Analyst: Bitcoin May Hit Six Figures in 20232 min readReading Time: 2 minutes
Bitcoin is in shambles. Traders and analysts have been privy to this for the past several weeks. A crypto bloodbath is ensuing, and many popular digital currencies – such as bitcoin and Ethereum – are losing value faster than anyone could have anticipated. BTC was trading for around $68,000 just seven months ago, but now the asset is trading for nearly $40K less.
Bitcoin May Come Back in 2023
Yet, this isn’t deterring some people who have long backgrounds in the fields of crypto and blockchain. Yves Lamoureux – who runs a macroeconomic research firm called Lamoureux & Co. – explained in a recent interview that he sees the bitcoin price hitting $100,000 as early as next year. He also feels that the crypto run leading to that price bump could last into 2025.
I’m not giving a major buy signal. I’m just saying yes, you can start to buy a little bit.
For the most part, he feels that bitcoin is meeting the criteria necessary to leave the bear market. Thus far, 2022 has shown heavy signs of being another 2018, which up to this point, was considered one of the worst – if not the worst – year for bitcoin. The currency had experienced a solid year in 2017 that saw it reaching its then all-time high of nearly $20,000, though just a few months after hitting this peak, bitcoin began sinking into oblivion.
By the time the final months of 2018 arrived, bitcoin was trading for around $3,500 – roughly 70 percent less than where it had been just 11 months prior. It was a sad sight indeed, and it looks like 2022 – following the great success of 2021 – is on the verge of being a repetition period.
Lamoureux is confident, however, that next year will be very different for the currency given that in 2024, bitcoin is all set to experience what’s known as a halving, which occurs in the BTC world every four years. It’s when rewards for crypto miners are ultimately reduced to half of what they were during the previous 48-month stint. Thus, miners will probably look to extract more and work faster so they can reap extra rewards before the time comes.
Supply Has a Big Say in How Things Go
This halving will reduce the current bitcoin supply according to Lamoureux. He believes this will have a positive influence on its price and cause it to reach six figures. He stated:
One of the main things that drives bitcoin is supply. There’s less supply, so there’s less coming to the market. That, historically, has always driven prices higher. What I’m saying is that it’s out of the narrative, now.
He also said that many other currencies are difficult to trust, and that in the end, many people tend to float more towards BTC than any other digital asset.