Finance

Experts provide an overview of Bitcoin

bitcoin

Bitcoin had a rough start to the year, but analysts think it will exceed $100,000 — it’s only a question of when. Bitcoin’s price surged beyond $30,000 Friday, an 8% gain in 24 hours. Earlier in the week, the top coin fell below the $30,000 level as both conventional and crypto markets fell.

Investors are still worried about increasing prices, geopolitical risks, and possible Fed tightening. In recent months, the crypto market has followed the stock market, making it more tied to global economic issues.

With no end in sight, the conflict, inflation, and changing U.S. monetary policy will likely continue to cause volatility, analysts believe. Some analysts claim TerraUSD (UST), one of the major stablecoins, contributed to this week’s Bitcoin fall. Stablecoins are meant to offer stability to the crypto markets and should remain close to $1, but UST fell as low as 29 cents this week as speculators panicked and sold out their coins.

“Stablecoin instability and lost faith in cryptos has now been followed by a rebound,” observed senior market analyst Edward Moya of Oanda. The new problem with stablecoins sparked the breakdown of the $30,000 level, a significant entry point for many institutional investors. The cryptoverse’s confidence is eroding, but the market sell-off may be ending.

Despite instability and a recent price dip, many analysts predict Bitcoin will hit $100,000, but many disagree on when. The Trastra team has collected the opinions of the most influential analysts about Bitcoin and its predictions in this article.

Bitcoin Forecasts

After Bitcoin’s November all-time high, it was simple to anticipate a $100,000 price late last year. Since Bitcoin’s decline, prediction is much harder.

Extreme crypto doubters think Bitcoin will drop to $10,000 in 2022, while a medium position would be to argue it can still increase to $100,000, only more slowly.

Kate Waltman, a New York-based crypto CPA, predicted $100,000 Bitcoin in Q1 2022 or sooner in November 2021.

Now, optimistic experts are re-evaluating the crypto business as large firms like Nike aim to monetize their goods in the digital metaverse. Metaverse games, worlds, goods, and experiences are expanding altcoin popularity, changing investor attitude about Bitcoin (known as the original crypto).

However, many analysts believe that Bitcoin’s value will continue to rise over time. Jurrien Timmer, director of global macro at Fidelity Investments, projected in October that Bitcoin’s long-term value will climb “quite sustainably,” with $100,000 in sight.

Kiana Danial, the creator of Invest Diva and author of Cryptocurrency Investing For Dummies, expects Bitcoin to be volatile in the near term and thrive in the long run.

Next year’s forecasts, sorted from low to high:

Ian Balina

  • Bitcoin investor and media firm founder Tokenmetrics
  • Bitcoin might reach $100,000-$150,000, but when is unknown.
  • Bitcoin’s sentiment cycle is gloomy, but the crypto market and other asset classes aren’t. Bitcoin was the first cryptocurrency, but others have exceeded it in innovation for “Web 3,” the future blockchain-based internet. New cryptocurrencies and metaverse excitement will continue to boost crypto demand, thus Bitcoin will rebound.

Matthew Hyland

  • Point of view: Analyst for technical analysis and blockchain data
  • Bitcoin might hit $100,000 by 2022.
  • Bitcoin’s price in 2022 is approximately the same as in 2021, while altcoins are in demand. Hyland tweeted that Bitcoin supply is leaving major exchanges (probably for offline wallets). A decline below $40,000 might trigger a Bitcoin bear market, he said.

Robert Breedlove

  • Parallax founder and CEO says Digital
  • 307,000 by October 2021, and 12.5 million by 2031
  • Inflationary pressures following COVID-19 will boost Bitcoin’s value, Breedlove warned earlier this year. Breedlove, a crypto fan known as a philosopher, typically discusses the societal ramifications of crypto as transparent, decentralized money, but his price forecasts haven’t proven accurate.

JPMorgan predicted a long-term high of $146,000, while Bloomberg predicted a $400,000 high if the currency rises at a similar pace. If you are interested to buy bitcoin using IBAN, follow the link.

About the author

Brian Altman

Brian Altman is with us for the last 10 years and manages technology-related newsletters, blogs, reviews, and weekly opinion articles. He is a passionate writer and is the chief of content & editorial strategies. He writes articles on artificial intelligence, Blogging, SEO, Technology, and cryptocurrency. Brian Altman is a professional writer from the last 8 years in this industry and, in leisure time, he likes to be connected with people via social media platforms.

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