The founder of Skybridge, Antony Scaramucci, named 2023 a "recovery year" for Bitcoin and believes that in two to three years, the leading cryptocurrency may trade at $50,000 to $100,000.
"You are taking on risk but you're also believing in [bitcoin] adoption. So if we get the adoption right, and I believe we will, this could easily be a fifty to one hundred thousand dollar asset over the next two to three years," Scaramucci stated.
Jean-Baptiste Graftieaux, global CEO of cryptocurrency exchange Bitstamp, also shares a similar take, as he said last week that the next bull run could come over the next two years. He cited growing interest from institutional investors.
Crypto investors are attempting to predict the potential timing of the next Bitcoin bull run after a turbulent 2022. The whole cryptocurrency market lost around $1.4 trillion in value in 2022 as a result of bankruptcies, liquidity problems and the collapse of the FTX exchange.
Investors watch macroeconomic outlook
Despite a modest increase at the beginning of the year, similar-risk assets like equities, experts believe that Bitcoin has bottomed but is unlikely to retest its all-time high of around $69,000. Investors are keeping an eye on the macroeconomic outlook because Bitcoin is strongly linked to risk assets such as stocks — particularly the Nasdaq.
The Federal Reserve's interest rate hikes, as well as other macroeconomic developments, have impacted stocks and cryptocurrencies. The Fed started an aggressive interest rate hike path last year to control inflation, which led to a plunge in the price of risk assets like Bitcoin. Industry experts claimed that Bitcoin might benefit from a change in the macroeconomic outlook.
BTC was trading at $20,813 at the time of publication, slightly up over the previous 24 hours. Since the beginning of 2023, the top cryptocurrency has recorded 13 green days out of 16.