Bitcoin Price Prediction – Following the recent price drop, a panel of crypto market professionals and academics altered their bitcoin price projections, but still, predict record highs for the cryptocurrency in 2022.
Bitcoin has fallen to its lowest price in six months after a weeks-long downturn and is now selling at around 50% of its all-time high from November. BTC has rebounded marginally from its low of $33,000 at the start of the week and is now worth roughly $37,000.
When asked if the price drop meant it was a good time to buy, sell, or hold the cryptocurrency, more than half of the analysts polled by price comparison website Finder.com thought it was a good time to buy.
Only 10% of those polled believe investors should sell, while 29% believe neither buying nor selling should be done. The average price peak anticipated by the 33 fintech experts for 2022 is $93,717, which is more than $20,000 higher than the previous high of $68,000, before falling to $76,360 by the end of the year.
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BTC is expected to be worth $192,800 by the end of 2025, rising to $406,400 by the end of 2030, according to the panel. While both projections are high, they are much lower than the average predictions given in July 2002, when a comparable panel of experts expected prices of $265,000 and $706,321 respectively.
“Cryptocurrencies are proving to be a formidable competitor to the world’s traditional financial infrastructure,” said Fred Schebesta, co-founder of Finder. “Many projects are now well beyond the theoretical realm of potential value.”
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“Increased interest from retail and institutional investors cannot be overlooked,” said Dr. Iwa Salami, an associate professor of law at the University of East London. “Yes, while there are still huge regulatory gaps, it is crucial that the potential of this evolving industry to modify business and finance and to facilitate financial inclusion is not ignored or undermined.”
With the danger of interest rate hikes and greater economic instability, several survey respondents warned that the recent bear market may not yet be ended.