According to a panel of individuals from the fintech and crypto industries polled by comparison website Finder.com, the price of bitcoin (BTC) would reach a high of USD 81,680 this year before falling to USD 65,185 by the end of the year.
The top was defined as “much higher” than the current bitcoin price (USD 40,542 as of Friday at 11:17 UTC), but still 15% below than Finder.com’s end-of-year projection of USD 76,360 from January.
Martin Fröhler, the CEO of trading platform Morpher, who had one of the most positive end-of-year predictions for Bitcoin, said:
“Political instability, inflation, and an ever-increasing desire to possess assets that are not controlled by the government will drive Bitcoin to new all-time highs.”
Asher Tan, the CEO of crypto trading service CoinJar, made a more conservative estimate, predicting that BTC will reach a high of USD 60,000 this year.
“There’s still a lot of uncertainty regarding Bitcoin’s short-term prospects.” Given the macroeconomic challenges, I wouldn’t be surprised if Bitcoin spent the entire year bouncing about between USD 30-60k — the kind of conditions that are bad for traders but good for long-term accumulators,” Tan added.
Notably, half of the participants in Finder’s panel of 35 “industry experts” predict bitcoin would soon be surpassed as the most popular cryptoasset by another currency.
Jeremy Cheah, an associate professor of decentralized finance at Nottingham Trent University, is among many who believe bitcoin’s days as the top crypto are finished, claiming the coin “consumes too much energy and suffers from interoperability and scalability concerns.”
Meanwhile, 32% of panelists believe BTC should switch from the more energy-intensive proof-of-work (PoW) approach to proof-of-stake (PoS) (PoS). Only 9% of respondents believe BTC will truly make the switch.
Despite their price estimates being lower currently than in the last study from January, 67 percent of respondents thought BTC is still a solid purchase.
Users who already own BTC should not sell it, according to 24% of respondents, whereas BTC holders should sell their coins, according to 9%.