The Bitcoin price rally of early 2023 leaves many people hopeful for higher values later this year. Several professional investors expect a price of up to $100,000. That might not happen this year, but surpassing the previous all-time high is almost a given.
Can 2023 Be Bullish For Bitcoin?
Cryptocurrency markets are often in turmoil for no apparent reason. Prices can fluctuate on a dime, regardless of news, developments, or changes in supply and demand. It makes for a volatile industry were profits and losses can occur at any time. However, most people agree that 2022 was a terrible year for Bitcoin and other assets. The markets got battered week over week, yet that trend has finally been broken.
A recent survey by Nickel Digital Asset Management shows investors are optimistic again. More specifically, they asked professional investors about Bitcoin’s 2023 price potential. Virtually everyone agrees this year will lead to further Bitcoin price gains. How high that value will be is subject to speculation and guesswork. The market only recently recovered from a dip below $17,000. One BTC is now worth close to $23,000, an increase by over 30%.
Sustaining that growth is the first objective. It is easier said than done, though. Volatility remains a pressing issue in this industry. In addition, the global financial turmoil has yet to subside. It seems unlikely much will change in H1 2023. However, that may also serve as a catalyst for cryptocurrencies. Traditional money, stocks, and bonds are still relatively unappealing options for investors today.
Per Nickel, 87% of professional investors expect a Bitcoin price jump in 2023. Moreover, almost one in four predicts a value of over $30,000. Given the current price trend, that wouldn’t be impossible. However, the current trend is a snapshot in time, and things can change very quickly. Even so, surpassing $30,000 by the end of the year should be doable. That is, barring any mishaps like another major exchange going bankrupt.
The $100k BTC Dream is Alive
The key to successfully investing in Bitcoin is maintaining a long-term approach. While there is always potential for quick gains, more outspoken returns occur over time. That means investors must prepare for a multi-year commitment, if not longer. Most professional investors seemingly don’t mind that approach, though. Markets ebb and flow, but Bitcoin has a solid track record.
In the same report, investors note a $100,000 Bitcoin price target isn’t out of the question. Although 58% of respondents expect that target, it will not happen in 2023. Instead, they expect a three to five-year span before such a value will be recorded. A small price to pay should that expectation become a reality. From the current price, that would be a 4x in value for whoever buys BTC today. No other investment offers a 4x possibility in five years or less.
That said, it is more likely to see the Bitcoin price hit the previous all-time high again. Three in four investors expect the Bitcoin price to hit hat level again over the next few years. Only three percent doubt that will happen, confirming strong bullish investor sentiment. The future looks bright for the world’s leading cryptocurrency. Patience is a virtue, especially with notoriously volatile markets.