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Bitcoin (BTC) has been the subject of much speculation and debate in the financial world, and its value forecasting has become a topic of interest for investors and enthusiasts.
According to a recent survey conducted by Finder in July 2023, a group of 29 industry specialists shared their views on the performance of BTC through 2030.
Their predictions paint an intriguing picture for the future of the leading cryptocurrency.
Finder’s positive survey on Bitcoin’s value, forecasting is optimistic!
The consensus of the panel indicates that the price of BTC is expected to rise to $38,488 by the end of 2023. This is an optimistic prediction for the digital asset, representing significant growth potential from current market levels.
However, specialists go further, predicting that BTC will reach $100,293 by 2025 and $289,159 by 2030. These projections suggest an upward trajectory for Bitcoin, with substantial price appreciation over the next decade.
One notable prediction comes from Kadan Stadelmann, CTO of Komodo Platform, who sees Bitcoin evolving into “gold 2.0.” In his view, Bitcoin’s intrinsic value, driven by its superior qualities as an “energy currency,” could lead to a minimum price above $500,000 in the long run.
This bold outlook is echoed by Ben Ritchie, managing director of Digital Capital Management AU, who predicts Bitcoin will soar to $48,000 by the end of 2023 and could reach values in excess of $350,000 in the future.
The presenters attribute these price increases to various factors, including institutional adoption, regulatory challenges, and Bitcoin’s impending halving, which is expected around April 2024.
Yves Renno, head of trading at Wirex, believes institutional adoption and renewed corporate interest in Bitcoin will lead to higher prices in the short term.
Kate Baucherel, digital strategist at Galia Digital, sees the halving event as a catalyst for price growth and predicts its impact will be evident in late 2023.
Average price, maximum price and how to invest Bitcoin in the coming years
Forecasting Bitcoin’s high and low prices in 2023 shows a range of possibilities. The average peak price projected for the end of 2023 is $41,752, with some optimistic projections reaching $100,000.
On the other hand, some bearish forecasts suggest that BTC could fall as low as $12,000. In particular, Phillip Lord, president of Oobit, is betting that the BTC will reach $100,000 before the end of the year.
As for the right approach to investing in Bitcoin, most speakers believe it is a good time to buy the cryptocurrency.
This sentiment is driven by factors such as the end of the cryptocurrency winter, the potential approval of a spot ETF on Bitcoin, and diminishing macroeconomic headwinds.
The majority (59%) recommend buying BTC, while 33% suggest holding the asset.
Only a small portion (7%) recommend selling Bitcoin. Interestingly, John Hawkins, senior lecturer in economics at the University of Canberra, is not convinced of Bitcoin’s value and advises investors to sell their BTC holdings.
Regarding the current valuation of Bitcoin, most panelists believe that it is currently being sold at a discount.
Specifically, 43% believe Bitcoin is “undervalued,” 36% believe it is “fairly priced,” and 21% believe it is “overpriced.”
Several panelists point to the importance of the upcoming halving event and the potential approval of the spot ETF as factors influencing the price of Bitcoin.
Bitcoin investment diversification, given the outlook
In terms of diversification, 64% of the panelists believe that investors should prepare for an “alt season” by diversifying their portfolios.
“Alt season” refers to a phase in the cryptocurrency market when altcoins (cryptocurrencies other than BTC) outperform Bitcoin in terms of price.
However, most panelists continue to recommend focusing primarily on Bitcoin.
The reason behind this suggestion is that the fundamentals of Bitcoin remain unchanged and that it excels as a secure payment medium and a store of value.
Overall, forecasts of Bitcoin’s future price trajectory indicate significant growth potential for the cryptocurrency.
Investors should closely monitor market developments, regulatory changes, and institutional adoption to make informed decisions in this rapidly changing landscape.
As with any other investment, it is essential to exercise caution, do thorough research, and consider individual risk tolerance before making investment decisions involving cryptocurrencies.