Bitcoin’s (BTC) price has been the subject of intense discussion among crypto enthusiasts recently, with the leading cryptocurrency fluctuating between $27,000 and $31,000 in the past month, following a promising start to the year. As we approach a critical juncture in the market, a variety of experts have been consulted to provide their insights on the matter.
32 fintech and crypto experts were asked to give their end-of-year price predictions for BTC, suggesting that the asset is expected to perform positively as per a Finder study.
According to the results shared with Finbold, the experts suggest that Bitcoin is set to rise as the year progresses, although it will not come close to its all-time high of over $69,000. Indeed the polled finance professionals believe that BTC could reach its peak in 2023 at $35,459.
In addition, the surveyed specialists have made some notable projections regarding Bitcoin’s future performance. They predict that Bitcoin will reach $99,781 by 2025 and $297,848 by 2030, which represent a 29% and 58% increase, respectively, from the estimates made by the panelists in January 2023.
What the experts say on BTC
As per the findings of a recent survey, industry experts predict that Bitcoin’s price will continue to surge in the short to medium term.
The surveyed panelists estimate that Bitcoin’s peak price in 2023 will average around $42,225, with some experts forecasting that it could surpass $50,000. On the other hand, the lowest price Bitcoin could hit in 2023 is expected to average around $17,026, with some panelists projecting it could fall as low as $15,000 or below.
Finance Magnates senior analyst and editor, Damian Chmiel, the expert’s prevailing sentiment is that a higher Bitcoin price is highly likely in the short to midterm.
“An increase to $50K seems not a bold prediction but rather just a formality,” Chmiel said. “The recent banking crisis has indeed shown that Bitcoin can be a safe haven in times of uncertainty. The more people and the sooner this is understood, the sooner we will see higher valuations on the BTC chart.”
Ben Ritchie, director of Digital Capital Management AU, said:
“Bitcoin’s value may drop to $12,000, while the upside could reach up to $48,000 depending on market reactions to the government’s response to current global challenges.”
BTC price analysis
Per data retrieved on May 1, Bitcoin is currently trading at $28,605, indicating a 2.3% drop in price for the day and a 4.7% decline over the past week.
Bitcoin’s total market capitalization is estimated to be around $554 billion, which is a reflection of its continued popularity and adoption in the financial market.
In terms of its current price levels, Bitcoin has a support level of $27,947, which means that this is the lowest price level it is expected to reach in the short term, and a resistance level of $30,153, which represents the highest level at which the cryptocurrency is expected to trade in the near future.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.