A group of crypto experts and academics have revised their price predictions for bitcoin following the recent price crash, but they still predict record highs for the cryptocurrency in 2022.
Bitcoin’s price has fallen to 50% of its November high after a weeks-long downtrend that has brought it to its lowest level in six months. BTC’s value has rebounded slightly from its low of$ at the beginning of the week and now stands at around$.
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Late last year, predicting a price of $100,000 for Bitcoin was a cinch following its recent all-time high in November. Since Bitcoin’s steep decline, making predictions has become more difficult. The most extreme crypto skeptics predict that Bitcoin will fall to $10,000 by 2022, but the more pragmatic view is that it can still reach $100,000, albeit at a slower rate than some predicted late last year.
Price comparison pointFinder.com surveyed more than half of the experts polled to determine whether the dip in the cryptocurrency market was a good time to buy. Only 10% of those polled said that investors were allowed to sell, while 29% said that no one was allowed to buy or sell. For the 33 experts, the average price peak forecast for the year 2022 is $, which is more than$ ahead of the previous record.
The panel expects BTC to be worth $ by the end of 2025 and $ by the end of 2030. Even though both predictions are high, they are significantly lower than the average predictions made in July 202, when a similar panel of experts independently predicted a price of $ and $. Cryptocurrencies have emerged as a serious challenger to the world’s current financial system. Fred Schebesta, the co-founder of Finder, said, “and many systems are now well beyond the theoretical realm of implicit value.”
It’s critical that the potential for this newfound assiduity to transform business and finance, as well as to grease fiscal addition, isn’t underestimated or overlooked by the government, according to Dr. Iwa Salami, an associate professor in law at the University of East London.
Replies to the survey indicated that interest rate hikes and a more expansive profitable query may mean that recent bear requests are not yet over. Lee Smales, an associate professor and Bitcoin expert at the University of Western Australia, believes the price of bitcoin will plummet soon. An apparent double top has formed, and the price could easily lose all of its expected 2021 earnings..” The price may drop in the long run, especially as there are more useful/effective druthers out there.”
Though the price of bitcoin has recently plummeted, Bitcoin experts and academics have revised their predictions in light of the recent price drop, but still, predict record highs for bitcoin by 2022 Over the past week, Bitcoin’s price has fallen to its lowest level in six months, currently trading at about 50 percent of its all-time high reached in November. It was at $33,000 at the start of the week, but it has since recovered slightly to $37,000.