Bitcoin is one of the most valuable and fastest growing assets in the market today. Bitcoin now ranks at the 8th position in the list of top assets by market cap (source: companiesmarketcap.com), with a total market cap of $1.048 trillion, as of Feb 2023.
The digital currency recently touched its all-time high (ATH) price of $53,000 and is not looking to stop anytime soon. You can track the live price of Bitcoin on the Shiftal exchange website.
So, if you ask me whether or not Bitcoin will rise any further, I’d say definitely yes. Now, the question is how much Bitcoin price will increase in the next year or so.
Well, the answer to that question is not easy to accurately speculate, as the bitcoin price is very irrelevant when it comes to the common factors that affect the prices of traditional/fiat currencies in the market. More or less, the value of bitcoin is driven by market sentiment. If the sentiment is positive, the price will increase and so on.
The market demand and supply are other factors that will affect the price of bitcoin. The coin price sees an automatic boost whenever a new bank or similar organisation releases positive news about the acceptance of bitcoin for payment.
For example, we saw a significant rise in the Bitcoin price when the news of PayPal accepting bitcoin surfaced earlier this year. As more and more organisations accept/support bitcoin, the more the price will expectedly increase.
Supply is another driving factor for the bitcoin price. Now, you must know that bitcoin comes in a limited supply, which is 21 million. That means, there will only be 21 million bitcoins ever. Unlike fiat currencies, bitcoin cannot be printed or released to meet the increasing demand. And this scarcity of bitcoin is what ultimately increases its price, as the demand for the coin rises as more people become aware of its true power.
Coming to the question – what will be bitcoin price in 2023 – we can only try & speculate.
Calculating the bitcoin price in 2023 & beyond
Well, if we look at the bitcoin price graph, we obviously see volatile activity. One thing that can be said for sure is that the price of BTC can rise or fall abruptly, and it can happen almost anytime and for any reason. Even a single positive tweet by a celebrity like Elon Musk can drive positive growth in the bitcoin price.
Take a look at the bitcoin price graph of the past couple of years:
As you can see, for most of the year 2019, the BTC price was nearly constant. It was at around $7,000 in March 2019 and dropped to $5,000 in March 2020. So, basically, no increase in the price for about a year. But, after that (March 2020), the BTC price started increasing and hasn’t stopped yet. At the time of writing this article, the coin was trading at the rate of over $52,000, which is ten times its March 2020 price.
I guess what I am trying to say is that the Bitcoin price is quite uncertain, and it’s not possible to accurately estimate the future price.
But, one thing that is certain is that Bitcoin price will continue to rise and may even touch the $100,000 mark before the end of the year (2023).
But again, nothing is 100% certain when it comes to the price of bitcoin. We also cannot deny the possibility that the coin might completely vanish from the face of the earth in the next couple of years. However, that’s quite a stretch and almost impossible.
Now, let’s see what experts presume about the future price of bitcoin.
What Experts Say
“Bitcoin will increase ten times from here by end of 2022 or early 2023,” claims Tim Draper, a top US venture capital investor. “a price target of $260,000 (£194,305) for bitcoin”. (Source: https://www.express.co.uk/finance/city/1377180/bitcoin-price-latest-tim-draper-jp-morgan-estimate-max-keiser)
“Bitcoin will reach $200k-300k by the end of 2023” – predicts Ali Mizani Oskui, CIO of FiCAS AG. (Source: https://www.prnewswire.com/news-releases/bitcoin-will-reach-200k-300k-by-the-end-of-2022–predicts-ali-mizani-oskui-cio-of-ficas-ag-301179599.html)
In December 2022, one of the Citi bank’s senior analysts said that he thinks bitcoin has the potential to reach a high of $318,000 by December 2023.
The Best Way to Track & Trade Bitcoin is here…
To sum up, it’s safe to say that Bitcoin is the digital gold that you can invest in right away if you are looking to get a handsome return from your money in no time. But again, the market is quite volatile, so be aware of the sudden disruptions and always be prepared for the worst.
If experts are to be believed, bitcoin’s journey is not going to stop anytime soon, and it might reach the target of $100,000 before the end of the year. So, this is the best time to start investing in BTC, if you haven’t already.
If you are looking for the best way to buy bitcoin directly, go to Shiftal.com, which is the leading P2P crypto exchange to buy/sell Bitcoin and ETH at a low cost and with 100% security.