Some industry insiders believe that the leading cryptocurrency Bitcoin (BTC) could reach new record highs this year. BTC has a real run this year. The cryptocurrency is up more than 70% year-to-date – leading industry insiders to feel a lift. While some are making bold price forecasts of up to 100,000 US dollars for 2023, others are even making crazy bets.
Bitcoin has consistently regained ground, especially in recent weeks, primarily due to the veritable banking crisis and the accompanying uncertainty triggered by the collapse of Silicon Valley Bank and Credit Suisse.
The problems in the banking sector have led to significantly lower interest rate expectations for central banks, which has depressed market interest rates. In the U.S.A., speculation is even increasing again that the U.S. central bank, the Fed, could cut interest rates later in the year. This has also contributed to a general decline in yields.
In mid-March, crypto expert Timo Emden explained that Bitcoin has also been supported recently by the significant drop in capital market interest rates. In this context, the prospect of a more cautious monetary policy on the part of central banks on both sides of the Atlantic is playing a decisive role and tipping the scales. Therefore, the signs for “digital gold,” as it is often referred to, are still good.
And yet: Despite all the euphoria of some Bitcoin maxis, the latest price increases must be seen as a way back. After all, one should not forget that Bitcoin was already at its previous high of 69,000 US dollars at the end of 2021, before a massive price decline followed in the crypto winter and the oldest cryptocurrency reached a low of around 16,000 US dollars at the end of last year.
In the waning crypto winter and with the prospect of bitcoin halving soon, some industry insiders seem to want to forget about the volatility to the downside and spray extra hope. Speaking to CNBC, for example, Paolo Ardoino, CTO of stablecoin Tether, recently said that bitcoin could soon “regain” its all-time high of $69,000.
Marshall Beard also agrees. The CSO of crypto exchange Gemini even goes further and claims that after that, “it won’t take much to get to 100,000 US dollars.” Side note: A three-digit percentage increase would be needed for a price of 100,000 US dollars.