The year 2022 has witnessed severe changes in the cryptocurrency markets and it has been found that most of the market watchers, cryptocurrency experts and traders have failed to anticipate the movement as the prices have plummeted surprisingly and the many investors’ money has evaporated, while One of the giant companies operating there collapsed and filed for bankruptcy.
With this data, the task of predicting the price of Bitcoin has become more difficult than ever, and it is almost impossible to predict the future of the cryptocurrency market and where it will go during the year 2023. However, many companies and experts are trying to determine the expected path to the market and the most important major currency, “Bitcoin”.
During the year 2022, Three Arrows Capital, a global hedge fund with bullish views on cryptocurrencies, plummeted and quickly filed for liquidation and filed for bankruptcy due to its exposure to a cryptocurrency that plummeted in the first half of the year.
Then came the collapse of (FTX) last November, which is one of the largest cryptocurrency exchanges in the world, and is the exchange run by billionaire Sam Bankman Fried, whose money quickly evaporated and his wealth melted away .
Bitcoin is down about 75% since it hit an all-time high of nearly $69,000 in November 2021, and more than $2 trillion has been wiped off the value of the entire cryptocurrency market.
A lengthy report published by CNBC, reviewed by Al Arabiya.net, reviewed previous failed expectations for cryptocurrency prices, as prominent Silicon Valley investor Tim Draper predicted in 2018, during a technical conference in Amsterdam, that bitcoin it would have reached $250,000 by the end of 2022, and is being deposited here this year at levels below $17,000.
When asked about his expected $250,000 level earlier this month, Draper said $250,000 is “still my number,” but he’s extending his forecast by six months, CNBC reported.
Bitcoin would need to rise nearly 1,400% from its current price for Draper’s prediction to come true.
And last April, Anthony Trenchev, CEO of cryptocurrency firm Nexo, said he believed the world’s largest cryptocurrency could be worth more than $100,000 “within 12 months.” While it’s still four months away, Trenchev admits that bitcoin is unlikely to reach that level anytime soon.
Bitcoin “was on a very positive trajectory,” Trenchev says, but “some major forces intervened,” including the accumulation of debt, unsecured or low-quality loans, and fraudulent activity.
He continued, “I’m pleasantly surprised by the stability of cryptocurrency prices, but I don’t think we’re out of the woods yet and second- and third-order effects are still at play.”
On Jan. 12, 2022, Guido Bühler, former CEO of Swiss bank Ciba, which focuses on cryptocurrencies, said his company has an “internal valuation model” of between $50,000 and $75,000 per bitcoin in 2022.
Buehler’s reasoning was that institutional investors would help drive the price up.
At the time, Bitcoin was trading between $42,000 and $45,000, and Bitcoin has never reached $50,000 in 2022.
The CEO, who now runs his own investment and advisory firm, said 2022 was a “horrible year,” according to CNBC.
In a research note dated Nov. 9, 2022, JPMorgan analyst Nikolaos Panegirzoglou and his team predicted that the price of Bitcoin would drop to $13,000 “in the coming weeks.”
