After crossing the psychological threshold at $30,000 earlier in April, Bitcoin (BTC) is back to trading below this key level once again, leaving investors and financial experts trying to gauge the movements of the flagship decentralized finance (DeFi) by the end of the year.
Indeed, a panel of 32 financial technology and cryptocurrency specialists has projected that the price of Bitcoin would grow during 2023, peaking at $42,225 before finally ending the year at $35,459, according to the results of a poll carried out by the investment platform Finder and shared with Finbold on April 19.
What do the experts say?
As a bullish case for Bitcoin, GroveToken COO Carlo Di Clemente used the fact that having lost trust in banks, people have started to look at the maiden crypto asset as a practical alternative to traditional banking, which “has had a positive effect on Bitcoin adoption in 2023.”
As he added:
“Bitcoin could also continue to experience significant price appreciation over the next decade as more institutional investors and corporations adopt [an] increasing mainstream acceptance [of] Bitcoin as a form of payment.”
His views are shared by Tommy Honan, head of commercial operations at Swyftx, who stressed Bitcoin’s “many sought-after properties for institutional and retail investors alike,” as well as its finite supply, which “could lead to an increase in price as supply shock is felt.”
On the other hand, John Hawkins, senior lecturer at the University of Canberra, isn’t optimistic about the future of Bitcoin, arguing that:
“Bitcoin is a speculative bubble, which I expect to burst. (…) Although predicting when is very hard. It has failed as a payment instrument or currency, failed as an inflation hedge or store of value, and failed as a diversification asset.”
Is it time to buy Bitcoin now?
That said, 52% of Finder’s panel believe that now is a good time to buy Bitcoin, whereas 32% suggest holding. On the opposite side of the spectrum is the 16% of panelists who recommend selling the largest digital asset by market capitalization.
It is also worth mentioning that more than half of panelists believe that President Joe Biden’s plan to close the ‘wash trading’ loophole for digital assets would create a certain amount of negative effect on Bitcoin.
Specifically, 22% have stated it will have a “minimal effect,” another 22% say that it will have a “moderate effect,” and 19% believe it will have a “significant effect.” In contrast, 28% of panelists are skeptical that President Biden’s ‘wash trading’ rule would have any effect on Bitcoin or the broader crypto market.
Bitcoin price analysis
As things stand, Bitcoin is currently changing hands at the price of $29,281, recording a decline of 2.39% on the day, as well as decreasing 3.24% over the last week, while still retaining the 3.88% gains it has accumulated over the past month, according to the data retrieved on April 19.
Whether the general consensus among the experts on the BTC price in 2023 can materialize will largely depend on the sentiment in the wider cryptocurrency sector and beyond, particularly influenced by the regulatory onslaught that is currently underway.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.