Bitcoin Is in Better Shape, but Not Everyone's Bullish

Bitcoin is experiencing all kinds of small price rises in 2023. Things are starting to look good for the world’s number one digital currency by market cap, especially when compared with how things went in 2022, though there are many experts out there that allege the asset is going to experience further drops before it eventually reaches a price of $200,000, and that figure won’t be hit until 2030.

Bitcoin Is Not Pleasing to Everyone

Desmond Marshall – managing director at venture capital company Rouge International – said in a recent interview:

Unless there are more sudden surprises like FTX, the [bitcoin and crypto] market is now undergoing a cleanup of scammy, faulty exchanges and companies.

He further stated that the next halving for bitcoin is scheduled to take part in 2024, roughly one year from now. He commented that in the past, the year prior to a halving is always marked by extremely volatile and wide price jumps for BTC and other forms of crypto before hitting the big time during the halving point, and he doesn’t think this year will be any different. He further commented:

The market will see [a] significant boost [in] 2024 owing to rising adoption and positive regulation.

While Marshall is clearly bullish on the BTC price, others – such as John Hawkins of the University of Canberra – believe things will be gloomier for the crypto space in the coming weeks. He stated in a recent discussion that the BTC price could crash down to about $10K this year. Furthermore, he thinks bitcoin will hit $5,000 in the year 2025 and then $500 by the time 2030 comes along.

He said:

In the short term, more of the crypto companies that are shedding staff and restricting withdrawals and no longer have FTX to bail them out will fail, putting downward pressure on the bitcoin price.

As of late, bitcoin has been experiencing some solid price jumps and has risen by more than $7,000 over the past few weeks. Things are already beginning to turn around from where they were during the last 12 months. At that time, bitcoin was experiencing volatility and speculation like nobody ever could have imagined.

For example, the asset rose to a whopping $68,000 per unit in November of 2021. That was a new all-time high for the currency, though roughly one year later, bitcoin lost more than 70 percent of its overall valuation and dropped into the mid-$16,000 range. It was a sad and ugly sight to see.

So Many Crashes Over the Past Year

The crypto space – which spent the first few months of 2022 valued at more than $3 trillion – eventually fell below $1 trillion by the time the world was ready to say goodbye to 2022.

Among those who predict a $200K price for BTC is venture capitalist Tim Draper.

Source: Read Full Article