Bitcoin (BTC) is set to crack $80,000 and hit a new all-time high this year, according to Finder.com’s latest Bitcoin Price Predictions report.
Finder’s panel of 35 fintech and cryptocurrency specialists believe that BTC will peak at $81,680 on average in 2022 before dropping to $65,185 by the end of the year.
Morpher CEO, Martin Fröhler, gave one of the most bullish end-of-2022 forecasts and says “political uncertainty, inflation, and an ever increasing desire to own non-government controlled assets will propel Bitcoin to new all-time highs.”
On the other hand, CoinJar CEO Asher Tan gives a more conservative prediction. Tan predicts BTC will peak at $60,000 before dropping slightly to $56,000 by the end of the year.
“There’s still plenty of uncertainty about the short-term Bitcoin outlook. Given the macroeconomic headwinds, it would not surprise me to see Bitcoin spend the whole year bouncing around between US$30-60k – the sort of conditions that are terrible for traders, but rewarding for accumulators with a multi-year timeframe,” he said.
Although the panel’s average forecast for the end-of-2022 is significantly higher than the price of BTC at the time of writing, it is 15% lower than the January prediction of $76,360.
Bitcoin’s lack of use cases beyond being a store of value may factor into why the panel is becoming less bullish on Bitcoin.
In fact, half (50%) of Finder’s panel, including Thomson Reuters technologist and futurist, Joseph Raczynski, believe that BTC will eventually be overtaken by a more advanced blockchain in terms of being the most popular cryptocurrency.
“Bitcoin is a one trick pony. For now it really only serves as another currency, akin to a dollar, euro, or pound. Other blockchains that serve a multitude of purposes will likely have a chance to take the throne,” he said.
According to Raczynski, this is likely to be Ethereum:
“It can serve as money, but has created a platform to tokenize all assets and create a massive platform of the internet of value. This is far grander than BTC potentially.”
Longer-term forecasts for BTC have also been on the downtrend since October 2021. By 2025, the panel predicts BTC will be worth $179,280, which is a 13% drop from the panel’s October prediction of $206,351, and a 7% drop from the January forecast of $192,800.
The panel’s price predictions for 2030 have also dropped since October. The panel now expects BTC will be worth $420,240 by the end of 2030, which is roughly 25% lower than their October forecast of $567,472.
University of Canberra senior lecturer John Hawkins is one of the most bearish on BTC’s future, predicting the coin will be worth just $5,000 and $100 by the end of 2025 and 2030 respectively as it loses out to Ethereum.
“As well as private crypto being replaced by CBDCs, and a general collapse of the speculative bubble, I think Bitcoin will lose out to Ethereum which has a stronger use case, especially if Ethereum ever converts to PoS and so becomes more environmentally responsible.”
You can find the full report here.
*Finder surveyed 35 fintech specialists from March 28 – April 11, 2022. The number of responses received varies by question and 33 panelists gave their price forecast for BTC. The average forecast was calculated using the truncated mean, with the top and bottom 10% of responses removed. All prices are in USD.