Source: Bitcoin BTC
- According to Gokhshtein, Bitcoin’s eventual bottom is very near and might spur a rise in BTC’s price.
- At least one analyst believes that Bitcoin could hit $5,000 in 2023.
Although many remain bullish about Bitcoin’s chances in general, former U.S. congressional candidate David Gokhshtein predicts a gradual descent to a bottom. According to him, Bitcoin is hitting the bottom, only that getting there quite slowly.
David Gokhshtein believes that a major pointer to Bitcoin’s bottom is when people start giving up the king coin. In a recent tweet, he specified that this is already happening:
Once people start giving up on #Bitcoin, that’s when you’ll know we’ve really hit bottom.
And from the vibe on social media, that’s slowly happening.
— David Gokhshtein (@davidgokhshtein) December 12, 2022
Gokhshtein’s recent tweet corroborates one he posted last week, revealing the same sentiment. At the time, Gokhshtein said he was happy Bitcoin “finally bottomed out,” suggesting that it would begin to rise since it can’t go any lower.
I’m glad #bitcoin finally bottomed out. 🙏
— David Gokhshtein (@davidgokhshtein) December 6, 2022
Although Gokhshtein is bullish, his optimism is somewhat limited, especially compared to several other bulls. Late last month, Gokhshtein disagreed with articles suggesting that Bitcoin could hit $1,000,000 in a few years. He believes this forecast is a little too expectant and suggests a seemingly more realistic “$250K per coin.”
I see more articles now stating #Bitcoin is going to hit $1,000,000 in the next few years.
I’ll take $250K per coin.
— David Gokhshtein (@davidgokhshtein) November 29, 2022
Is Bitcoin Dead?
Bitcoin’s current relative underperformance can be traced to several reasons. Firstly, there is a general crypto bear market affecting nearly all assets. This plunge may be a direct result of multiple macroeconomic conditions, including geopolitical instability, market disruptions caused by the war in Ukraine, and the COVID-19 pandemic.
Factors specific to the crypto market include the Celsius Network’s transfer and withdrawal suspension that plunged BTC below $20,000 in June for the first time since 2020. The situation was also worsened by crypto companies suffering insolvency, especially after the FTX collapse. Considering that Bitcoin is prone to conditions in the traditional and crypto market, the current underperformance is not surprising.
The highly speculative nature of Bitcoin suggests that it could go either way in 2023. According to Bloomberg Intelligence crypto market analyst Jamie Coutts in a Twitter thread, Bitcoin might turn around next year even though the general market could still be choppy:
2023 may well still be a problematic year for risk assets (recession), but our global liquidity measures are starting to turn around, and this creates a tailwind for #Bitcoin and the tentative beginning of a new cycle 🧵 pic.twitter.com/UjzqgR5xla
— Jamie Coutts CMT (@Jamie1Coutts) December 5, 2022
Like Gokhshtein, popular venture capital investor Tim Draper believes that Bitcoin would spike to $250K. Draper had initially suggested that it could happen in 2022 but has now extended his forecast to sometime in mid-2023.
Bearish on Bitcoin
However, not everyone is bullish on Bitcoin. For instance, Standard Chartered global head of research Eric Robertsen believes that Bitcoin will continue falling next year.
According to Bloomberg, Robertsen wrote in a different note that Bitcoin might crash by 70% to $5,000, wrecking the king coin further. The exec also said that people would likely switch from amassing Bitcoin as digital gold to buying the original yellow metal. His prediction suggests that this could cause a 30% spike in the price of gold.
Furthermore, Robertsen believes that Bitcoin could crash if the crypto sector witnesses more bankruptcies in the wake of FTX’s crash and if the Fed decides to reverse interest-rate hikes.
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