- Finder spoke to experts in the crypto industry, and a large number predicted even darker days for Bitcoin.
- Long-term predictions for the year 2025 and 2030 suggests BTC prices could reach $314,000.
- At the moment, Bitcoin and the entire crypto markets have shed at least 60% from their all-time highs.
Crypto investors are scanning the horizons for fair market weather, but a recent survey warns that a thunderstorm is brewing with dark clouds. The report warns that Bitcoin could reach a low of $13,000 before the end of the year.
The long night is here for Bitcoin
Finder’s Bitcoin (BTC) price prediction for 2022 has caused a stir in industry circles for the grim nature of its forecast. The report was made up of the opinions of a panel of 53 industry experts with differing views of the state of crypto.
Almost all respondents confirmed that the markets are in the crypto winter, but 77% argued that this is only the beginning of the winter. 15% conceded that they were unsure if the markets were in winter, while 8% stated that it was not winter yet for crypto.
For respondents, the reason for the decline of crypto prices varied but the majority claimed that interest rate hikes around the world were the leading cause. Other reasons included Terra’s (LUNA) collapse, tightening balance sheets, and the uncertainty caused by the geopolitical tensions.
“The current crypto market is suffering from contagion due to the high interconnectivity and lack of proper regulation,” said Dimitrios Salampasis. He notes that the “numerous uasi-DeFi and quasi-CeFi schemes unable to deliver” is a strong pointer to how weak the crypto markets are.
Over the last month, several crypto projects have halted withdrawals, defaulted on loans, and laid off workers with some being totally obliterated. CoinJar’s Asher Tan noted the low prices in the markets are a combination of these factors and “will take many months for the dust to settle.”
29% of interviewed panelists believe that the crypto winter will roll over to the first half of 2023 while 17% think the second half of the year will be the end of the winter. Only 12% believe that a reversal of fortunes will happen within a few months, and at the end of the spectrum, 5% predict that the winter could drag to 2025.
This winter is necessary
Despite all the forecasts of the future, a common denominator rings through respondents’ opinions. Each participant believes that the winter is necessary “to weed out unscrupulous actors in the space” and create room for products that add value and improve the credibility of the crypto markets.
Another trend is that most respondents believe that the bearishness in the market is only temporary. Several panelists claim that for Bitcoin, a halving is just around the corner and this could send the asset prices back to their all-time highs again.’
However, it is not all positive vibes from respondents as Lee Smales, a finance expert, notes that Bitcoin is dying a slow death as investors continue to move out of risky assets, while Prof. Carol Alexander stated that BTC is all speculation and “has no utility value for the development of Web 3.”
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