Bitcoin Forecast Increased to $95,000 by End of 2023, Says Analyst; Here’s Why


Bitcoin might more than quadruple from its current level to reach $95,000 by 2023: Mark Palmer

Mark Palmer, an analyst at BTIG, predicts that Bitcoin could more than quadruple from its current level to reach $95,000 by 2023. Although MicroStrategy Inc. shares have been beaten this year, analysts remain optimistic. Palmer sets a price target of $950 for MSTR stock, more than five times MicroStrategy’s closing price of $170.

In an interview with The Guardian, Binance CEO Changpeng Zhao said that Bitcoin may hit its all-time high of close to $70,000 within a few months to two years.

Zhao said, “I think given this price drop, from the all-time high of 68,000 to 20,000 now, it will probably take some time to come back.” He said: “It will probably take a few months or a few years”, adding that “no one can predict the future”.

Bitcoin ”technically oversold”

Anthony Scaramucci, the founder of SkyBridge, said on Thursday at the Collision conference in Toronto that given Bitcoin’s (BTC) expanding adoption into more and more sectors and the exponential rise in wallet activity, the cryptocurrency is “technically oversold” at present levels.

Analysts wonder if Bitcoin (BTC) could experience further declines similar to those seen in 2013 and 2017, when it plunged 84% and 85%, respectively. Therefore, the price threshold of $20,000 remains crucial. The price of Bitcoin could drop close to $10,000 if it experiences a similar drop this time around.

Ian Harnett, co-founder and chief investment officer of Absolute Strategy Research, stated that Bitcoin might drop as low as $13,000, which would represent a nearly 40% drop from its current price.

While Bitcoin prices increased 90x and 20x in 2013 and 2017, respectively, prices only increased 10x in 2021. According to CoinMarketCap, the major cryptocurrency was recently trading at $20,909, in increase of 2.21% compared to the previous day.


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