- Despite the recent lack of momentum in the crypto space, several crypto experts predict a six-figure BTC price.
- Richard Byworth, CEO at EQONEX, forecasts Bitcoin to be around $175,000 by 2022.
- Steve Ehrlich, CEO at Voyager Digital, predicts Bitcoin will approach $100,000 by year-end.
Bitcoin has endured what some believe to be one of the most austere quarters ever seen. After hitting a new record high at around $65,000 in mid-April, the leading cryptocurrency plunged by more than 50% in a matter of days.
What made this quarter even tougher was the lack of trading activity around Bitcoin. Starting May, Bitcoin’s trading volume has been constantly dropping, yet another reason why the volatility has considerably cooled off. As of now, the weekly average trading volume of Bitcoin is estimated to be around $3 billion. In comparison, Bitcoin’s trading volume was around $16 billion in mid-May.
Nevertheless, some industry experts believe there are still reasons to be bullish. While stating their outlook for the future of Bitcoin, the majority of crypto experts predict a six-figure Bitcoin price.
Crypto Experts Bullish on Bitcoin
Ryan Moore, CEO of the UK-listed crypto app Mode, said what we see as scrutiny from regulators towards the crypto market is nothing out of the norm. He added that regulations don’t impede innovation, rather enable the crypto ecosystem to grow faster. Moore reasoned that more regulations would bring more security, and with that more confidence among investors to dabble into crypto.
Another crypto veteran, Richard Byworth, CEO at EQONEX Group, mentioned the adverse effects of China’s intense crackdown on crypto mining on Bitcoin price. However, he said this is bullish in the long run as it will make Bitcoin more resilient. He stated:
We are still forecasting BTC to be around $175,000 at the peak of the current cycle, into 2022.
Steve Ehrlich, CEO and co-founder at Voyager Digital, asserted that after consolidating for some time, Bitcoin would continue its upward movement. Ehrlich added that he believes cryptocurrency adoption would take momentum by the year-end. He stated:
After a period of trading in range, I believe that bitcoin and crypto will increase substantially by year-end. My price prediction is that bitcoin will approach $100,000 by Dec. 31, 2021.
CEO and co-founder at Argo Blockchain, Peter Wall, stressed that short-term price fluctuations should not concern investors as they are simply transitory. “If you look back and consider the trends we’ve seen over the last six to 12 months, and especially over the last five to 10 years, the digital asset ecosystem is clearly moving in one direction,” Wall said.
Frank Schuil, CEO at the Swedish crypto exchange Safello, said the road ahead for Bitcoin, and crypto as a whole, is “bright.” He said the crackdown by China gives other geographies an opportunity to flourish in the industry without having to compete with the historically dominant China.