• A recent survey from Pureprofile has shown the expectations of high institutional investors regarding the future price of Bitcoin.
• Inflation remains a big concern for 2023, as central bankers predict that it may not decrease as expected.
• If the Fed confirms rate cuts for 2023, this could lead to a steady rally and push Bitcoin’s price up to reach $28,695 in a maximum of two months.
Bitcoin Price Forecast
A recent survey from Pureprofile interviewed 200 institutional investors and wealth managers across several countries, including the US, UK, and Brazil, and collectively managed $2.85 trillion in assets. The results showed that nearly 9 out of 10 investors predict a rise in Bitcoin’s price this year. Among them, 23% forecasted that Bitcoin will exceed $30,000 by the end of 2023 with 65% agreeing that it could reach $100,000 in the long term. 58% expect it to reach that price within 3 to 5 years while 39% predict it will reach its November 2021 peak of $69,000 within 3 years only 3% questioned whether Bitcoin will ever reach its previous all-time high again.
Inflation
Inflation remains a big concern for 2023 as central bankers predict that it may not decrease as expected due to rising trends in layoffs and shutdowns in car production lines due to chip shortages driving up prices of second-hand cars which could cause a decrease in Bitcoin’s price to $16 020 if predictions turn out as said. If the Fed confirms rate cuts for 2023 this could lead to a steady rally and push Bitcoin’s price up to reach $28 695 in a maximum of two months.
Technical Analysis
Bitcoin saw a spike in its price on January 29th but some traders may exit their long positions if reaching the next profit level of $28 695 becomes unlikely under these conditions caused by inflation and other factors such as weakening commodity prices US rates and dollar exchange rates.
Expectations
The retail market demands more realistic targets for digital asset prices than what institutional investors are predicting with many expecting an increase over time although reaching all time highs is still yet uncertain with only 3% questioned whether this was possible or not overall sentiment appears optimistic however caution needs to be taken when making predictions due to external influences such as inflationary pressures or currency fluctuations which can have an effect on prices even if temporarily..
Conclusion
Overall market forecasts suggest that Bitcoin’s price is likely to increase over time although there are no guarantees due to external influences such as inflationary pressures or currency fluctuations which can have an effect on prices even if temporarily so caution must be taken when making any predictions about future pricing movements especially short term ones but longer-term prospects appear good according to many experts including those surveyed by Pureprofile
