Bitcoin could more than quadruple its current levels to reach $95,000 by 2023: Mark Palmer
Mark Palmer, an analyst at BTIG, has predicted that bitcoin could more than quadruple its current levels to reach $95,000 by 2023. Although shares of MicroStrategy Inc. have declined this year, analysts remain bullish. Palmer has set a share-price target of $950 for MSTR stock, which is five times higher than MicroStrategy’s closing price of $170.
In an interview with The Guardian, Binance CEO Changpeng Zhao said that bitcoin could hit its all-time high of $70,000 within a few months to two years.
“I think it will probably take some time for it to come back up to 20k from the all-time high of 68k, given the price drop,” Zhao said. “It will probably take a few months or a few years,” he said, adding that “no one can predict the future.”
Bitcoin ‘technically oversold’
Skybridge founder Anthony Scaramucci told the Collision conference in Toronto on Thursday that the cryptocurrency is “technically oversold” at current levels, given the increasing adoption of bitcoin (BTC) in more regions and the rapid increase in wallet activity.
Analysts are arguing whether bitcoin (BTC) could experience a similar decline seen in 2013 and 2017, when it fell by 84% and 85%, respectively. Hence, the $20,000 price range remains important. If there is a similar decline this time too, then the price of bitcoin can drop to around $10,000.
Ian Harnett, co-founder and chief investment officer at Absolute Strategy Research, said bitcoin could go as low as $13,000, which would represent a drop of about 40% from its current price.
While the price of bitcoin increased 90-fold and 20-fold in 2013 and 2017, respectively, in 2021 the price only increased 10 times. According to CoinMarketCap, the leading cryptocurrency was recently trading at $20,909, up 2.21% from the previous day.