Bitcoin On the moon? Some cryptocurrency data experts certainly think so.
that much bitcoin price According to data from CoinGecko, the current price is $72,880. On Wednesday morning, it continued its recent upward streak by hitting another all-time high of over $73,600 per coin.
The new leap forward depends on the continued success of . Spot BTC Exchange Traded Fund (ETF)Receiving record influx Amid growing demand from traditional investors. Bitcoin is said to be currently in price discovery mode. This means that the cryptocurrency has reached an all-time high and is now breaking new ground.
When will it stop?
Experts: “There is still a long way to go” decryption. However, how high depends on a variety of factors and the valuation model used by the analyst.
said CryptoQuant, an on-chain data company. decryption Using Bitcoin Metcalfe price valuation bands, which are indicators that observe the number of users on the network, “the highest cycle valuation here is $170,000.”
Bitcoin reached $170,000 per coin this year? Other reputable analysts have made similarly optimistic claims, but to a lesser extent.
For example, analysts at global investment firm AllianceBernstein said: said A research note on Monday said Bitcoin is likely to continue to surge due to the massive success of the Bitcoin spot ETF.
Analysts Gautam Chhugani and Mahika Sapra argued that the price could reach $150,000 per coin by 2025.
That’s because traditional pools of capital, such as IRAs, private banks and sovereign wealth funds, are not yet exposed to the new ETFs, they said. But that will bring more capital into space.
Bitcoin is also experiencing big changes in April. half life. This event, which takes place approximately every four years, halves the rewards miners receive. Miners, who use powerful computer equipment to keep the network secure and mint new coins, will have to work even harder.
As analysts previously said: said decryption, Bitcoin’s halving is optimistic because it slows down the rate at which new coins are created. If there is demand, fewer coins on the market means higher prices.
The bull’s argument makes sense. The idea is that whenever there has been a halving before, the value of the asset’s price has not increased immediately, but slowly after the event.
Markus Thielen, head of research at 10x Research, added that this year’s US presidential election will also play a role. The price of the coin has skyrocketed since the previous election. He added that this year’s largest coin could reach $125,000.
“No one knows for sure due to a number of external factors, but I wouldn’t be surprised if we see a high between $120,000 and $180,000 before the end of the year,” said Ro Shirole, Saxet’s chief commercial officer.
He also said that some predictions are as follows: ~ degree People are predicting that the coin will reach $350,000 in 2021, he added.
In the end, all we can do is guess. Anything can happen.
Bob Bodily, CEO of Bitcoin Ordinals Marketplace Bioniq, said: decryption The bull market looks good, but “everyone can speculate like they really want to do, and that’s it.”
Editor: Andrew Hayward
disclaimer
The views and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.
