To Determine if Bitcoin is a good investment for the next 12 months, we look at it in multiple ways
- Coin Specific factors
- Crowd’s Wisdom
- Past Track Record
Is Bitcoin a Good Investment for the next 12 months? Macroeconomic Picture
|Europe||Deteriorating, Likely to Improve in 2023-24|
|China||Deteriorating, No Visibility on Improvement|
|Rest of Asia||Steady|
|ROW||Steady or Deteriorating|
2023 is likely to be an ordinary year as two huge markets (Europe and China) would either have begun recovery or still deteriorating. This is neither bad nor good for Bitcoin.
Is Bitcoin a Good Investment for the next 12 months? Coin Specific Factors
|Increased Use Cases||Yes|
With both Ethereum and Cardano going through major upgrades and many other nimble competitors pushing through numerous use cases, Bitcoin is likely to struggle. Already, it has been struggling versus Ethereum during the second half of the year after having underperformed Ethereum in the last 3 years. Additionally, Bitcoin is likely to be under regulatory pressure given the challenges with the Environment and most competing cryptocurrencies having shifted to POS. That said, Bitcoin is likely to be favored by institutions as well as a payment token. Overall, should be neither a bad nor a good year for Bitcoin
Is Bitcoin a Good Investment for the next 12 months? Crowd’s Wisdom
The Crowd is very good at forecasting which way Bitcoin is likely to trend over the next 12 months. Before we share those estimates, please do predict Bitcoin performance over the next 12 months.
The Crowd’s Average Bitcoin Price Prediction 2023 is $75,000. The Highest Bitcoin Price Prediction 2023 is $ 250,000. The Lowest Bitcoin Price Prediction 2023 is $12k. 40% of all the predictions were between $40k and $70k.
Bitcoin Price Prediction 2023
Bitcoin has a great track record of performance over the last 10 years with Bitcoin price ending lower than the previous year just twice. Apart from the two poor years, Bitcoin rose below 100% just twice (30% and 60%). Given the above data points, here is what we know
- Economic and Token Data are suggesting a pretty ordinary year for Bitcoin
- Crowd Forecast data seems to be mostly range between $40k and $70k.
- The worst-case scenario for Bitcoin appears to be about $40k which is almost 100% of today’s price.
- However, given the macroeconomic factors and past performance data, a price range between $30k and $40k appears to be reasonable.
Note: Please consult a registered investment advisor to guide you on your financial decisions.