The crypto market may have lost around $1.4 trillion in market capitalization over the past year, with the major cryptocurrencies having lost most of their value, but some analysts remain optimistic about the future, predicting another bull run for the market in the coming years.
A typical example is the assessments of several analysts regarding the path the price of bitcoin will take, as the most popular cryptocurrency tries to recover from the heavy losses it recorded during 2022.
It is noted that the largest cryptocurrency by market capitalization even reached as high as $69,000 in November 2021, only to retreat in the following months to as low as $16,000, with crypto market veteran Bill Tai predicting that a slight further retreat “maybe as low as $12,000”.
However, the investor believes that the worst is over for bitcoin, pointing out that “the chances of the downward spiral being completed are pretty good”.
Meltem Demirors‘ predictions are similar, with the CoinShares chief strategist estimating that through 2023 bitcoin will move upwards, within a range between $15,000-20,000 in the pessimistic scenario and between $25,000-30,000 in the optimistic one.
“I don’t see much room for further selling, which is optimistic,” Demirors told CNBC, adding however that “the upside will be limited as there are no notable large capital inflows on the horizon,” concluding that the market’s trajectory will largely depend on developments in the geopolitical environment.
Analyst Anthony Scaramucci appears even more optimistic about the market’s trajectory, describing 2023 as a “bounce-back year” and predicting that bitcoin could potentially even trade at $100,000 levels in the “next two to three years.“
“You’re taking a risk, but if you really believe in bitcoin’s recovery, then we could easily see it in a $50,000-100,000 range, said the economist and former Goldman Sachs analyst.
Finally, it should be noted that on Monday bitcoin was trading at $20,807, down 0.4%.