- ShapeShift CEO says BTC has the potential to reach $40K by the summer
- However, according to Standard Chartered, BTC may fall as low as $5K
There has been little consensus among Bitcoin [BTC] pundits in recent weeks, with billionaire investors, research experts, and crypto executives all providing drastically divergent predictions for the future of the cryptocurrency.
A Bitcoin billionaire has updated his bullish $250,000 BTC price forecast for the year, while the founder of a cryptocurrency exchange predicted that Bitcoin would surge to $40,000 by the summer.
In an interview with Bankless on 2 January, Erik Voorhees, the founder and CEO of the cryptocurrency exchange ShapeShift, expressed confidence in the future rebound of Bitcoin’s price, saying that he “wouldn’t be astonished” if it reached “like $40K” by “summer.”
If Voorhees’ prediction came true, the king coin’s price would be,
“2.5X” higher than its current value of $16,666, which he described as an “excellent return.”
Other Positive Predictions for BTC
The executive in charge of cryptocurrency could not predict when the next bull run would occur, instead anticipating that it would happen,
“Six months to three years from now.”
He refuted the notion that it might take up to “10 years,” saying that if that were to occur, the entire “project […] failed.”
The macroeconomic environment, interest rates, and the tightening of monetary conditions, will all have a significant impact on how the crypto market develops this year, according to Voorhees.
Additionally, he agreed that the way outsiders perceive cryptocurrency is “simply trash,” but that such pundits will also be “blindsided” when the next rally occurs.
Tim Draper, a millionaire Bitcoin investor, remained steadfast in his prediction that the price of one Bitcoin would reach $250,000, as evidenced by his most recent tweet from 1 January.
— Tim Draper (@TimDraper) December 31, 2022
In April 2018, Draper delivered the audacious $250,000 Bitcoin price forecast during a speech at his own Draper University in San Mateo.
On September, Mike McGlone, a senior commodity strategist at Bloomberg Intelligence who has previously expressed optimism about the future of Bitcoin, predicted that the cryptocurrency will only hit $100,000 by 2025.
Lastly, in an interview from October 2020, he stated that Bitcoin is “on track” to reach “$100,000 by 2025.” He has previously made this prediction. In an interview with Kitco News a year later, he maintained that he would reach $100,000 in a “matter of time.”
However, not all Bitcoin predictions are positive
As stated in the title, all the aforementioned predictions were more or less accurate. However, brace yourselves for the bad news. According to Standard Chartered, BTC might fall as low as $5k. Back in December, the financial institution expressed its opinions, stating:
“More and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets.”
On 3 January, Solidify.io’s CEO and co-founder, Alex McCurry, simply stated:
“Bitcoin is a completely unpredictable asset.”
Even though he routinely tweets about Bitcoin, Robert Kiyosaki, the author of the best-selling book “Rich Dad, Poor Dad”, hasn’t predicted a price in recent months.
Improved macroeconomic environment, adoption, demand compression, and supply halving. These are the elements that the cryptocurrency may benefit from.