Bitcoin Price Projections | will Bitcoin Reach $1000,000 in 2023

Bitcoin Price Projections

Bitcoin has been growing and maintaining its lead in the cryptocurrencies market in price and market capitalization since it was created back in 2019. One story that best illustrates this growth is two pizzas, which were bought for 10,000 Bitcoins, on May 22, 2010, by a Florida developer by the name of Laszlo Hanyecz. 

The 10,000 Bitcoins would be worth over $330 million today, as against the $40 or so they were worth back then.

While nobody knows any limit to this growth, there are plenty of anti-Bitcoiners who see the market as a bubble, ready to pop and have Bitcoin’s price fizzle back to mere cents, and

 Pro-Bitcoiners, or Bitcoin enthusiasts or evangelists, see little hindrance in Bitcoin growing up to 30 times its current price. 

Here’s what those crypto evangelists and enthusiasts think Bitcoin will go on to be worth:

While the price of BTC reached an all-time high of $64,804.72 on April 14, it had been plunging ever since, prompted in part by Tesla CEO Elon Musk saying his company would no longer accept the currency as payment.

Bitcoin was already down by around a third to $43,196.05 at the end of May 18, but Beijing’s announcement made matters worse as BTC went down below $40,000 for the first time since early February on May 19. And within one hour, it had dipped down by more than 17% to $31.926.67. 

The dip was reflected across the board as investors panic-sold their cryptos. Even though there was a slight recovery later that day, standing at $40,467.10, it went back down to $35,709.99 in the early hours of Thursday, May 20. But soon rallied and broke back through the $40,000 barrier later in the morning.

What is worth remembering is bitcoin’s price had surged from $7,251.28 on December 30 2019, to $29,333.61 at the start of 2021. Some BTC price Projections that suggested 2020 would finally be the year that the world’s biggest cryptocurrency would hit $20,000 were correct. As of October 2020, it looked exceedingly fanciful, with data from Skew suggesting that there was only a 7% chance of this happening.

However, Bitcoin investors were encouraged when growth continued through the start of 2021. The question now is what lies ahead after the crash on May 19 2021?

Understanding that this isn’t the first time a spectacular crash has followed an all-time high, there could be a massive bull run sooner than expected for the number one cryptocurrency.

You need to do your research around bitcoin price forecasts for 2021– and to think carefully before investing in a volatile asset.

A bitcoin enthusiast who thinks Bitcoin could bounce back from the setback is Antoni Trenchev, co-founder of the financial institution Nexo. He said:

“Every bull run within crypto has seen five to seven declines in excess of 30% and this cycle is no exception. Ethereum is at a different stage in its cycle — the market seems to be struggling to stop it in its tracks. More than anything, what this undeniably large correction and those before it prove is that the crypto market is resilient, that it’s a long-term game ill-suited to the weak-handed.”

His claim was supported by Ganesh Swami, CEO and co-founder of blockchain data provider Covalent, who said:

“In the bull market, seeing these big drops is common. The last time we saw a bull run, Bitcoin dropped at least half a dozen times by 20-30% before it went to the then all-time high. With hundreds of projects getting built across various blockchains, key crypto segments like DeFi up at $71bn of total value locked; NFTs getting their fair share of attention in mainstream media; 

 Ethereum, the second-largest blockchain in the world, getting multiple efficiency updates and moving to proof-of-stake in the upcoming months, the markets are bound to make a quick comeback.”

But what are experts predicting about the price of bitcoin in 2021? 

When it comes to figures, despite the massive plunging of the cryptocurrency, Wallet Investor’s bitcoin Projections are still optimistic. According to them, they said: “BTC could reach $69,634.60 in a year’s time, which certainly suggests faith in both BTC and crypto at large.” The same site is suggesting it could hit $170,881 in five years. 

DigitalCoinPrice is also optimistic, saying it will hit $70,878.40 next year, $139,839.10 in 2026 and $181,983.63 two years after that. 

LongForecast takes a gentle approach – trying to be more cautious, though. They predict there will be short term losses. “It says what bitcoin could be worth in 2021 could be as low as $22,587 by the end of July, but coming back to hit $45,875 at the end of the year. It suggests that it will hit $72,248 in July next year but will drop down to $51,636 by the end of 2022.” 

However, Longforecast’s overall Projection is optimistic, and it suggests the bitcoin price will reach $83,374 in June 2025.

image courtesy Getty Images/iStockphoto

Standing Bitcoin Price Projections

There are many Bitcoin price Projections made for the mid to long term, or with no time scale at all that are still standing today. Here are some of the most exciting Projections from Bitcoin’s most legendary evangelists are:

Shervin Pishevar – $100,000 (by 2022)

@shervin

Shervin Pishevar is an angel investor and a venture capitalist who co-founded Hyperloop One and Sherpa Capital. Shervin has also made investments in several companies, including big names such as Airbnb and Uber.

He has called for Bitcoin to reach $100,000 by the end of 2021 via his Twitter handle. His Projection came not long after a December 2020 meeting with MicroStrategy CEO Michael Saylor, whose company had invested more than $1 billion in Bitcoin during 2020.

It’s no surprise that Pishevar has become bullish on Bitcoin given his meeting with Saylor and his previous Projections of a decline in the US economy.

