Bitcoin’s price is gradually rebounding from the recent sell-off brought on by the FTX fiasco, but predicting a bottom is like shooting darts at a board while wearing blinders. While many experts from the industry have started predicting BTC’s price for 2023, one should remember that the price predictions come at a time when Bitcoin investors are still confident that 2023 would see a significant comeback.
However, industry experts indicated that the worst of the current cycle had already passed earlier in September 2022. According to Standard Chartered experts, Bitcoin’s price may drop to $5,000 in 2023. In more shocking BTC predictions, Eric Robertsen, Global Head of Research at the bank, said BTC might fall even more unexpectedly, by almost 70%.
As reported by Bloomberg, the analysts also warned that there might be more bankruptcy filings by cryptocurrency companies which may lead to the consequent decline in investor confidence in the market. According to Pantera Capital CEO Dan Morehead, cryptocurrency acceptance in the coming days may affect the dynamics of supply and demand for digital assets.
“If more crypto firms and exchanges find themselves running short of cash, investor confidence in crypto assets could collapse.”
Will BTC Hit $18k?
November was a disaster month for the cryptocurrency sector. When FTX filed for bankruptcy on November 11, it shook the industry to its core. In a matter of days, the price of bitcoin fell from over $20,000 to under $16,000, and it is now slowly rising. As the drama played out, Ethereum also experienced a similar decline, dropping from over $1,600 to under $1,200.
At the time of writing, Bitcoin has crossed the important $17k mark and it may now march toward the $17,600 resistance level. Once that is broken, the $18k scenario will come into the picture.
Source: https://coinpedia.org/opinion/bitcoin-btc-price-might-drop-more/