The start of the new year has been the go-ahead for Bitcoin and crypto market forecasts across social media and mainstream media platforms.
The best is yet to come for Bitcoin
According to a report by the financial news channel CNBC, Bitcoin is facing an extreme change in its development. Optimistic experts, like BTC bull Tim Draper, believe the cryptocurrency will trend higher from its current levels.
Draper is adamant that the benchmark cryptocurrency will rally 1,400%, reclaim previously lost territory and surpass $250,000 by mid-2023. BTC bulls believe that macroeconomic conditions will significantly increase acceptance.
One demographic will lead this potential new wave of adoption that will coincide with the upcoming bitcoin halving. This event is not scheduled until 2024, but historically the market has priced in its impact much earlier.
Draper said:
I expect the dam to burst soon as women control 80% of retail spending and only 1 in 7 bitcoin wallets are currently held by women.
How low can bitcoin fall?
Better macroeconomic framework, acceptance, halving and supply tightening and less competition. All of these are the factors that could work in favor of cryptocurrency going forward.
On the other hand, Standard Charted’s Eric Robertsen claims that bitcoin price could return to 2020 levels and reach $5,000. A major lack of confidence on the part of investors and greater capitulation by crypto companies could trigger this scenario, according to him.
Doom & gloom in TradFi’s forecasts
Standard Chartered’s Eric Robertson previously predicted in a company report on December 5, 2022 that Bitcoin will fall to $5,000 after suffering irreversible reputational damage from the bankruptcies of several crypto companies.
the investor Mark Mobius said that the Federal Reserve’s tightening policies would push the Bitcoin price to around $10,000 in 2023. Mobius is a well-known crypto skeptic who has warned that a sell-off following the FTX collapse could significantly lower the S&P 500.
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