The Professional Narratives on the Present State of Crypto Trading
According to 53 financial experts surveyed by Finder.com, the price of Bitcoin (BTC) will plummet to $13,676 per unit this year. The survey gave the figures that will guide the global crypto trading space. Experts predict that the price of Bitcoin will bottom out at roughly $13,676 but that it will close the year at $25,473 per coin.
As BTC has dropped more than 80% from its all-time high throughout each major bear market, the panelists’ prediction is very much in line with the “80% drop theory.” As of today, BTC is trading at a discount of more than 72% from the $69K all-time high (ATH) set on November 10, 2021.
According to Froehler, who wrote the Finder’s prediction report, “it’s reasonable to anticipate to see more significant projects collapse in the coming few of months.” “As a result of inflation and the uncertain global economy, consumer mood is at historic lows. Highly leveraged miners, who recently had to deal with the flight from China, will give in and intensify the downward pressure. Even lower Bitcoin prices are coming.
“In 2023, bitcoin will probably have a recovery, which might actually cause inflated hopes and more turbulence,” said a senior lecturer at the University of Brighton. “Of course, a lot depends on foreign events, such as the conflict in Ukraine and its continued effects on confidence around the world.”
Whatever the case, the narratives surrounding Bitcoin and crypto trading in general has not been encouraging. Even the CEO of Morpher, Martin Froehler, has a different perspective and anticipates a significantly lower bottom price. Froehler predicted that before the end of the year, BTC would likely return to its previous level of $40K per unit.
Charlie Munger, the vice president of Berkshire Hathaway and the right-hand man of the legendary investor Warren Buffett has held on his apathy towards crypto—he still believes that crypto is an investment in nothing.
“Never touch it. Never buy it. Let it pass by,” said Munger. Additionally, he contended that investing in stocks of businesses with genuine interest in actual business would be a much better choice.
“Crypto is an investment in nothing, and the guy who’s trying to sell you an investment in nothing says, ‘I have a special kind of nothing that’s difficult to make more of,’” added Munger while comparing the new asset class to “open sewer full of malicious organisms.”
Currently, Bitcoin is valued at $20,944.42 (+5.29%); Ethereum at $1,227.31 (+12.05%); Tether sits at $1.02 (+0.00%); BNB at $240.37 (+3.98%) and Litecoin at $51.60 (+5.44%).
So what’s your take? What do you think about the latest finder.com poll? Has Mungar been right on his assertion about crypto? Let us know your thoughts about this subject in the comments section below.