Meanwhile, a Bloomberg analyst believes that while next year is likely to be another tough year for risky assets, including bitcoin, the flagship cryptocurrency will find headwinds there.
“I’m glad that Bitcoin has finally bottomed out.”
David Gokhshtein believes that the leading digital currency has finally bottomed out and will now gradually begin to turn north.
I’m happy #bitcoin finally tied. 🙏
— David Gokhshtein (@davidgokhshtein) 6 December 2022
However, in a previous tweet, the founder of Gokhshtein Media admitted that he does not believe that bitcoin will reach the widespread $1,000,000 level in the next few years. Instead, he gave a much more modest price prediction for bitcoin – $250,000 per coin. This is the price that would suit him, according to the tweet.
Possible tailwind for bitcoin in 2023
Jamie Coutts, cryptocurrency market analyst for Bloomberg Intelligence, tweeted yesterday that he believes the next year 2023 may remain problematic for risky assets as the recession may persist.
But given that global liquidity metrics are starting to turn (a reference to a recent statement by the Federal Reserve Chairman, perhaps, about scaling back interest rate hikes), there could be a tailwind for bitcoin, as well as “the tentative start of a new cycle.“
2023 may still be a problematic year for risk assets (recession), but our global liquidity targets are starting to reverse, creating tailwinds for #Bitcoin and the tentative beginning of a new cycle 🧵 pic.twitter.com/UjzqgR5xla
— Jamie Coutts CMT (@Jamie1Coutts) 5 December 2022
A leading expert at Standard Chartered Bank, Eric Robertsen – the bank’s global head of research – believes that in 2023 bitcoin could continue to fall and reach a low of $5,000.
The jump, if it happens, he said in a note on Sunday, would be due to the recent crash on the FTX exchange. Robertsen believes investor interest will turn to gold, which could see a 30% rise next year, and away from “digital gold“, bitcoin.
Curiously, prominent venture capitalist Tim Draper, known for his support of bitcoin, recently confirmed his earlier prediction that BTC would hit the $250,000 mark. He previously claimed that BTC would reach this level in 2022, but he has now added another half year and puts the likelihood of such an event in mid-2023.
At the time of writing, bitcoin is changing hands at $16,990, staying close to the $17,000 level for now.