Bitcoin Price Prediction: Analyst Lowers The Forecast
It’s always a great time to be alive when you’re predicting the future of bitcoin. Panelists from various industries and fields have revised their predictions with us again, but they still think this cryptocurrency will hit new highs by 2022. Cryptocurrencies are not for the faint-hearted, but experts believe that record highs await us in 2022.
Bitcoin has seen a significant drop in value this week, with prices currently sitting at around 50% of their all-time high. However, it has recovered slightly after reaching as low as $33K on Monday morning and is worth about $37K.
Related Post | Bitcoin Recovers From Seven Month Low Of $33K
Analysts are split on whether or when to buy, sell and hold cryptocurrency. However, more than half believe this is a good time for buyers, with only 45% disagreeing.
It is interesting to see how different groups respond when given an investment opportunity. In this case, 29% of those surveyed said they should neither buy nor sell, while 10% thought investors should sell.
Bitcoin Price Predictions
By the end of 2022, experts from the top 33 fintech predict that the bitcoin price will reach an all-time high. The prediction is $93 717 – more than $20,000 higher than its current all-time high in November.
Bitcoin price has managed to hold $37K. Source: Tradingview.com
The panel predicts that by the end of 2025, bitcoin will trade on $192,800 and mount to $406,400 by 2030. While these predictions may seem lofty goals at first glance- they’re significantly less than what experts predicted back in July 2021 when their last forecast said bitcoin price could reach $265k and $706K, respectively.
Fred Schebesta, co-founder of Finder.com, said;
“Cryptocurrencies are proving to be a staple competitor to the traditional financial infrastructure of the world, and many projects are now well beyond the theoretical realm of potential value.”
Another statement by Dr. Iwa Salami, an associate professor in law at the University of East London, explain;
“Increased interest from retail and institutional investors cannot be overlooked, and yes, while there are still huge regulatory gaps, the potential of this emerging industry to transform business and finance and to facilitate financial inclusion mustn’t be overlooked or undermined.”
According to other survey respondents, the latest bear market may not yet be over, with economic uncertainty looming as an additional threat to the industry.
Lee Smales, an associate professor at the University of Western Australia, added;
“Bitcoin seems to be bracing for a large fall. We might be witnessing the end of one era and the beginning of another. A ‘double top’ seems to have formed, with prices giving up all their gains from last year; however, I wouldn’t put money into this until there are more useful/efficient alternatives available because nothing lasts forever.”
Featured image from Pixabay, chart from TradingView.com