The price of bitcoin has remained unchanged over the previous day, holding steady at $16,796 from yesterday, while the overall market is slightly declining. The world’s first cryptocurrency has had a 1% week-over-week price increase, but it is down 1.5% month-over-month and 75% from its all-time high of $69,044 set back in November 2021.
Despite the current stagnation, a number of experts in the cryptocurrency sector have predicted that bitcoin will experience big gains this year; some have even set a target of $250,000 in their predictions. Analyst Clem Chambers predicts a bottom around $13,000; however, other experts think BTC will see a few more drops before it sees light at the end of the tunnel.
Today Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 16,844.68 |
Bitcoin Price Prediction
BTC’s technical indications indicate that a rally should come sooner rather than later because its relative strength index (purple) has been stuck below 50 for the most of the time since early November. A rebound is overdue, as seen by the fact that its 30-day moving average (red) has remained significantly below its 200-day moving average (blue) since the beginning of the year.
Numerous analysts and business leaders predict that bitcoin will experience major price increases this year, with predictions ranging from the conservative to the extremely positive.
The long bull For instance, Tim Draper continues to stick to his $250,000 price objective, with the businessman speculating that it might hit this mark as soon as the middle of this year. He bases his optimism on the idea that bitcoin hasn’t yet benefited significantly from a wave of retail investors who would eventually turn to the cryptocurrency as part of a “flight to quality.”
While Draper is undoubtedly the most upbeat investor, a sizable number of other industry insiders believe that BTC will rise this year. Alistair Milne, the founder of Altana Digital Currency Fund, has set a target of $45,000, depending on how much central banks can tolerate inflation that is higher than typical.
Optimistically, Milne also believes that by the end of 2024, when the subsequent reward halving is scheduled, bitcoin will be worth between $150,000 and $300,000.
Naturally, not everyone is particularly optimistic. Clem Chambers, an analyst who foresaw a market meltdown in 2022, now believes that bitcoin would decline to roughly $13,000 before it recovers, but he does think it will rebound in the long run.
His arguments are largely predicated on the idea that the FTX collapse’s contagious repercussions have not yet fully materialized. As a result, early 2023 may see a few more prominent bankruptcies and collapses, which would cause bitcoin and the market as a whole to decline once more.
This is a reasonable assumption, and given the state of the macroeconomy, it is difficult to envision BTC experiencing a significant rally in the near future. Who knows what the second half of the year may hold given that inflation is anticipated to slow and that rates will likely cease climbing as a result.
[embedpost slug=”eth-price-prediction-todays-ehereum-price-7th-jan-2023/”]
