How low can it go? That’s the question analysts and market observers are trying to answer today as the selloff in Bitcoin (BTC-USD) accelerates. The price of the world’s biggest cryptocurrency is down 14% to less than $24,000, its lowest level since December 2020. BTC is 65% below its all-time high of $68,000 reached last November. But so far, analysts are still relatively bullish on their Bitcoin price predictions.
The accelerated decline in Bitcoin’s price comes on news that cryptocurrency lending platform Celsius is halting all withdrawals from accounts amid continued market volatility. The development is causing panic in the global crypto market. Over the weekend, more than $200 billion was wiped off the entire cryptocurrency market.
The market capitalization of the cryptocurrency sector is now below $1 trillion for the first time since February 2021, according to data from CoinMarketCap. Investors are also digesting news that Ethereum’s (ETH-USD) long-awaited upgrade to a more energy efficient proof-of-stake model is likely to be delayed this summer, a development that has ETH down 17% today and trading at $1,200 per token.
As the cryptocurrency market plummets, let’s look at whether analysts think the digital asset can regain the $30,000 level it had been trading at since mid-May of this year.
Bitcoin Price Predictions
- An analysis posted on the Gov Capital investor blog shows many analysts remain bullish on Bitcoin, forecasting the price of BTC will be hovering right around $60,000 one year from now.
- An analysis on Wallet Investor predicts Bitcoin will be trading anywhere from $43,400 to $52,000 a year from now. That would represent a maximum increase of 117% from today’s price.
- Lastly, predictions published on CryptoNewZ forecast Bitcoin will be trading anywhere from $65,000 to $72,000 by the middle of next year.
What’s Next for Bitcoin
Clearly, analysts see the price of BTC recovering and moving higher over the next year and beyond. Some continue to talk up Bitcoin reaching $100,000. However, it will be interesting to see if those same analysts revise down their price predictions as the selloff in cryptocurrencies accelerates. Right now, the price of Bitcoin looks headed to $20,000 and perhaps lower.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.