Australia’s Finder recently conducted a survey with 32 cryptocurrency industry experts to gather insights on Bitcoin’s price outlook for the coming decade.
The average predictions for 2023 suggest that Bitcoin’s price will reach a high of $42,225, a low of $17,026, and close the year at $35,485.
Ben Ritchie, director of Digital Capital Management AU, suggests that Bitcoin’s price will be closely related to developments in the banking industry.
He believes that a shakeout in the banking industry could demonstrate Bitcoin’s ability to store value, offering an alternative investment option free from government and central bank controls.
However, he warns that dwindling liquidity and regulations that choke off access to banks for the crypto sector are downsides to this scenario.
The survey revealed that a lack of confidence in the traditional banking system is seen as the biggest factor behind Bitcoin’s surge in March.
Three U.S. banks collapsed, and Switzerland’s Credit Suisse was taken over, causing investors to flock to Bitcoin as an alternative investment option.
Rishabh Gupta, director of crypto incubator and consulting company TDeFi, predicted that Bitcoin will reach $75,000 in 2023 due to institutional investors allocating 2-3% capital to digital assets.
Most of the survey’s respondents are bullish about Bitcoin’s current trend. 52% believe that now is a good time to buy, 32% believe it is a good time to hold, and 16% see a selling opportunity.
However, 72% of respondents believe that the collapse of crypto-friendly banks in the U.S. could hinder cryptocurrency adoption.
Finder’s survey predicts that Bitcoin’s price will reach $99,781 by 2025 and $297,848 by 2030. Ilya Volkov, CEO of cryptocurrency exchange and lender YouHodler, believes that BTC will receive significant capital inflows from institutional investors following the decrease in interest rates.
He also suggests that the market capitalization of BTC is still relatively small, and new money will easily push the price up.
Recent slowing economic indicators in the U.S. have added to optimism that the Federal Reserve could soon end its year-long cycle of raising interest rates to curb inflation.
Analysts at CME group expect an 84.6% chance of a 25-basis-point increase in interest rates in May, followed by a rate cut by the end of 2023. However, Atlanta Federal Reserve President Raphael Bostic said on Tuesday that it was still too early to consider rate cuts given the stubbornly high inflation rate.