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Tuesday, June 28, 2022

Bitcoin’s Chances Of Touching $100K

In the current cryptocurrency debacle, the internet is entirely filled with forecasts regarding the price of Bitcoin. For example, several analysts believe that the flagship crypto will be touching a price of $1 million per coin in the next 10 years, while others believe that the price of BTC will drop to zero eventually. Without dwelling on predictions that are quite a long way ahead, traders do need to predict which way the price of BTC will move in the next six months. 

Could Bitcoin Touch $100k?

In this regard, the forecasts have been quite polarizing. For instance, Antoni Trenchev, the founder of Nexo Finance, believes that Bitcoin will be touching a price of $100,000 by mid-2022. On the other end of the spectrum is Carol Alexander, a professor from Sussex University, who believes that the price of BTC will drop to as low as $10,000, thereby completely wiping out every gain that it had made in 2021.

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The cryptocurrency seems to be trending almost in the middle of these two far-fetched predictions, as the price currently stands at $36,500. 

The circulation of Bitcoin will definitely be increasing on an average of 6.25 BTC per 10 minutes until the next halving in 2024. This implies that miners will be producing close to 900 BTC every single day. As a result of this, by the end of June 2022, there will be around 162,900 BTC created just this year.

This will then push the entire supply of Bitcoin in circulation to around 19.078 million. If the price of the cryptocurrency is $100,000 by then, the total market cap would be around $2 trillion. 

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On the other hand, a drop to around $10,000 would then be pushing the market cap of Bitcoin of the total circulated tokens down to around $190 billion, down by $685 billion. So the biggest question that surfaces is- is it even possible for BTC to move more violently towards both of the possibilities? If one were to consider the volatility of the price of this cryptocurrency- the answer will be a resounding YES.

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