Specialists Expect Bitcoin Back To $65K By End Of Year, Survey Finds

Reynaldo Marquez

3 years ago

3 mins read

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Bitcoin had a bearish weekly close, as the price dipped further below $40,000. The benchmark crypto has experienced low volatility in the past week, but the market could see more action as the monthly close approaches.

At the time of writing, Bitcoin trades at $38,900 with a 2% loss in the last 24 hours.

Bitcoin BTC BTCUSD — BTC moving sideways on the daily chart. Source: BTCUSD Tradingview

In the short-term, market sentiment seems to be turning bearish as market participants expect more downside price action. The long-term trends opposite and market participants seem more optimistic about BTC’s future performance.

A recent survey conducted by Finder asked 35 industry experts about their price expectations for Bitcoin by end of the year. The result put the first crypto by market cap back to $65,000 by that period.

In addition, the experts expect BTC’s price to continue its multi-decade long rally to $179,000 by 2025 and over $400,000 by 2030. As seen below, the long-term expectations for the cryptocurrency remain in the green.

As noted by Find, the panel changed their short-term views for BTC’s price. The same survey was conducted in January and experts predicted Bitcoin to hit a new all-time high at around $75,000 by the end of 2022.

The experts have different opinions on BTC’s short-term performance. Two experts believe Bitcoin could stay rangebound for the entirety of 2022.

In that sense, Bitcoin could stay stuck between $30,000 to $50,000 and frustrate the expectations of the entire market. The bulls expect new highs or at least a return to $60,000, and the bears expect it to go below $30,000.

BTC tends to move opposite of what the majority desires. One of the more pessimistic experts Dimitrios Salampasis, FinTech lecturer at Swinburne University of Technology, believes BTC’s price could be negatively impacted by the energy consumption narrative in the short term. Salampasis said:

(…) the conversations around the environmental impact of mining may lead to blanket bans of crypto mining activities, which could additionally contribute to Bitcoin scarcity and the increased prices as a store of value. Last but not least, Bitcoin could be used as a hedge against fiat currency fluctuations.

Bitcoin To See More Demand As People Lose Trust In Central Banking?

In that sense, most of Finder’s expert panel believes BTC will be replaced as the number one crypto in terms of popularity. Most aim at Ethereum taking over as it becomes more “energy-efficient” if it can migrate to a Proof-of-Stake (PoS) consensus.

As seen below, 50% of the panel expects this outcome while 12% answered unsure of this question. Some experts believe Ethereum will become dominant because of its use cases, others because of its interoperability features, and more.

Optimistic experts believe Bitcoin could see as much as $100,000 by end of the year on the back of people losing trust in central banking and governments. In that scenario, people could turn to BTC as a decentralized asset to hedge against the legacy financial system.

Related Reading | Why Bitcoin Could Revisit $27K, Peter Brandt Says

Ben Ritchie, managing director of Digital Capital Management, said:

Increasingly, ‘trust’ is becoming a central consideration for investors – can we trust the economic system and the power brokers driving it? Trust has been lost and, with the economy in uncharted territory, Bitcoin is forming a viable alternative solution. Placing ‘trust’ in code and mathematics, with no intervention, has significant global appeal.

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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