• Bitcoin price remains flat in the past 24 hours, with a current price of $16,796.
• Bitcoin is down by 75% compared to its all-time high of $69,044, set back in November 2021.
• Experts have been predicting that bitcoin will enjoy significant gains this year, with some going even so far as to set a target of $250,000.
The cryptocurrency market has been relatively volatile in the past few months, with bitcoin, the world’s leading cryptocurrency, experiencing a significant dip in its price. Despite this, however, there has been an increase in optimism from some industry figures, with some believing that the price of bitcoin could reach a staggering $250,000 by the end of the year.
The current price of bitcoin stands at $16,796, marking a 1% increase in a week, although it is still down by 1.5% in a month and by 75% compared to its all-time high of $69,044, set back in November 2021. Despite this, the technical indicators suggest that it should be due a rally sooner or later, with its relative strength index (purple) languishing below 50 pretty much exclusively since early November, and its 30-day moving average (red) remaining well below its 200-day (blue) since the start of last year.
Tim Draper, a long-term bull of bitcoin, has set the ambitious target of $250,000 for the cryptocurrency, suggesting that it could reach this milestone as early as the middle of this year. He believes that bitcoin has not yet had the chance to benefit from the wave of institutional money that is expected to enter the market this year, which will drive up the price of BTC significantly.
Other figures in the industry have also been vocal in their predictions, with many forecasting that bitcoin will reach a price of around $20,000 by the end of 2021. This is in line with the predictions of numerous analysts, who anticipate that bitcoin will first experience a few more falls before it sees any significant gains.
Given the current state of the market, it is difficult to predict with any certainty what the price of bitcoin will be in the future. However, it is clear that the cryptocurrency is likely to enjoy significant growth this year, with some expecting it to hit the $250,000 mark by the end of the year and others predicting that it will reach a price of $20,000. Whether or not this optimistic outlook will be realized remains to be seen, but one thing is for sure – the future of bitcoin is looking brighter than ever.