Source: Bitcoin BTC
- According to Gokhshtein, the final bottom of Bitcoin is very close and may lead to an increase in the price of BTC.
- At least one analyst believes Bitcoin could reach $5,000 in 2023.
While many are bullish on Bitcoin’s chances overall, former US congressional candidate David Gokhshtein predicts a gradual decline. According to him, Bitcoin is hitting the bottom, but it is getting there very slowly.
David Gokhshtein believes that the main indicator of Bitcoin’s bottom is when people start abandoning the royal coin. Recently tweetnoted that this has already happened:
Once people start giving up #Bitcointhen you’ll know we’ve really hit rock bottom.
And from the vibe on social media, it’s slowly happening.
— David Gokhshtein (@davidgokhshtein) December 12, 2022
A recent tweet by Goxstein confirms it published last week, reveals the same sentiments. At the time, Gokhshtein said he was happy that Bitcoin had “finally bottomed” and said it would start to rise because it couldn’t go any lower.
i’m glad #bitcoin finally bottomed out. 🙏
— David Gokhshtein (@davidgokhshtein) December 6, 2022
Although Gokhshtein is a bull, his optimism is somewhat limited, especially compared to several other bulls. Gokhshtein at the end of last month did not agree With articles suggesting that Bitcoin could reach $1,000,000 in a few years. He believes this prediction is a bit too much and offers a more realistic “$250,000 per coin”.
Now I see more articles that state #Bitcoin will reach 1,000,000 dollars in the next few years.
I will take $250,000 for one coin.
— David Gokhshtein (@davidgokhshtein) November 29, 2022
Is Bitcoin Dead?
Bitcoin’s current relative underperformance can be traced to several reasons. First, there is the overall cryptocurrency market, which affects almost all assets. This decline 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 cryptocurrency market include the Celsius Network’s suspension of transfers and withdrawals, which pushed BTC below $20,000 for the first time since 2020. The situation worsened, especially with crypto companies going bankrupt after the collapse of FTX. The current underperformance is not surprising given the conditions Bitcoin is prone to in the traditional and cryptocurrency markets.
Bitcoin’s highly speculative nature means it could go either way in 2023. According to Bloomberg Intelligence cryptocurrency market analyst Jamie Coutts Twitter threadWhile the overall market may still be volatile, Bitcoin may turn around next year:
2023 may still be a challenging year for risk assets (recession), but our global liquidity measures are beginning to reverse, and this #Bitcoin and the initial beginning of a new era 🧵 pic.twitter.com/UjzzqgR5xla
— Jamie Coutts CMT (@Jamie1Coutts) December 5, 2022
Like Gokhshtein, famous venture capital investor Tim Draper also believes that Bitcoin will rise to $250,000. Draper initially suggested it could happen in 2022, but has now extended his prediction to mid-2023.
Bear in Bitcoin
However, not everyone is against Bitcoin. For example, Eric Robertsen, head of global research at Standard Chartered, thinks that Bitcoin will continue to fall in price next year.
According to Bloomberg, Robertsen wrote in a different note that Bitcoin could crash 70% to $5,000, further destroying the royal coin. The executive said people will likely switch from hoarding Bitcoin as digital gold to buying the original yellow metal. His prediction shows that this could lead to a 30% increase in the price of gold.
Additionally, Robertsen believes that Bitcoin could crash if the crypto sector witnesses more bankruptcies after the FTX collapse and the Fed decides to cancel interest rate hikes.