Another survey shows the seemingly prevailing view that Bitcoin (BTC) still has more room to fall and test new lows in the near term before soaring again. In any case, the latest forecast marks the third time this year that a team of analysts assembled by a comparison website Finder.com , was forced to adjust its forecasts.
Judging by the average number of responses, bitcoin could drop to $13,676 this year before it ends the year higher at around $25,500, which is nearly 30% higher than the coin’s current price at the time of writing (08:30 UTC) in U.S. dollars. 19 770.
The panel Finder.com consisted of various players in the crypto industry, including analysts, founders, CEOs, and academics.
It’s reasonable to expect more major projects to fail in the next couple of months. Retail sentiment is at historic lows due to global economic uncertainty and inflation. Highly leveraged miners who have just had to endure an exodus from China will capitulate and further increase downward pressure. We will see even lower bitcoin prices,” commented Martin Frchler, mathematician and CEO of the crypto trading platform. Morpher .
Other panelists also agreed with Frchler, such as the analyst. Arcane Research Vetle Lunde, who said that bitcoin has been crushed by negative impulses and that it is expected to drop to $13,000 this year.
A host of negative forces have crushed the power of Bitcoin. According to Lunde, further tightening and writing off bad cryptocurrency debt will create sobering times, and investors should buckle up to even greater difficulties.
Other members of the group were much more critical, such as John Hawkins, a senior lecturer. University of Canberra , called bitcoin nothing more than a speculative bubble.
Compared to the previous survey conducted in April, the expectations of the participants in the discussion regarding the price of bitcoin have fallen sharply.
In April, panelists believed bitcoin would peak at $81,680 this year before ending the year at $65,185. The forecast for a multi-year high was significantly higher than the market price of bitcoin at the time, which was just over $40,500. However, the forecast was 15% lower than the even more optimistic year-end forecast from January of $76,360.
When asked what is the driving force behind the current cryptocurrency bear market, 70% of the panelists cited global interest rate hikes as the main reason. This was followed by the collapse of the ecosystem. Terra (LUNA), monetary tightening by central banks and rising inflation are the next most important reasons.
Looking to the future, panelists Finder.com stated that on average, bitcoin is likely to reach $106,757 by the end of 2025 and $314,314 by the end of 2030.
BTC predictions for the end of 2022, 2025 and 2030:
We need to think about the long-term implications of Bitcoin and cryptocurrencies with proof of work. Once the gold is mined, it will become the next major store of value, as gold once was, argues Niraali Patel, investor relations and communications manager for the crypto hedge fund. CryptAM .
For this reason, I believe it’s time to buy. She added that after the halving occurs, BTC will be worth at least $100,000.
Meanwhile, in its latest report, cryptocurrency exchange analysts Coinbase said that the bottom for digital assets may not be detected until we see that the forecasts of stock earnings in traditional markets are finally revised downwards, as the threat of a global economic recession looms.
“On the other hand, if income forecasts emphasize some form of price stabilization, then what is now being observed could become the minimum level of cryptocurrency prices,” they said, adding that data on the network suggest that many speculative cryptocurrency holders have now been removed.
“For example, the bulk of the bitcoin supply is currently underway. held by long-term holders, which was not the case during the previous crypto winter of 2018. we see as a precondition for a possible recovery, possibly in the 4th quarter of 2022,” analysts said.
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