Bitcoin will surely reach US$100K, but its trajectory will decide when

The Bitcoin price performance has been on a rollercoaster ride since the beginning of the year. For quite a short period of time, the crypto successfully breached the US$24,000 resistance but fell again back to the US$22k range. According to coinmarketcap, at the time of writing this article, the Bitcoin price is revolving around the US$22k range, indicating that the BTC token is struggling even to maintain the US$23,000 price floor, which is quite crucial for the crypto to cross the US$25k and head above that. BTC investors are worried about Bitcoin’s lackluster performance, even though all other major cryptocurrencies, like Ethereum, Polkadot, and Dogecoin are striving hard to recover their losses. Due to the recent spotlight on Ethereum and its upcoming Merge upgrade, investors might be neglecting the importance and popularity of Bitcoin, however, analysts still believe that Bitcoin has the potential to reach US$100k. They also indicate that Bitcoin investors should wait for an entire year to see the cryptocurrency gain immense heights and break its previous all-time highs.

Even fayre suffering at the hands of adverse macroeconomic conditions, the flagship cryptocurrency continued to experience momentum. Based on previous reports on Bitcoin, the cheaper market value is facilitating institutional investors to hoard large amounts of BTC tokens. These movements basically give hope to regular investors about the future prospects of the BTC token, while some believe Bitcoin is dead, there are others who say that the cryptocurrency will rise again and continue to remain the most prominent cryptocurrency in the market. The uncertainty around the macroeconomic conditions is one of the major triggers causing the Bitcoin price to plummet. Nevertheless, experts like Mike McGlone, the Senior Commodity Strategist for Bloomberg Intelligence denote that Bitcoin’s current movements can be termed as an ‘enduring trajectory’ mainly because it is one of the best performing cryptocurrencies in the world and will probably be on track to record fresh gains by the end of 2022.

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Which trajectory is Bitcoin currently following?

For the most part of 2021, Bitcoin witnessed an upward trajectory, which caused its price to rise above the US$65,000 threshold, dragging along the wider crypto market to cross the US$3 trillion mark! But when the crypto market entered the slumber zone, the prices of all cryptocurrencies, including Bitcoin plummeted. The cryptocurrency demonstrated an upward trajectory when Tim Beiko exploded the news about launching the Ethereum upgrade around September. BTC continued its journey towards the US$25,000 threshold but seemed to have congested around US$24,000. This metric was not adversely affected when the US Federal Reserve undertook another session to raise interest rates and tackle inflation. But, quite surprisingly the crypto took a downward turn to US$22k, proving that there is still immense volatility in its market movements and that investors should still be extremely careful before treading deep into the crypto waters.

 McGlone believes that BTC might actually be benefitting from these deflationary forces. He asserts that the token is actually more beneficial than we estimate it to be, and considering its current performance, it is most likely that the crypto will reach US$100,000 in the upcoming months. In fact, he believes that the values of both Bitcoin and gold are expected to accelerate in the coming months.

So, when will Bitcoin hit the US$100,000 mark?

Experts say that it has been quite easy to predict when Bitcoin will reach US$100,000, given its previous engagements with some of the top brands in the world and rapid increase in market value. Most skeptics believe that the value of BTC will probably plummet as low as US$10,000 before it finally moves towards US$30,000. To predict the time when Bitcoin will reach US$100,000 is probably hard to predict, but for now, we can only pray that its price does not dive below US$20,000.

Source: Analytics Insight