- Bitcoin price predictions have been rolling in as 2023 starts
- We’ve already seen the usual mix of optimism and pessimism
- What do some big names think Bitcoin will be up (or down) to in 2023?
2023 has begun, and the Bitcoin price predictions have begun rolling in. With almost the entire world having a gloomy outlook for 2023 for several reasons, will the predictions reflect this moribund attitude? We see what some big names believe Bitcoin will be up to in 2023.
Tim Draper – $250,000 (or thereabouts)
Early investor Draper made his original Bitcoin-to-$250,000 prediction back in 2018, saying it would come to pass within four years. However, with this having failed by some margin, Draper has now extended his almighty prediction to “before the 2024 halving”.
By 2023 then, we should expect it to be well on the way, even if history shows us that the halving is typically a catalyst for a bull run after the event, not before.
Verdict – about as improbable as Draper’s eyebrows
Erik Voorhees – $40,000
Voorhees offered a similarly bullish opinion, albeit one that is rooted a little more in reality. The Shapeshift founder said yesterday in an interview that he “wouldn’t be surprised” if Bitcoin hit “like $40K” by the “summer”, in a move that would be similar to the bounce that Bitcoin experienced in early 2019.
Verdict – possible, but unlikely
Standard Chartered – $5,000
The bank Standard Chartered believes there is worse to come for Bitcoin, claiming in a December 2022 note entitled “The financial-market surprises of 2023” that yields will “plunge along with technology shares”, which will be mirrored by Bitcoin, a sell off that will see more firms go under due to insufficient liquidity. This will apparently lead to “further bankruptcies and a collapse in investor confidence in digital assets”.
Verdict – buyers probably won’t let it get that low
VanEck – $30,000
ETF and mutual fund manager VanEck believes that bitcoin will hit $30,000 in the second half of 2023, but not before testing $10,000 first. VanEck believes that Bitcoin mining pressures will continue to push the price down in the first half of 2023, while it also believes that Ripple will lose its case against the SEC, despite both sides having asked a judge for a settlement figure.
With these pressures gone, Bitcoin will lift in the latter half of 2023 to hit $30,000 en route to the 2024 halving and the next cycle.
Verdict – more plausible, except for the Ripple ruling