Our experts told us what prevents Bitcoin from rising in price. And what the prospects are for it to return to its maximums as it was in fall 2021
In November 2021, 12 years after its appearance, Bitcoin reached a price high of about $69,000. On January 1, 2022, the cryptocurrency was trading at $46,200. In June, its price fell to $17,600, renewing its low from December 2020.
Proponents and critics of cryptocurrencies make various predictions about the direction in which Bitcoin will go next. And what levels it may reach.
A return to the historical high around $69,000 is hardly possible on the horizon of the next 12 months.
Our experts believe that the fundamental factors for Bitcoin growth. Growth in the cost of money in USA and Europe (an increase in key rates) is necessary. Despite the existing name of BTC “digital gold”, it has not yet become a protective asset. But nothing prevents BTC from becoming such in the future.
With the current volatility of Bitcoin, its price can change by $20,000 in half a year. And if volatility does not increase, the approach to the historical highs will not happen earlier than in a year.
Bitcoin follows the rate of U.S. stock exchanges. And this has been observed for a long time. For example, during the growth of indices, the price of bitcoin also grows. And during the fall – it goes down. The downtrend on the U.S. stock market is for a long time. Because the dynamics of inflation in the U.S. promises a further increase in Fed rates. And accordingly, a decrease in the quotations of the technology sector.
Our expert says that according to different estimates, recovery of stock indices in USA. Which have lost more than 10% since the beginning of the year, will take at least three years. That means the same recovery period to record levels can be predicted for Bitcoin. Most likely, the coin will reach above $60,000 only in 2025.
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