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Tuesday, June 28, 2022

Bitcoin On The Right Track To Touch Highest 2022 Weekly Close

It was an unsteady start to the first quarter of the year for cryptocurrency market leader Bitcoin. Though experts are confident that it will touch $100,000 before the year runs out. And it is now more a question of when than if. At first, its price breached $45,000 on March 2 even though it remained stuck at $40,000 for several weeks.

The present surge came soon after the Federal Reserve announced earlier in the month that there would be an increase in interest rates after a gap of 3 years. It was accompanied by President Biden’s fresh executive order linked to cryptocurrency. It directs federal agencies to come together to devise a policy to regulate cryptocurrencies. Experts say that the move will lead to further stability in the extended tenure of world cryptocurrency markets.

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The war in Europe has caused additional volatility. The situation doesn’t appear to be headed towards normalcy soon and the volatility is expected to continue in the upcoming future.

Bitcoin has breached $45,000 only in short bursts in the last 3 months. And it has not topped $50,000 after Christmas day last year. Even then, Bitcoin has managed to stay north of its lowest in the past 6 months at $34,000, where it sank at the end of January.

Despite The Recent Lows, Experts Remain Hopeful That Bitcoin Will Breach $100,000 Mark

Between these highs and lows, Bitcoin remains way off the high it reached in November as it breached the $68,000 mark. But despite the present fall in BTC prices, it is still double the value it was a couple of years ago. Such rises and falls are not new for Bitcoin.

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Many experts are sure that, despite the slump in price and the continuing volatility, BTC is sure to pass the $100,000 figure. Opinions are only divided on when it is destined to happen. A recent Deutsche Bank study found that around 25% of investors in Bitcoin believe that Bitcoin could touch $110,000 in 5 years.

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