Bitcoin should close 2022 at $16,000, this level marks the price of BTC having fallen more than 65% from its high of $69,000 in November 2021.
Bitcoin has indeed experienced heavy pressure throughout 2022, starting from the conflict between Russia and Ukraine, economic marker policies such as rising interest rates, the collapse of Terra Luna, FTX, and several other large crypto companies.
After that series of pressure, how will Bitcoin price in 2023? To get the answer, Coinvestasi also conducted exclusive interviews with crypto experts in Indonesia.
Pintu Chief Marketing Officer, Timothius Martin, explained, "From a macro-economic point of view, everything is currently in a challenging condition which is influenced by several global economic factors that are also putting pressure on it, such as inflation, rising interest rates from The Fed, the imminent global recession, to geopolitical conditions. which triggers an increase in commodity prices. This has become a trigger for slow economic growth and also various investment instruments, one of which is crypto," he explained.
"If the above factors improve in the next year, plus clearer regulations in various countries, as well as the growth of crypto / web3 "use-cases", then this can have a positive effect on crypto asset prices," he said.
Meanwhile, the CEO of Indodax, Oscar Darmawan, said, "I think there is still a possibility that bitcoin can go down but it will be very difficult for the price to get below $10,000."
According to him, this is possible because Bitcoin itself was created by a mining process that requires large capital to get one Bitcoin chip. The costs will not be lower than the exploration costs incurred.
According to Oscar, the decline in the price of Bitcoin in 2023 will continue due to the black swan case from FTX which occurred some time ago.
“I estimate that in Q1 and Q2 2023 we can see the full damage from this FTX. However, I am optimistic that after the first half of 2023, Bitcoin will gradually improve, seeing investors preparing themselves to welcome the next Bitcoin Halving Day, which will greatly increase the price of Bitcoin," he said.
Teguh Harmanda, Chair of Aspakrindo also shared his views on the 2023 Bitcoin price. He believes Bitcoin will still experience a correction this year.
"Seeing that the crypto winter conditions have not yet shown warmth, the crypto market, especially Bitcoin, will still have corrections in 2023. Projections until early 2023, bearish market conditions, BTC prices could be between $15,000 to $21,000, he said.
Teguh Harmanda explained, “It is projected that BTC's lowest correction could reach a level of around $13,000 or 80% of its ATH position in November 2021. Meanwhile, the highest price is likely to be a bull run touching 29,000-US$ 30,000.”
“2023 crypto will still experience high fluctuations. Maybe in early 2023 there will be another drop from the current price position. Why? The consideration is that the global macroeconomic situation has not improved, the inflation rate in many countries is still high, and the increase in the Fed's interest rate is likely to continue," he said.
Other Crypto Expert Predictions
Some experts from institutions that pay attention to crypto, such as Matthew Siegel from VanEck, predict that Bitcoin will break $ 30,000. Standard Chartered predicts Bitcoin could plummet to $5,000 in 2023.
Bitcoin should close 2022 at $16,000, this level marks the price of BTC having fallen more than 65% from its high of $69,000 in November 2021.
Bitcoin has indeed experienced heavy pressure throughout 2022, starting from the conflict between Russia and Ukraine, economic marker policies such as rising interest rates, the collapse of Terra Luna, FTX, and several other large crypto companies.
After that series of pressure, how will Bitcoin price in 2023? To get the answer, Coinvestasi also conducted exclusive interviews with crypto experts in Indonesia.
Pintu Chief Marketing Officer, Timothius Martin, explained, "From a macro-economic point of view, everything is currently in a challenging condition which is influenced by several global economic factors that are also putting pressure on it, such as inflation, rising interest rates from The Fed, the imminent global recession, to geopolitical conditions. which triggers an increase in commodity prices. This has become a trigger for slow economic growth and also various investment instruments, one of which is crypto," he explained.
"If the above factors improve in the next year, plus clearer regulations in various countries, as well as the growth of crypto / web3 "use-cases", then this can have a positive effect on crypto asset prices," he said.
Meanwhile, the CEO of Indodax, Oscar Darmawan, said, "I think there is still a possibility that bitcoin can go down but it will be very difficult for the price to get below $10,000."
According to him, this is possible because Bitcoin itself was created by a mining process that requires large capital to get one Bitcoin chip. The costs will not be lower than the exploration costs incurred.
According to Oscar, the decline in the price of Bitcoin in 2023 will continue due to the black swan case from FTX which occurred some time ago.
“I estimate that in Q1 and Q2 2023 we can see the full damage from this FTX. However, I am optimistic that after the first half of 2023, Bitcoin will gradually improve, seeing investors preparing themselves to welcome the next Bitcoin Halving Day, which will greatly increase the price of Bitcoin," he said.
Teguh Harmanda, Chair of Aspakrindo also shared his views on the 2023 Bitcoin price. He believes Bitcoin will still experience a correction this year.
"Seeing that the crypto winter conditions have not yet shown warmth, the crypto market, especially Bitcoin, will still have corrections in 2023. Projections until early 2023, bearish market conditions, BTC prices could be between $15,000 to $21,000, he said.
Teguh Harmanda explained, “It is projected that BTC's lowest correction could reach a level of around $13,000 or 80% of its ATH position in November 2021. Meanwhile, the highest price is likely to be a bull run touching 29,000-US$ 30,000.”
“2023 crypto will still experience high fluctuations. Maybe in early 2023 there will be another drop from the current price position. Why? The consideration is that the global macroeconomic situation has not improved, the inflation rate in many countries is still high, and the increase in the Fed's interest rate is likely to continue," he said.
Other Crypto Expert Predictions
Some experts from institutions that pay attention to crypto, such as Matthew Siegel from VanEck, predict that Bitcoin will break $ 30,000. Standard Chartered predicts Bitcoin could plummet to $5,000 in 2023.
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