How the market got it wrong in predicting Bitcoin 2023

How the market got it wrong in predicting Bitcoin 2023

The year 2023 witnessed harsh transformations in the cryptocurrency markets, and it turned out that most observers of this market, experts and traders failed to predict its movement, as prices collapsed spectacularly and the money of many investors evaporated, while one of the giant companies operating in it collapsed and declared bankruptcy.

With these data, the task of predicting the price of Bitcoin has become more difficult than ever, and predicting the future of the cryptocurrency market and where it will go during the year 2023 has become almost impossible, yet many companies and experts are trying to determine the expected course of the market and the most prominent major currency, Bitcoin.

“I am pleasantly surprised that cryptocurrency prices are stable, but I don’t think we’re out of the danger phase yet and that the second- and third-order effects are still in progress.”

On January 12, 2022, Guido Buehler, former CEO of Swiss bank Ceiba, which focuses on cryptocurrencies, said that his company has an “internal valuation model” of between $50,000 and $75,000 for bitcoin in 2022.

Buehler’s logic was that institutional investors would help raise the price.

At the time, Bitcoin was trading at between $42,000 and $45,000, and Bitcoin never reached $50,000 in 2022.

The CEO, who now runs his own private advisory and investment firm, said 2022 was a “dreadful year.”

In a research note dated November 9, 2022, JPMorgan analyst Nikolaos Panigertzoglu and his team predicted that the price of Bitcoin would fall to $13,000 “in the coming weeks.”

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