A panel of 55 cryptocurrency experts has revealed that they believe the price of the flagship cryptocurrency Bitcoin ($BTC) could surge to hit $270,000 by 2030, while predictions for the end of this year still see the cryptocurrency’s price rising.
The expert panel, surveyed by comparison web portal Finder, predicted that BTC would trade at around $21,000 by the end of this year, below their previous prediction of $25,400 made in July of this year. In April 2022, the portal’s expert panel was predicting the flagship cryptocurrency would end the year at around $65,000 per coin.
The panel’s $270,000 prediction for 2030 is notably lower than the prediction they made in April of this year, when they saw $BTC trade at $420,000 by then. The panel’s predictions have nevertheless remained bullish, despite a significant sell-off seen in the cryptocurrency market so far this year.
Price predictions for the end of this year are still seemingly eyeing significant upside. The CEO of EXMO, Serhii Zhdanov, for example, said BTC would trade at $25,000 by the end of this year, and at $1 million by 2030. Zhdanov said:
Nothing fundamentally has changed for Bitcoin, it’s a global capital crisis and Bitcoin is affected in a short term but will recover; a lot of other financial assets will not.
Notably, 77% of Finder’s panelists consider BTC a store of value, although some respondents revealed they believe the flagship cryptocurrency has lost its status as a store of value this year.
The web portal also revealed that 46% of the panel believes now is the time to buy BTC, while 44% said now is the time to HODL onto one’s digital asset holdings. Only 10% of respondents revealed they believe now is a good time to sell the cryptocurrency.
The most common reason given to buy BTC is because they believe the price of the cryptocurrency is being kept down by macroeconomic factors, rather than fundamental changes to Bitcoin itself.
The CEO of CoinSmart Financial, Justin Hartzman, was quoted saying that BTC is “suffering due to external macro conditions” and that if these conditions improve “and the regulatory environment gets better, then BTC price should be able to rise up.”
19% of Finder’s panelists revealed they believe BTC is overpriced, while 25% believe the current price is fair, meaning the majority said it is underpriced. Associate Professor of Decentralized Finance at Nottingham Trent University Jeremy Cheah, who sees BTC as overpriced, was quoted saying:
Bitcoin has lost its hedging properties and has become a mainstream alternative investment and so is susceptible to major events around the world and macroeconomic conditions.
Some panelists notably suggested the market cap of Ethereum could overtake that of Bitcoin, with 6& saying it could be as soon as next year.
Other analysts are rather bullish on Bitcoin as well. Veteran investor Lawrence Lepard, the founder of investment management firm Equity Management Associates, has revealed he believes that the price of the flagship cryptocurrency Bitcoin could “easily” 100x to $2 million within the next few years.
As CryptoGlobe reported Yassine Elmandjra, an analyst at Ark Investment Management, has defended the firm’s prediction that the price of the flagship cryptocurrency BTC will top $1 million in the future.
Elmandjra defended a price prediction made by the fund manager of Ark’s flagship innovation-themed exchange-traded funds (ETFs), Cathie Wood, that BTC would top $1 million by 2030.
While the price of BTC and other risk assets has been plunging over the past few months, as the U.S. Federal Reserve and other central banks raise interest rates in a bid to tame inflation. Elmandjra said there’s still a significant opportunity in investing in BTC, as it has a number of potential use cases.