A panel of crypto market experts and academics have revised their bitcoin price predictions following the recent price crash, though still predict record highs for the cryptocurrency in 2022.
A weeks-long downtrend has seen bitcoin fall to its lowest price in six months, with it currently trading at roughly 50 per cent of the all-time high it experienced in November. After reaching as low as $33,000 at the start of the week, BTC has recovered slightly and is now worth around $37,000.
When asked whether the dip meant it was a good time to buy, sell or hold the cryptocurrency, more than half of the analysts polled by price comparison site Finder.com said they believed that it was a good buying opportunity.
By contrast, only 10 per cent said they thought investors should sell, while 29 per cent said that people should neither buy nor sell.
The average price peak predicted in 2022 by the 33 fintech specialists is $93,717 – more than $20,000 higher than the $68,000 record – before slipping back to $76,360 by the end of the year.
By the end of 2025, the panel predicts BTC will be worth $192,800 and climb to $406,400 by the end of 2030. While high, both these predictions are significantly down from the average predictions made in July 202, when a similar panel of experts predicted a price of $265,000 and $706,321 respectively.
“Cryptocurrencies are proving to be a staple competitor to the traditional financial infrastructure of the world, and many projects are now well beyond the theoretical realm of potential value,” said Fred Schebesta, co-founder of Finder.
Dr Iwa Salami, an associate professor in law at the University of East London, added: “Increased interest from retail and institutional investors cannot be overlooked, and yes, whilst there are still huge regulatory gaps, it is important that the potential of this emerging industry to transform business and finance and to facilitate financial inclusion is not overlooked or undermined.”
Other respondents to the survey warned that the recent bear market may not yet be over, with the threat of interest rate hikes and broader economic uncertainty.
“Bitcoin seems to be bracing for a large fall,” said Lee Smales, an associate professor at the University of Western Australia.
“A ‘double top’ seems to have formed and the price could easily give up all of the 2021 gains. Ultimately, I would not be surprised if the price is less than $1,000 in the long term – particularly as there are more useful/ efficient alternatives available.”