The world’s biggest cryptocurrency by market capitalization, Bitcoin (BTC-USD), reached $22,000 within the past 24 hours. As crypto enthusiasts mark this short-term milestone, the experts’ Bitcoin price predictions are varied but broadly bullish.
It’s been a rough ride for BTC in 2022’s second half, to say the least. The coin’s value hasn’t come close to revisiting last year’s peak price of around $69,000.
There are a number of probable reasons for this. For one thing, the U.S. dollar has been particularly strong despite the high inflation rate. Since Bitcoin is measured against the dollar in the U.S., this could explain the cryptocurrency’s relative weakness.
Other issues include Wall Street’s aversion to tech-related assets this year, along with the continued failure to get a bona fide Bitcoin exchange-traded fund (ETF) approved by U.S. regulators. Thus, Bitcoin’s pullback below $20,000 may have been inevitable, but it was nonetheless painful for BTC holders.
Even though BTC pulled back today after touching $22,000, it still woke up the bulls on social media sites like StockTwits. Amid this encouraging backdrop, let’s see what some cryptocurrency experts predict for Bitcoin’s future trajectory.
Bitcoin Price Predictions Are Largely Positive
As you might expect, opinions on Bitcoin’s forward path vary. However, the general consensus seems to be that there’s upside in BTC’s future.
For example, CoinPedia envisions Bitcoin reaching $26,845.51 during the current quarter and $35,789.70 in 2022’s fourth quarter. Meanwhile, Wallet Investor is looking for BTC to reach $35,416.30 in a year’s time.
Reportedly, the experts at TradingBeasts are much less ambitious with a forecast that Bitcoin will reach $22,726.34 by December of this year. In contrast, Gov Capital apparently models a BTC price of $52,639 for 2023, implying a doubling of the current price.
As for GlobalBlock analyst Marcus Sotiriou, he seems to suggest that the outlook isn’t crystal-clear yet. “The only bitcoin bottom signal for me is persistent data showing us that inflation is convincingly inflecting down,” Sotiriou declared.
Indeed, inflation is likely to continue to have a major impact on the Bitcoin price. Regardless, the bulls are cheering BTC’s touch of $22,000 and hoping that this is only a stepping stone to higher price points.
On the date of publication, David Moadel 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.