After a tumultuous 2022, cryptocurrency investors are trying to find their feet, repeatedly asking “when will the bull market return.”
In this regard, most people in the industry believe that due to overall economic factors such as inflation and interest rate hikes, 2023 will be a “cautious year”, and the bull market will hardly repeat itself. It is estimated that the Bitcoin market will still show a range The shock will continue until next year and will not improve. Anthony Scaramucci, founder of Skybridge Capital, believes that Bitcoin is expected to rise to $50,000 to $100,000 in the next two to three years.
Although the cryptocurrency market has ushered in a rally after the start of 2023, experts say that Bitcoin is unlikely to retest the all-time high of $69,000 this year. “I think there are more headwinds,” said venture capitalist and cryptocurrency veteran Bill Tai, adding that Bitcoin could fall to $12,000 before rebounding.
Meltem Demirors, chief strategy officer at CoinShares, said bitcoin could range between the low end of $15,000 to $20,000 and the high end of $25,000 to $30,000.
She said that the “mandatory sell-off” that occurred in 2022 due to the market crash is now over, but still hasn’t seen a lot of new money entering Bitcoin.
I don’t think there’s going to be a forced sell-off, but again, I think the upside is very limited as we haven’t seen a lot of new money coming in.
The Countdown to the Next Bitcoin Bull Run
Experts, however, are optimistic about the market beyond next year. Anthony Scaramucci, founder of U.S. hedge fund company Skybridge Capital, called 2023 the “year of recovery” for Bitcoin, and predicted that Bitcoin could rise to $50,000 in the next two to three years. Even $100,000. He said:
Cryptocurrency investors are taking risks, but at the same time believe in the development of Bitcoin applications. So if we can continue to drive the adoption rate of Bitcoin, I believe that in the next two to three years, Bitcoin will be promoted to a $50,000, $100,000 asset, which will be a breeze.
At the same time, Bill Tai also said that it may take another year for the cryptocurrency market to usher in a bull market, noting that the aftermath of the FTX crash may last for 6 to 9 months.
Jean-Baptiste Graftieaux, chief executive of cryptocurrency exchange Bitstamp, expects the next bull market to come within the next two years, citing growing interest from institutional investors.
However, Meltem Demirors warned that the thunderstorms in 2022 have “caused huge reputational damage to the overall cryptocurrency industry, asset class”, adding that “market confidence will take some time to recover.”
