A panel of 35 crypto professionals have grown collectively less confident on the year-end target price for Bitcoin, although they expect the dominant cryptocurrency to end significantly higher than current levels and even set a new all-time high, according to a report by Finder.

See related article: Bitcoin crosses $47,000 mark as crypto surges in Monday’s market

Fast facts

  • The expert panel forecast Bitcoin would close out 2022 at US$65,185, or 15% lower than the end-of-year target of US$76,360 issued in January, according to Finder’s quarterly report for April released on Wednesday.
  • The panel forecast the BTC price at US$179,280 by 2025 and US$420,240 by 2030, a drop of 13% and 25% respectively compared to their predictions in the October quarterly report.
  • Still, the panel expects Bitcoin to reach a new all-time high of US$81,680 this year, according to an average of the 35 fintech and cryptocurrency specialists polled.
  • About 50% of the panel believes Bitcoin will eventually be dethroned by a more advanced blockchain in terms of being the most popular cryptocurrency, although no time frame was specified.
  • “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,” University of Canberra senior lecturer John Hawkins was cited as saying in the survey.
  • Morpher CEO Martin Fröhler believes conditions support ongoing gains for Bitcoin, according to the report, which cited him as saying: “Political uncertainty, inflation, and an ever-increasing desire to own non-government controlled assets will propel Bitcoin to new all-time highs.” 

See related article: Bitcoin legal tender status meets stop sign in Malaysia