Bitcoin to double in price in 2023, see new projections

Bitcoin to double in price in 2023, see new projections

Shocked by the bankruptcy of one of the largest cryptocurrency brokers in the world, Bitcoin started the year with a trading price of $16,500 but surprised everyone again. Even in the first quarter there was a big jump as a result of the American banking crisis, which approached 30 thousand dollars.

After spending months between 25 and 30 thousand dollars, Bitcoin finally left this range thanks to the frenzy over ETFs in the US. By crossing $33,000 this Tuesday (23), Bitcoin did what few investments have done in 2023: doubled in price.

However, some investors believe that this 100%-plus rally is just the beginning of a major bull run. The forecasts are the most variable, but many believe in a new all-time high soon.

Anthony Scaramucci believes Bitcoin can reach $330,000

For Anthony Scaramucci, founder of SkyBridge Capital and former communications director at the White House, the arrival of ETFs could allow Bitcoin to reach $330 thousand (R$1.6 million). Even without ETFs, he emphasizes that the halve has the potential for BTC to triple its value next year.

“I believe that between six and twelve months after the halving cycle, there is no reason why Bitcoin should not be at $100,000 (R$500,000)”said Scaramucci. “And again, this is a three-way rally, this is happening everywhere in the tech sector, so it could happen with Bitcoin.”

On ETFs, Scaramucci expresses confidence on approvals. As a highlight, it appears that Grayscale’s win over the SEC left the Commission without many options.

“I believe that [os ETFs de Bitcoin] are a big deal and I’m not saying that because I’m a Bitcoin bull,” explains Scaramucci. ‘Thirty-five years of Wall Street, and what do we know about Wall Streeters? Products are sold, not bought. There will be an army of people – from salespeople, consultants, financial advisors and private bankers – who will have digital assets as part of their portfolios in a long-term capital allocation tactic.”

Considering all this, Scaramucci notes that BlackRock will be able to allocate an amount of 2% to Bitcoin, and this will be enough for the cryptocurrency to reach the value of $ 330,000.

“BlackRock will not have $13 trillion in assets under management and zero dollars in Bitcoin […] That could be [o Bitcoin] Growing 11 times in terms of valuation. You could see Bitcoin go from a $600 billion asset to $6 trillion, and if that happens, it would still be half the value of gold.”

Investors believe Bitcoin can repeat the path of gold

Lark Davis, followed by 1.1 million people on Twitter, did a simpler analysis on his social networks. In publishing the gold chart, the investor notes that gold rose 363% in value after the approval of its first spot ETF in the US, and that the same could happen with Bitcoin.

“Estimates are that a spot Bitcoin ETF would bring 20 to 30 billion new money into Bitcoin. This would allow you to buy about half of all coins on exchanges at current prices.”writes Davis. “For reference, what happened to gold when the first ETF was approved in the US markets.”

If history repeats itself, Bitcoin would reach $160,000 (R$800,000) per unit.

Finally, other analyzes indicate that the entire cryptocurrency sector will be blessed if the SEC approves the first Bitcoin spot ETF in the US. According to CryptoQuant, the market could gain $1 trillion, half of which would go to Bitcoin.

Regardless of objectives, the flood of ETFs has fueled investor greed. Data from CoinMarketCap’s ‘fear and greed’ metric reached its highest level since its inception, which could also be interpreted as a warning sign for the most conservative.

The 'fear and greed' index for cryptocurrency markets breaks record.  Source: CoinMarketCap.
The ‘fear and greed’ index for cryptocurrency markets breaks record. Source: CoinMarketCap.

Source: Live Coins