The bitcoin price has climbed to highs not seen since late August, erasing its losses in the aftermath of the shock FTX crypto exchange collapse—though “contagion” could be about to hit other major crypto companies.
Now, a panel of crypto experts has predicted the bitcoin price will soar to almost $200,000 per bitcoin by 2030 (giving bitcoin a combined market capitalization of just over $3 trillion) but not before dropping sharply again in 2023.
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“Unless there are more sudden surprises like FTX, the [bitcoin and crypto] market is now undergoing a cleanup of scammy, faulty exchanges and companies,” Desmond Marshall, managing director at venture capital company Rouge International, said as part of a bitcoin price prediction report put together by price comparison website Finder.
Marshall pointed to bitcoin’s next supply cut, known as a halving and due in just over a year, as potentially giving the bitcoin price “stronger support during the second half of 2023.”
The 44-person strong panel returned an average bitcoin price prediction of just under $30,000 per bitcoin at the 2023 peak, with the price then dropping back to end the year at around $27,000. Looking further ahead, the bitcoin price is forecast to climb to $77,000 in 2025 before rocketing to $188,000 in 2030.
“The market will see [a] significant boost [in] 2024 owing to rising adoption and positive regulation,” said Shubham Munde, senior research analyst for Market Research Future.
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The bitcoin price has swung wildly over the last few years, rocketing to never-before-seen highs in 2021 before falling steadily through 2022.
However, not all Finder panel members are bullish on the bitcoin price. University of Canberra senior lecturer John Hawkins has warned that the bitcoin price will crash to just $10,000 this year before dropping to $5,000 in 2025 and $500 in 2030.
“In the short term, more of the crypto companies that are shedding staff and restricting withdrawals, and no longer have FTX to bail them out, will fail, putting downward pressure on the bitcoin price,” Hawkins said.