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Bitcoin and the broader crypto market have maintained more bearish trends than bullish ones since 2022. Although there were some bullish moves to recall in 2023, the market still struggles to gain strong momentum. The effect of the 2022 crypto price crash, US inflation growth, and interest rate hikes haven’t diminished from the market yet.
Notably, several crypto experts predicted a bullish turn for the market in 2023. Also, the CEO of Messari, Ryan Selkis, recently predicted a bullish price target of $100,000 for Bitcoin within the following 12 months. However, these predictions may change due to investors’ sentiments and other factors.
Ryan Selkis Predicts $100K For Bitcoin
Ryan Selkis said on Twitter that the leading cryptocurrency’s adoption rate among traditional financial institutions and corporations would accelerate at an unprecedented pace, hitting a six-figure valuation.
The digital asset research firm CEO stated that while the United States dollar is devaluating, investors and other individuals will come to see Bitcoin as the most preferred finance option. He added that for it to happen, corporate companies such as MicroStrategy must start accumulating the token. If this action can begin quickly, it’ll be impossible for federal regulators to terminate the asset.
Selkis also noted that the ongoing macroeconomic uncertainties and inflation risks posed by excessive central bank money-printing would likely drive further interest in Bitcoin. The crypto executive is optimistic about the growth of Bitcoin if institutions can buy more of the token.
Despite his optimistic outlook, it’s possible that Bitcoin’s growth trajectory may not be straightforward. So, investors should be prepared for significant price swings in the short term. Based on his viewpoint, investors’ best approach will be to take a long-term view of Bitcoin’s potential and focus on its fundamentals rather than day-to-day price movements.
Meanwhile, Bitcoin is still a volatile and risky investment, and it’s not for everyone but for those willing to take the risk and hold on for the long term.
Recent BTC Price Trend
Bitcoin has shown several price swings over the last couple of months after it ended 2022 at $16,547.50. The token later entered 2023 trading at $16,547.91. It maintained price ranges around the $16,000 level until January 8, when it surged to $17,091.14.
Bitcoin sustained a steady price growth afterward, reaching the month’s high of $23,919.89 on January 29. It later dropped slightly to $23,137.84 as it launched into February.
Bitcoin also saw notable growth in the same month, surging to a peak price of $25,134.12 on February 16. However, the token failed to reclaim this price mark, as it kept trading below $25,130 until March 14, when it surged to $26,514.72.
In the meantime, Bitcoin trades at $26,759, with a 24-hour trading volume above $41.2 billion. Its price change over the last 24 hours stands at 8.44% at the time of writing.
Featured image from Pexels and chart from Tradingview.com
