In this line, Finbold asked industry experts on their 2023 Bitcoin outlook and fundamentals likely to define the asset’s performance.
David Kemmerer, CEO CoinLedger crypto tax software
Kemmerer, who co-founded the crypto tax software CoinLedger, told Finbold that Bitcoin could slump further in 2023, citing extended effects from events like the FTX exchange collapse. However, in determining if Bitcoin could perform better than in 2022, the executive noted it depends on the macroeconomic environment. Elsewhere, he views adoption as the main fundamental factor driving Bitcoin’s price, especially by leading financial institutions. Lastly, Kemmerer was skeptical of Bitcoin’s performance against gold in 2023. He noted that the asset has the potential to outperform the precious metal as a hedge against inflation.
Stefan Ristic, crypto miner running BitcoinMiningSoftware.com
According to Ristic, factoring in historical trends in determining Bitcoin’s price movement in 2023 will likely offer a glimpse of what to expect. In his projection, Bitcoin could drop to around $10,000 and $12,000, similar to the 2016/2017 and 2020/2021 periods. However, he expects Bitcoin halving in 2024 to act as a major catalyst for a possible bull run in late 2024 to 2025.
Fraser Matthews, President of Netcoins crypto exchange
Mathews, the head of Canadian crypto exchange Netcoins, is signaling a bearish outlook for Bitcoin in 2023. He expects Bitcoin to slump further to around $10,000, and the asset risks people losing faith in its valuation. Elsewhere, he expected the Federal Reserve’s easing interest rate hikes as the critical catalyst to keep Bitcoin afloat in 2023. Mathews also pointed out that loosening the monetary policy could stabilize Bitcoin, but the asset will compete with gold. Overall, Bitcoin is ending 2022 in a consolidation phase below the $17,000 level. By press time, the asset was trading at $16,676, having corrected less than 0.5% in the last 24 hours. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
