Erik Voorhees, the CEO and founder of crypto exchange Shape Shift, sees bitcoin – the world’s number one digital currency by market cap – reaching a relatively modest price of about $40,000 at some point this year. Erik Voorhees: BTC Will Be at $40K 2022 was a rough period for bitcoin. The asset fell by […]
Erik Voorhees, the CEO and founder of crypto exchange Shape Shift, sees bitcoin – the world’s number one digital currency by market cap – reaching a relatively modest price of about $40,000 at some point this year.
Erik Voorhees: BTC Will Be at $40K
2022 was a rough period for bitcoin. The asset fell by more than 70 percent from its all-time high of $68,000 per unit and dropped into the mid-$16,000 range. Things have been bad for the currency and its altcoin cousins for some time, though there is good news in that we are seeing similar patterns to what was witnessed in the crypto arena around four years ago. If these patterns continue, 2023 could be the year in which a dose of healing is delivered.
As we all remember, for example, 2018 saw the currency fall from a 2017 high of just under $20K to a new low of about $3,500 11 months later. Things weren’t looking great for the asset, though 2019 saw the currency experience a rise into the $15K range by the summer. Things began dipping from there, and bitcoin still ended those 12 months on a relatively low note (around $7,000), though it was far better than where it was a year earlier.
If we’re to assume things will continue in this matter and 2023 is reminiscent of 2019, $40K as proposed by Voorhees is something we can all easily believe in. it’s not quite where it was during its 2021 peak, but it’s still far better than what we witnessed last year.
In an interview, Erik Voorhees mentioned that bitcoin could reach this price as early as summer of 2023, and that he “wouldn’t be surprised” if such action occurred even sooner. This would make sense given that summer of 2019 is also when we witnessed the peak point of post 2018 recovery.
It’s hard to assume what could truly happen, however, given the high number of predictions about what bitcoin will do over the next several months. Many analysts claim to be the experts about where bitcoin will travel in the future, and a consistent problem with their predictions is they all tend to be somewhat over the top.
So Many People Predicting Where Bitcoin Will Soon Go
Perhaps the one that most fits this description is Tim Draper’s notion that bitcoin will somehow hit $250K before 2023’s end. For this to happen, bitcoin would need to see a rise of more than $230,000 in the next 12 months. While we cannot deny that anything is possible in the crypto space, the idea of such high gains in such a short period feels very far fetched.
Other analysts are at the opposite end of the spectrum, with companies like Standard Chartered saying bitcoin could fall another $11K and reach $5,000 per unit before things get better.
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