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The recent crypto market drop last week dragged Bitcoin (BTC0 below $20,000 at one point as Ethereum (ETH) plunged below $1,000. While both coins have already managed to recover from their sharp decline, the question that is currently on every investor’s mind is whether or not now is the right time to buy crypto. Here’s what some crypto experts think.
A number of experts believe that Bitcoin is on discount right now. For instance, JPMorgan Chase recently valued BTC at $38,000, which is roughly 90 percent more than its currency price, according to Time.
Fidelity Investments director of global macro Jurrien Timmer believes that Bitcoin could go as high as $100,000 in two years. He also said that BTC’s fair market value is between $40,000 and $50,000, which means that at its current price of around $21,400, the crypto is at a bargain.
Meanwhile, D.A. Davidson managing director and senior market analyst ChrisBrendler predicted that Bitcoin’s price could rise to around $38,000 by the end of 2022 and $50,000 by the end of 2023. “Bitcoin is a unique animal because it’s difficult to say what exactly it is worth,” Brendler said. “It tends to have these exaggerated moves on the upside when folks are only buying because they want it to go up in value. When it starts to go down, those folks exit. But the price of Bitcoin will grow higher than it is today in the next coming years.”
Alex Kuptsikevich, senior market analyst at FxPro, said that Bitcoin’s price will likely settle near the high in the previous rally (2017). “In our view, it is much more reliable to estimate that bitcoin finds a long-term bottom near the highs of the previous four-year cycle,” he said, Coindesk reported.
However, the market analyst cautioned investors to wait some time before buying. “It may not be the best time to buy, as it may take considerable time before the crypto market digests the recent turmoil and enters a new phase of sustained demand from broad segments of investors, not just stressed asset hunters,” he added.
