Last month, Bitcoin (BTC) witnessed a remarkable price surge, fueled by growing optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF). This development was seen as a potential catalyst for broader institutional crypto adoption.
However, after reaching a peak above $31,400 earlier this month, the leading cryptocurrency has since experienced a considerable retreat, with the current price hovering just above $29,000.
To provide further insights into Bitcoin’s potential price action for the remainder of the year, 29 finance experts have been consulted to offer their end-of-year price estimates for BTC add.
According to Finder.com results shared with Finbold, market experts expect the world’s biggest crypto coin to appreciate in value over the next few months and end the year at $38,488, implying a possible upside of more than 30% compared to its current price. In the meantime, the experts also believe that Bitcoin’s potential peak in 2023 is around $42,000.
Looking further ahead, the panel of finance experts sees Bitcoin’s price soaring to about $100,000 on average by the end of 2025, and more than $280,000 before the end of 2030.
The end-of-year 2023 Bitcoin price target was established through a comprehensive analysis of estimates provided by prominent finance professionals. The projections varied in bullishness, reflecting differing perspectives on the cryptocurrency’s potential performance.
For instance, technologist and futurist Joe Raczynski thinks that BTC will end the year somewhat higher than the panel average, at $40,000, capitalizing on rising institutional interest.
“We are finally through the darkness of crypto winter. With a myriad of top financial institutions submitting an application for a Bitcoin spot ETF, the pressure is on the SEC to approve, and if so, tens of billions of dollars will chase Bitcoin this year.”
– Raczynski noted.
At the same time, DigitalX’s Alex Nagorskii thinks that the best-case scenario for Bitcoin is $35,000 for 2023-end, before soaring to $65,000 by the end of 2025.
“Bitcoin is on the verge of entering the halving narrative, backed by potential flows from US spot ETFs, if approved. There are a number of ways this can play out which will largely depend on SEC spot ETF approval, a number of high profile exchange lawsuits and if any more bad actors are identified in the space.”
– said Nagorskii.
Overall, the majority of panelists, 59%, are bullish on BTC and think this could be a good time to enter the market, while 33% and 7% are advising holding and selling the cryptocurrency, respectively.
Bitcoin price analysis
At the time of publication, Bitcoin was trading at $29,197, down 0.9% on the day.
The crypto asset lost around 2.7% over the past week, and nearly 5% on the monthly chart.
Still, year-to-date, BTC’s gains remain strong at more than 75%, marking a powerful rebound from its 2022 lows.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
