In December of 2018, Bitcoin reached an all-time high of $20,000. The cryptocurrency saw a recent decline in value that brought it close to the $7k mark. This is only one example of Bitcoin’s volatility; the price has been up and down for years now. Despite its rocky road so far, cryptocurrencies have made their way into popular culture with Netflix launching its own coin – ‘Netflix Coin’ – which could replace credit cards (and even cash) this year. With such success at varying points across history and still no regulation on how it functions or operates as a fully fledged currency, what will come next?
The “will bitcoin reach 100k” is a question that has been asked before. Bloomberg analyst Tom Lee predicts Bitcoin could hit $100,000 in 2022.
With the year coming to a conclusion in only 22 days, the chances of Bitcoin reaching its $100k objective are dwindling by the day, particularly since the currency just saw a market drop that sent it back below the $50k mark.
As things stand, it seems that experts are starting to give up on the flagship crypto-estimate asset’s of $100k, with some even predicting 2022 as the year when BTC will finally hit the price.
In 2022, Bitcoin will be worth $100,000.
Mick McGlone, a senior commodities analyst at Bloomberg Research, claimed in a tweet that deflationary pressures will favor Bitcoin and Gold in 2022, with each reaching $100k and $2k, respectively.
Analysts predict that the upcoming U.S. Consumer Price Index (CPI) data, which will be released on Friday, would show a hefty 6.7 percent rise year-over-year. This rising inflationary pressure, according to McGlone, would have a knock-on impact on commodity prices and stock prices. This pace of inflation, on the other hand, might help BTC and golf to new highs. “$100,000 Bitcoin, $50 per barrel of oil, $2,000 per ounce of gold?”
“Peaking commodities and the dropping yield on the Treasury long bond speak to dangers of resurrecting deflationary forces in 2022, with good consequences for Bitcoin and gold,” he concluded.
The $100k Bitcoin movement was a flop.
One of the most widely held forecasts for Bitcoin this year was that its value will surpass $100,000. After the digital currency achieved its new $68k ATH in early November, members of the crypto community anticipated it to rise in price.
The market, however, experienced a significant sell-off, with the coin falling to as low as $42,000 before recovering to its current price of $48,379. Some crypto specialists have already speculated that we may have reached the coin’s all-time high for the year.
Posted in: Trading, Bitcoin
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