interview with CNBC in April. “Bitcoin could soar to more than $100,000 in the next year.” However, in a recent interview, Trenchev admitted. It is unlikely that Bitcoin will achieve the goal for the remaining four months. But evaluated, “The outlook for Bitcoin remains positive.“

Bitcoin could fall below $10,000

Many experts predicted Bitcoin’s decline due to the liquidity crisis and interest rate hikes. Nikolaus Panigirchoglu. Strategist for JP Morgan, argued for a bearish theory by offering $13,000 (about 16.59 million won) as a target price for Bitcoin. In a report last month, he said, “The liquidity crisis caused by the FTX crisis will cause a ‘new phase of virtual asset deleveraging’ and put downward pressure on Bitcoin,” adding, “Bitcoin prices will plunge to $13,000 in the next few weeks.”

Bitcoin in 2023. Ian Hartnett

Ian Hartnett, co-founder of U.S. market research firm Absolute Strategy Research, also expressed a similar opinion to JP Morgan. “Bitcoin tends to plunge more than 80% from its all-time high,” Hartnet said in June. “As Bitcoin prices reached an all-time high of $69,000 (about KRW 88.07 million) in November last year, it will fall to $13,000 in the future.” According to his warning, Bitcoin should fall 22% more than its current price. He also predicted, “The Fed is likely to raise interest rates next year, so Bitcoin could fall from $13,000 to $12,000 or less for a long time.”

What do you think

What do you think the cryptocurrency market will continue in 2023? Let’s pay attention to whether the cryptocurrency market can break the ice age and rise again amid a lot of talk, including the economic recession.