Since the creation of Bitcoin, we have witnessed its price increase up to $58,332.36. This rising was definitely not constant, and bitcoin has experienced major fluctuations.
The weeks after Bitcoin set its new record, gave signals of a bear market but analysts saw it as part of the price correction that an asset usually experiences. In fact, the price has been settling above $50k the past few weeks and isn’t showing any signs of decreasing.
According to the data collected from bitcoin’s blockchain, the price is unlikely to fall under $48k. The reason why this is improbable to happen is because of the buyers. Any time the value goes under $50k, people are eager to enter the market and purchase more cryptocurrency.
One of these analyses was made by the South Korean firm CryptoQuant, which provides blockchain data and analytics.
“Speculative guess, but institutions would buy more if the price is falling,” Ki Young Ju, CryptoQuant’s CEO said in an interview.
But what will happen with the price in the future?
Shervin Pishevar, co-founder of Hyperloop One and Sherpa Capital, after a meeting with MicroStrategy CEO Michael Saylor, said Bitcoin will reach $100,000 by the end of 2021.
Anthony Pompliano is a founder and partner at Morgan Creek Digital, and over 50% of his net worth is in Bitcoin. He believes Bitcoin will go up to $250,000 by the end of December 2021.
Thomas Fitzpatrick, the global head of CitiFX Technicals, predicted the value of bitcoin to reach $318,000 by 2022.
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