The price of Bitcoin (BTC) will peak at $93,717 in 2022 on average, before ending the year at $76,360, a 33 member panel assembled by Finder.com has predicted.
The price of bitcoin dipped as low as $33,000 from almost $69,000 in less than three months due to a selloff in risk assets on growing conviction the US Federal Reserve will reduce its ultra-accommodative policy settings. Also, news that Russia’s Central Bank is proposing a ban on cryptocurrency transactions and mining has many investors on edge.
The Finder’s panel cuts across specialists in fintech, cryptocurrency, and NFT. Their Predictions, which are contained in the latest Bitcoin Price Predictions Report, are mainly predicted in rising interest rates from major global economies.
David Klinger, Founder of Coteries Corporation and a member of the panel expect BTC to peak at $100,000 in 2022 before ending the year at $70,000. This, he said, will happen as Bitcoin becomes more accessible through financial institutions. Also, the accessibility of products like EFTs will continue to rally in the short to medium term.
Vanessa Harris, Chief Product Officer at Permission, thinks BTC will peak at a whopping $220,000 in 2022.
“Bitcoin is best positioned to be the store of value many investors will seek to weather higher inflation.”
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Daniel Polotsky, founder of CoinFlip, however, sees BTC peaking at a lower price of $60,000 in 2022 but the largest cryptocurrency in the world by market value would remain a popular hedge against inflation.
“The global economy is looking somewhat shaky, with inflation reaching 7% in the US. It is possible that the asset bubble the Fed created by keeping interest rates near 0% for over a decade may spill over into Bitcoin.”
Gavin Smith, CEO of Panxora Group says hikes in interest rates will impact the price of BTCs negatively but a price decline will only be temporary. Smith predicts that the first half of 2022 will be dominated by concerns over higher interest rates which will affect all risk assets including bitcoin.
“We wouldn’t be surprised to see bitcoin decline a further 30 percent from current levels,” he said. “As inflation continues to rise we expect bitcoin to decouple from other risk assets in the second half of 2022 leading to a rally to new highs towards the end of the year.”
The panel expects the price of bitcoin to jump to $192,800 by the end of 2025, before skyrocketing to $406,400 by the end of the decade.
Bilal Hammoud, CEO of NDAX sees a short-term drop due to interest rate hikes but thinks BTC will rise to $250,000 by the end of 2025 and $500,000 by the end of 2030.
“Inflation is out of control, Bitcoin might temporarily drop as interest rates go up. In my own opinion the drop will be temporary,” he said.
The majority of panellists (58%), including Decred International operations, lead Jonathan Zeppettini, don’t think there is a bubble. Zeppettini says if there were a prolonged bear market, Bitcoin would be the coin to watch.
