This Analyst Thinks Bitcoin Will Hit $5,000 in 2023, Any Possibility?

Since the first few months of 2022, Bitcoin and crypto space has maintained a bearish trend, though there were a few spikes to recall. Several markets, including the stock markets, are still facing a crisis. Unfortunately, there are no signs of a reversal in the interim.

Moreover, several investors, financial experts, and institutions still wonder whether or not the market will recover soonest. BTC’s Return on Investment (ROI) is still very high. But it currently shows a -74.96% drop from its all-time high in November 2021.

The bearish price movement of BTC is also visible in the prices of several other altcoins – bringing the broader crypto market cap to approximately 900 billion dollars.

The world’s largest digital coin, Bitcoin, recently recovered the $17K price. However, this positive movement doesn’t guarantee broader market recovery, considering the FTX contagion about a month back.

Bitcoin began the year at around the $50K price and steadily declined. From the market watch, BTC hit its year’s low of $15,700, which can be traced to the FTX crash in November 2022. Experts believe the crypto market may see more falls in the coming year.

The Head of Research at the Standard Chartered bank, Eric Robertsen, announced that the BTC could decline to the $5,000 price mark in 2023. Should this occur, it would be an additional price drop of approximately -70%.

There are chances that more crypto companies will file for bankruptcy in 2023 due to the market’s fall. The analyst believes that such an event will discourage more crypto investors, which would cause them to back out from the market.

Meanwhile, the present look of the crypto market has become a cause for worry to many investors. This particular to the new entrants in 2021, when BTC was at its peak of $68K.

Since the remarkable price growth, market projects have been experiencing back-to-back failures. However, such occurrences lack macroeconomic factors birthed mostly in 2022.

Crypto experts’ price predictions of Bitcoin in 2023 surfaced when the market was still encouraging to investors. However, the bear run in 2022 has shattered all hopes and expectations of the token in 2022 and 2023.

According to the founder of Pantera Capital, Dan Morehead, crypto adoption may alter the dynamics of demand and supply. This is in line with the crypto prediction of certain industry insiders for September 2022, stating that the worst of the crypto market is already out. As a result, the future of BTC is still uncertain.

Meanwhile, Bitcoin stands at $17,016, displaying a 24-hour positive price change. Furthermore, the Fear and Greed index of the token currently shows 26, which implies that investors presently have a fear sentiment.