- Bitcoin`s boldest calls for 2023 are now out.
- A 1,400% Rally or a 70% Plunge is on the Cards.
- The value of the market dropped by more than $1.3 trillion in 2022.
Some market participants are putting their money where their mouth is by making price predictions for what might be another tumultuous year. This comes at a time when the bear market is becoming more intense and investors are looking for fresh methods to hedge their portfolios.
Tim Draper, a prominent proponent of bitcoin, made one of the more bullish forecasts about the cryptocurrency in 2022. He stated that the token will be worth $250,000 by the end of the year. According to him, Bitcoin would need to rally 1,400% in order for it to trade at that level.
“My assumption is that since women control 80% of retail spending, and only 1 in 7 bitcoin wallets are currently held by women that the dam is about to break,” Draper told CNBC via email.
Standard Chartered speculated in a research paper dated December 5 that the price of bitcoin may go as low as $5,000. The projection, which is on the bank’s list of “surprises” that are being “under-priced” by markets, would result in a drop in prices that are 70 percent lower than they are right now.
The bank’s global head of research, Eric Robertsen, said that the scenario has a “non-zero probability of occurring in the year ahead” and falls “materially outside of the market consensus or our own baseline views.”
The year 2022 was obviously a difficult one for the cryptocurrency industry. The value of the market dropped by more than $1.3 trillion as a result of the sell-off. And the value of bitcoin, the most widely used cryptocurrency in the world, fell by more than 60 percent.