Thomas Fitzpatrick – $318,000 (by 2022)

Thomas Fitzpatrick

Thomas Fitzpatrick is the global head at CitiFX Technicals. He made headlines for his Bitcoin price Projection of $318,000 by 2022, which surfaced after his report was leaked onto the internet in late 2020.

Thomas’ analysis drew similarities between the gold market of the 1970s and Bitcoin’s price action, mainly gold’s $20 to $35 range before its surge in 1971. He also cited what may end up fueling the Bitcoin run, which is the acceleration in money-printing by central banks since the emergence of COVID-19.

Winklevoss Twins – $500,000 (by 2030)

@tylerwinklevoss

Winklevoss twins are famous Bitcoin billionaires. He said Bitcoin could reach a price of $500,000 by 2030, which would put its market cap on par with that of gold (around $9 trillion).

According to Winklevoss, “Our thesis is that bitcoin is gold 2.0, that it will disrupt gold, and if it does that, it has to have a market cap of 9 trillion, so we think it could price one day at $US500,000 of bitcoin.”

You can find his Projection explained in full detail in a blog post on his website.

Anthony Pompliano – $250,000 (by 2022)

@APompliano

Anthony Pompliano is a well-known Bitcoin personality and a founder and partner at Morgan Creek Digital, a crypto-friendly asset management firm for institutional investors. He previously claimed that he holds over 50% of his net worth in Bitcoin, showing his belief in the cryptocurrency. Anthony previously predicted that Bitcoin would hit $100,000 by the end of December 2021. But he revised the figure to an upper limit of $250,000 by 2022.

Pompano believes that the available supply of Bitcoin in the market is much less than is perceived by most people. He believes it lies in stark contrast to the amount of demand that is beginning to precipitate – particularly by institutions.

Pomp also joined others to talk about the US Federal Reserve pursuing aggressive quantitative easing and keeping interest rates low, leading to a flight to safe-haven assets.

Chamath Palihapitiya – $1,000,000 (by 2037)

@chamath

Founder of Social Capital and Co-Owner of the Golden State Warriors, Chamath Palihapitiya, started with an investment in Bitcoin back in 2012, and by 2013 he had included Bitcoin in his hedge fund, general fund, and private account. At one point in the past, it’s believed that he owned 5% of all Bitcoin in circulation.

He predicted Bitcoin price to reach $100,000 in the next 3-4 years, adding that it will get $1 million by 2037. He said, “This thing has the potential to be comparable to the value of gold…This is a fantastic hedge and store of value against autocratic regimes and banking infrastructure that we know is corrosive to how the world needs to work properly.”

Wences Casares – $1,000,000 (by 2027)

@wences

Wences Casares is the Founder and CEO of a Bitcoin wallet startup called Xapo. He’s also a board member at PayPal, among various other roles. Wences first found interest in Bitcoin due to high financial volatility in his home country currency, Argentina. Wences Casares believes that Bitcoin will hit $1 million sometime before 2027; he said this ten years ago at the Consensus 2017 conference held in New York. On May 23, 2017, he further said that it could even hit one million dollars in as few as five years.

John Pfeffer – $700,000 (no date)

@jlppfeffer

John Pfeffer is a partner in Pfeffer Capital – a London-based family office. He’s set a bold price target for Bitcoin of $700,000—about 175 times the current Bitcoin price of nearly $4,000 then.

Hia calculation goes like this: first, he assumes that Bitcoin can replace all of the gold currently held by private investors. In other words, the gold bars that people keep in a safe deposit or bury in their backyard. 

Pfeffer said, “Bitcoin is vastly easier to store and secure.”

Secondly, the current value of all privately held gold bullion is about $1.6 trillion. If 18 million Bitcoins is in circulation by the time the cryptocurrency fully replaces gold bullion, the implied value would then be $90,000

Jeremy Liew – $500,000 (by 2030)

@jeremysliew

Jeremy Liew is famed as the first investor in the social media app Snapchat. Jeremy’s investments include the multimedia company Beme, the listing service VarageSale, and the hardware wallet LedgerX. His net worth is estimated at $2 billion.

In a Business Insider in May 2017, Jeremy said that the Bitcoin price could “realistically” reach $500,000 by 2030. His Projection was backed by Peter Smith, the CEO and co-founder of Blockchain — the world’s most popular Bitcoin wallet.

Mark Yusko – $400,000 (no date)

@MarkYusko

Mark Yusko is the Founder of Morgan Creek Capital. Mark said Bitcoin would be worth over $400,000 in the long term. This statement made headlines because of its grandiose scale.

“It’s just math; it’s the gold equivalent…there are about 20 million Bitcoins available today. Gold today is about $8 trillion. That gives you $400,000. And that doesn’t include use cases that relate to currency,” Mark said.

He also pointed out that the asset is striking some fears into the hearts of bankers precisely because Bitcoin eliminates the need for financial institutions like banks. The banks become obsolete when transactions are verified on a Blockchain.

Bitcoin Price Projection For 2021, 2022, 2023, 2024 And 2025 By LongForecast

Many investors don’t appear to be as optimistic on a longer-term scale. A Genesis Mining poll recently revealed that barely half of the bitcoin owners believe this cryptocurrency will be worth more than $20,000 come 2030. Just as the prospect of regulation – or countries even moving to ban BTC altogether, weigh heavily on their minds.

No matter what your opinion is about Bitcoin, it remains that it is shaping up to be an interesting 2021. And we’ll be following every twist and turn of the drama.

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