Just 17% of those polled think we're in a bear market — but overall, they're predicting Bitcoin will fall further.
A new poll has revealed what crypto experts think about the current state of Bitcoin.
More than 40 professionals took part in the Finder survey, and 61% said that they believe the world’s biggest cryptocurrency is currently undervalued.
The most bullish panel member suggested that he believes Bitcoin has the potential to hit $160,000 by the end of the year — buoyed by increasing adoption.
Looking ahead to 2024, Martin Fröhler said:
“The next halving cycle will see increased adoption of Bitcoin as a legal tender by developing countries, and until 2030, Bitcoin will have replaced gold as a global reserve asset.”
Others, such as Arcane Crypto analyst Vetle Lunde, also believe that BTC has the potential to hit new all-time highs this year, explaining:
“We’re standing in the midst of the institutionalization of Bitcoin. More funds are joining the space, the first country has adopted Bitcoin as legal tender, and we have several exchange-listed companies now owning Bitcoin. I believe this trend will continue onwards.”
Others argue that El Salvador’s plans to adopt Bitcoin as legal tender could actually affect the cryptocurrency’s price performance.
Bear Market Debate Rumbles On
Beyond the predictions of where Bitcoin will be later this year, perhaps one of the most interesting debates in the Finder poll surrounded whether we’re entering a bear market.
Just 17% of those surveyed believe that a crypto winter is looming, while 62% added that they don’t think things are looking too bearish.
Indeed, Finder’s co-founder Fred Schebesta appeared to indicate that sentiment surrounding BTC could shift suddenly:
“While we are currently bearish, announcements from large players could very quickly move the market out of this bear trend – and invalidate the concern of a death cross. It’s like a game of chicken: Large institutions want to buy lower by letting the bear market continue. However, the longer they wait, the more they risk that another beats them to the chase.”
Nonetheless, there does seem to be a view that there will be further pain ahead before we start to see a rebound. On average, the panel forecast that Bitcoin will fall as low as $25,112 in this cycle.