Will Bitcoin Fall Below $10,000 in 2023?

Cryptocurrency is known for being volatile and somewhat unpredictable. If Bitcoin is to fall to $10,000, this would mean that its worth has gone down to less than 15% of its 2021 peak. How likely is this to happen and are there reasons to be optimistic? Experts weigh in.

A Crash in Bitcoin Prices

The major factor affecting Bitcoin prices in 2023 is that several miners may go bankrupt and depress prices. In addition to that, the collapse of FTX — one of the largest trading platforms — has negatively affected the entire cryptocurrency market and Bitcoin in particular.  While all of these factors strongly affect the price of Bitcoin, the deciding factor may turn out to be the behavior of investors. Many of them may choose to sell their cryptocurrency in light of the fall in prices in order to prevent further monetary loss. If this does happen, Bitcoin prices may go down to $10,000 - $12,000 in the first quarter of 2023.

Reasons to Be Optimistic

However, many experts make positive predictions about the future of Bitcoin. Factors such as a possible end to military action in Ukraine and a decrease in inflation will be highly beneficial to Bitcoin investors and lead to a spike in prices. One of the most optimistic predictions is by long-time investor Tim Draper who believes that Bitcoin prices may reach $45,000 in the latter half of 2023. According to him, once cryptocurrency hits the retail market where women account for 80% of the spending, this will lead to a major spike in price. Other more conservative predictors believe that a $30,000 Bitcoin price is more likely towards the end of the year.