A worsening macroeconomic climate and the collapse of industry giants like FTX and Terra have weighed on bitcoin’s price this year.

STR | Nurphoto via Getty Images

2022 was a rough year for crypto. More than $1.3 trillion was wiped off the value of the market. And bitcoin, the world’s largest digital coin, saw its price slump more than 60%.

Investors were caught off guard by a wave of collapses in the industry from stablecoin project terraUSD to crypto exchange FTX, as well as a worsening macroeconomic climate. Those who made predictions about bitcoin’s price in the past year really missed the mark.

But with 2023 now here, some market players have stuck their neck out with price calls for what could be another volatile year.

Interest rates around the world are on the rise, and that’s weighing on risk assets like stocks and bitcoin. Investors are also watching how the FTX saga, which resulted in the arrest of the company’s founder Sam Bankman-Fried in the Bahamas, will develop.

CNBC rounds up some of the boldest price calls for bitcoin in 2023.

Tim Draper: $250,000

The halvening, or halving, is an event that happens every four years in which bitcoin rewards to miners are cut in half. This is viewed by some investors as positive for bitcoin’s price, as it squeezes supply. The next halving is slated to happen sometime in 2024.

Bitcoin miners, who use power-intensive machines to verify transactions and mint new tokens, are being squeezed by the slump in prices and rising energy costs.

These actors accumulate massive piles of digital currency, making them some of the biggest sellers in the market. With miners offloading their holdings to pay off debts, that should remove most of the remaining selling pressure on bitcoin.

Read more about tech and crypto from CNBC Pro

That’s historically a good sign for bitcoin, said Vijay Ayyar, vice president of corporate development at crypto exchange Luno.

“In prior down markets, miner capitulation has usually indicated major bottoms,” Ayyar told CNBC. “Their cost to produce becomes greater than the value of bitcoin, hence you have a number of miners either switching off their machines … or they need to sell more bitcoin to keep their business afloat.”

“If the market reaches a point where it’s absorbing this miner sell pressure sufficiently, one can assume that we’re seeing a bottoming period.”

Standard Chartered: $5,000

Mark Mobius: $10,000

Carol Alexander: $50,000

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