Crypto Selloff Viewed By Investors ‘Opportunistically’ As BTC Seen Hitting $65K By 2023
Bitcoin’s price action over the years has resembled nothing less than a head-shaking rollercoaster ride.
The cryptocurrency sector has been mostly driven by volatility, from the bull run of 2017 to the big crash of 2020 and the present market crisis.
Bitcoin initiated the cryptocurrency revolution over 10 years ago, setting the stage for digital assets and generating considerable attention among global investors.
The unpredictability of digital assets, however, has made investors wary of the asset class and its price forecasts.
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Crypto Shows Intrinsic Resilience
Despite its ups and downs and the odd fear caused by an unanticipated price crash, the digital currency market has demonstrated remarkable resilience, and investors are returning to Bitcoin and other big cryptocurrencies such as Cardano and Ethereum.
The volatility is nothing new, Michael Sonnenshein, CEO of Grayscale, told Yahoo Finance last week on the sidelines of the World Economic Forum.
Bitcoin has outpaced the majority of the cryptocurrency market, according to a report issued by Arcane Research on Tuesday. Bitcoin’s price has declined by more than 15 percent since its latest valuation on May 1.
Investors Unfazed By Recent Selloff
“According to investor feedback, the recent stock market selloff has not deterred investors,” Sonnenshein stated.
Grayscale CEO Michael Sonnenshein is unfazed by the recent selloff. (Crypto News)
The CEO, whose crypto-focused investment trust has witnessed its assets diminish by more than 50 percent since the start of 2022, has this to say about the recent pullback.
“If anything, they’re looking at it opportunistically.”
Grayscale is one of the top crypto players and manages more than $25 billion in assets.
In a recent interview, Sonnenshein also stressed Bitcoin’s ability to recover:
“I believe we [crypto] will regain our footing in the near future.”
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Currently selling above $31,500 per coin as of midday on Wednesday, Bitcoin has had a 9.24 percent increase over the past five days.
Crypto total market cap at $1.28 trillion on the daily chart | Source: TradingView.com
In recent weeks, investors’ preference for Bitcoin has also increased significantly. From May 10-31, the market capitalization of this asset class increased by about 6 percent — a strong indication of investors’ faith in the sector.
Sonnenswein stated that cryptocurrency devaluations are nothing new. Moreover, he noted that investors are undaunted by the decline and saw it as a buying opportunity based on their charts.
Bitcoin Seen Hitting $65K By End Of 2023
Based on analysis by Coin Price Forecast, the predicted Bitcoin price at the end of the current year is $49,065, representing an increase of 5% year-over-year.
CPF sees Bitcoin hitting a value of around $53,165 in the first six months of 2023 and $65,125 by the end of that year.
In April, the Finder panel forecasted that Bitcoin’s price will reach $65,185 by the end of 2022, which is 15% less compared to the previous prediction of $76,350 set in January prior to the latest selloff.
Featured image from Freepik, chart from TradingView.com