Bitcoin Could Fall to USD 13.6K This Year, Panel Says After Adjusting Predictions Once Again

cryptonews.com:

Another survey shows a seemingly dominant sentiment that bitcoin (BTC) still has more room to fall and test new lows in the near term before skyrocketing again. In either case, the latest prediction marks the third time this year that a panel of analysts gathered by the comparison website Finder.com has had to adjust its predictions down.

Judging from an average of the responses, bitcoin could fall to USD 13,676 this year, before it ends the year higher at close to USD 25,500 – almost 30% higher than the coin’s current price at the time of writing (08:30 UTC) of USD 19,770.

Finder.com’s panel was made up of various crypto industry players, including analysts, founders, CEOs, and academics.

“It's reasonable to expect to see more big projects fail in the next couple of months. Retail sentiment is at historic lows due to global economic uncertainty and inflation. Highly leveraged miners, who just had to digest the China exodus, will capitulate and increase the downside pressure even more. We will see even lower Bitcoin prices,” commented Martin Fröhler, a mathematician and CEO of crypto trading platform Morpher.

Other panelists also agreed with Fröhler, with for instance Arcane Research analyst Vetle Lunde saying bitcoin has been “crushed” by negative impulses, and that a drop to USD 13,000 is in the cards for this year.

“A myriad of negative forces has crushed the strength of bitcoin…. further tightening and unwinding of bad crypto debts will create sobering times onwards, and investors should buckle up for more difficulty,” Lunde said.

Others in the panel were much more critical, with John Hawkins, senior lecturer at the University of Canberra, calling bitcoin “nothing but a speculative bubble.”

Compared to a previous survey