Bitcoin Price Predictions for 2023: Experts Weigh In on the Future of the Cryptocurrency
Bitcoin (BTC) recently crossed the psychological threshold of $30,000 in April but has since dropped below this key level.
Financial experts and investors are trying to predict the future movements of the flagship decentralized finance (DeFi) by the end of the year.
A panel of 32 financial technology and cryptocurrency specialists conducted a poll through the investment platform Finder, projecting that Bitcoin’s price would peak at $42,225 in 2023 and end the year at $35,459.
Carlo Di Clemente, COO of GroveToken, stated that Bitcoin’s adoption as an alternative to traditional banking could lead to significant price appreciation over the next decade.
Meanwhile, John Hawkins, senior lecturer at the University of Canberra, believes that Bitcoin is a speculative bubble and will eventually burst.
According to Finder’s panel, 52% believe now is a good time to buy Bitcoin, 32% suggest holding, and 16% recommend selling.
More than half of the panelists believe that President Joe Biden’s plan to close the “wash trading” loophole for digital assets would have a negative effect on Bitcoin.
Bitcoin is currently priced at $29,281, with a decline of 2.39% on the day and 3.24% over the last week while retaining a 3.88% gain over the past month.
The sentiment in the wider cryptocurrency sector and beyond, particularly influenced by the regulatory onslaught that is currently underway, will determine if the general consensus among experts on the BTC price in 2023 will materialize.