Will Bitcoin Go Up Above $50,000?
Bitcoin is the world’s first cryptocurrency and the most popular one globally. This cryptocurrency is a very important choice for people. In the month of November 2021, Bitcoin reached an all-time high. However, things have not been going too well for Bitcoin since, after that high, Bitcoin has been experiencing price fluctuations.
It is true that there have been some major rises and falls in the price of Bitcoin. Most analysts and experts thought that the price and value of BTC or Bitcoin would exceed about $100,000 by the time 2021 came to an end.
However, things didn’t go too well for Bitcoin as it couldn’t even reach half that amount. Also, the price of this cryptocurrency has been falling a bit sharply ever since 2022 began. There have been seven consecutive days when Bitcoin experienced heavy losses. However, at present, Bitcoin has managed to reach the price of $40,000 again.
So, for this new year, there is just one question on people’s minds, and that is: Will Bitcoin Rise Again Above $50,000?
Understanding the future of Bitcoin is important since it helps the investors in making better investments and reaps financial gains. So, it is essential to know what is in store for Bitcoin and how long it will take its stand and continue in the crypto market.
Will Bitcoin Go Up: Experts Opinion
Some experts and analysts have a lot of predictions about Bitcoin and the strength it has in the entire market. According to the Senior Product Strategist at Bloomberg Intelligence, Mike McGlone, Bitcoin is a properly consolidating bull market. He also believes that the market of Ethereum is pretty much more durable compared to Bitcoin.
According to him, Bitcoin will face some headwinds if the stock market can’t survive. However, the extent will be until the pressure bonds can yield more incentives for the central bank’s liquidity, and crypto might become the main and the most important beneficiary.
Apart from that, McGlone also believes that different cryptocurrencies will dominate the entire year of 2022 since the asset class can outperform all the different traditional forms of investments. There are expectations that the US will be able to properly embrace the power of cryptocurrency in the year 2022, and that too with proper regulations and an ideal framework.
Compared to other broader stocks, the cryptocurrency market might have some relative advantage. So, there is still some positive hope for Bitcoin.
Will Bitcoin Go Up: Is Bitcoin Worth The Investments?
To understand what the future holds for Bitcoin, it is also essential to know whether it is worth investing in or not. According to the CEO of Okcoin, a firm dedicated to different cryptocurrency exchanges, he has some pretty strong views on that matter.
Okcoin CEO Hong Fang said that this is not the time that Bitcoin will reach the mark of $100,000. Since the market of crypto is an emotionally charged one, it is pretty hard to guess in what direction the price of Bitcoin might go. He further continued that while Bitcoin is still considered the king of cryptocurrency, other assets are also building their unique proposition in value.
Will Bitcoin Go Up: Conclusion
There is simply no doubt that Bitcoin is one of the most well-known cryptocurrencies globally. After all, it is the very first crypto to grace the market.
Will Bitcoin Go Up? In recent times have made people believe that Bitcoin wouldn’t go for that long. Still, given the popularity of Bitcoin, it is safe to say that there might still be some hope for the cryptocurrency in the long run. However, the prospect of rising over $50,000 may not be feasible considering the current situation.
Author: Ananya Mukherjee
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions