The cryptocurrency market has recently regained $1 trillion in market capitalization as optimism returns with the start of the new year, as investors and financial experts try to determine where Bitcoin (BTC) might go towards the end of 2023.
Could Bitcoin hit $30,000 this year?
According to the results of a Finder survey shared with Finbold on Jan. 24, a panel of 56 fintech and cryptocurrency experts predicted that the Bitcoin price would surge to $29,095 in 2023 and then end the year at $26,844.
Bitcoin year-end price predictions for 2023, 2025 and end of 2030. Source: Finder
What did the experts say?
As Seasonal Tokens creator Ruadhan O explains:
“The price is low because potential disasters are priced in. By the end of the year, market sentiment will have changed and the market will rediscover the scarcity of Bitcoin once the fear is gone.”
On top of that, the panel, which includes, among others, Alexander Kuptsikevich, a senior market analyst at online trading broker FxPro, believes that BTC will rise to $77,492 by the end of 2025 and to $188,451 by 2030.
“The most active cryptocurrency sales phase has ended. 2023 will be a year when prices will recover carefully. But a real FOMO market is unlikely to arrive until 2024-2025.”
On the other hand, University of Canberra senior lecturer John Hawkins is bearish, predicting that BTC will close the year at $10,000 as he thinks it “has no useful role as an asset after emerging as a means of payment, a safe haven.”
Are you buying Bitcoin now?
However, 50% of the Finder panel believe that now is the time to buy Bitcoin, as opposed to 37% recommending holding and 13% recommending selling their flagship decentralized finance (DeFi) asset.
The panel’s views on buying, selling or holding BTC. Source: Finder
It is worth noting that one-fifth (21%) of the panel stated that institutional investors will withdraw from the crypto market for other asset classes this year due to the recent market crash and the FTX crash. However, the vast majority (75%) of the panel disagree.
Bitcoin price analysis
Meanwhile, Bitcoin has been posting significant gains since the beginning of the year, up 36.62% from $16,550 on January 1 to $22,610 at the time of publication. Its current price also represents a daily drop of 1.35%, but still an increase of 6.87% over the week and 34.25% over the previous 30 days.
Bitcoin year-to-date (YTD) price chart. Source: Finbold
At the same time, as Finbold previously reported, Bitcoin’s market cap was $436.42 billion, outpacing all the world’s leading traditional financial institutions, including JPMorgan Chase and Bank of America, by this indicator.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.