- 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.
Read CRYPTONEWSLAND on
google news
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.
Read Also :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
