Famous billionaire Tim Draper shared that he recently postponed his three-digit Bitcoin price prediction for 2023. However, some experts are abstaining despite the influential ETF news so far.
What do experts expect from Bitcoin price in 2023?
Crypto analyst “Coosh” Alemzadeh predicted on Twitter yesterday that the Bitcoin price could reach $165K before November 2023. According to the analyst, the BTC price will exhibit a similar pattern to 2019. BTC also took the 2nd place on CoinMarketCap’s trending list recently. Meanwhile, it outpaced trending coins like PEPE and LTC.
Tim Draper delays three-digit BTC forecast
The famous billionaire has recently delayed his Twitter call that Bitcoin will hit $250,000 by 2023. The famous billionaire admits he was wrong in his previous prediction that BTC will reach $250,000 this year. Still, keeping its expectation, it updates the timing of its three-digit price forecast to 2025. According to his most recent tweet:
That’s all my forecasting skills are… When Bitcoin was at $4,000, I predicted it would reach $250,000 (60x) by now. It is now positioned at $30,000 (7x). I guess we’ll have to wait a little longer (maybe two years) but the engineers are working hard.
In March, Draper predicted that BTC would reach $250,000 in the next 18 months. Last month, he also made noise, saying his anti-crypto policies against SEC Chairman Gary Gensler are stifling cryptocurrency innovation in the United States. Shortly after that, BTC climbed to a year-high $31,000, accompanied by spot ETF submissions from BlackRock and other major companies.
Ilan Solot, president of Marex Solutions, explains the implications Bitcoin ETF approval can have for individuals and institutions. Market expert Ben Casalin argues that ETF news is not a bullish catalyst, contrary to popular belief.
Ilan Solot says ETF news has shaped the Bitcoin bull in many ways
For 2023 BTC price predictions, Ilan Solot recently evaluated ETF developments on Twitter. According to Solot’s analysis, Bitcoin ETF news and its implications for the performance of the cryptocurrency market should be better understood as a combination of three elements. These are upfront running, real liquidity flow (“when/if the product is released”) and rebuilding its legitimacy.
Solot did not give any level on the BTC price prediction. However, he reminded that previous ETF news did not result in significant capital flows. According to CoinShares’ weekly report, although BTC price performed well, investors weren’t that interested.
Analyst Altucher points to weakening dollar
More recently, Altucher highlighted the increasing global liquidity and the printing of money by central banks, emphasizing that fiat currencies are slowly moving towards zero. According to recent developments, the US government plans to print at least $2 trillion a year over the next ten years. Altucher recommends stablecoins as a security measure.
The analyst also pointed to a poll by CNBC that shows he believes we are in a new bull market. This belief is fueled by advances in technology such as increased liquidity, optimism about the future, and artificial intelligence that sparked the biggest tech rally in the past two decades.
Altucher identified Bitcoin’s recent negative correlation with the NASDAQ and S&P 500. This inverse correlation suggests that Bitcoin can remain strong even in the midst of banking crises, threats of war or other global disruptions. It also hints that it can fulfill its potential as a risk-averse asset.
Finally, the analyst revealed an intriguing pattern in his analysis of Bitcoin’s monthly returns. Accordingly, Bitcoin has provided an average of 14% monthly returns for 14 years. When five of the first six months of a year are positive for BTC, the average monthly return rises to 29.5%.
Santiment highlights the importance of whales in Bitcoin rise
According to a new report from Santiment, the price of Bitcoin is likely to experience further growth in July. The primary reason for this potential increase is whales who have been actively buying BTC over the past few weeks. This triggers a potential upward pressure on the price.
Santiment’s analysis shows that crypto whales have been buying Bitcoin for the past two weeks. Spot Bitcoin ETF applications from big institutions such as Fidelity were effective in this trend. These big investors surprisingly bought 154,500 BTC in seven weeks.
You can take a look at the critical technical levels expected for Bitcoin in the short term from this article. cryptocoin.com In this article, we have included the current predictions of crypto analysts Michaël van de Poppe and Bluntz.
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