Will Bitcoin ever go back to $ 60K? Here’s what experts say.
Bitcoin has seen its place as the leading currency in the global crypto market as the market dominance has remained more than 40%. It was the first coin to begin the era of cryptocurrencies and was followed by names such as Ethereum, Binance Coin, etc. It has seen several rallies since it came and has fluctuated in value.
The recent changes have proven to be detrimental to the price, as it saw a free fall from the all-time high. These changes have disappointed some investors who expected it to rise further. While others have referred to it as the price correction, which was necessary due to the wrong inflow of funds. According to the latter group, it will make sense to investors, and only those who understand the market will be left.
Here is a brief overview of the current situation of Bitcoin and whether it will be able to revive the value.
Bitcoin’s fall from its NOTE
Bitcoin started with a value of less than a fraction of a penny, and then it rose. For the first time, the price rose to $ 0.09 in 2010, and since then it has continued to grow staggeringly. It was originally developed as a hedge against inflation, to perform transactions and use for storing value. These features continued to improve, and later attracted the attention of economists, financial experts and corporate groups that led to the rapid increase.
It was in May 2017 when the Bitcoin price rose to $ 20K, but then it fell to $ 10K in June 2019. The fluctuations continued and rose to $ 29K in December 2020. Later the value continued to rise, and the result was ATH in November 2021, as the price rose to $ 68,991. The following months proved to be the worst for Bitcoin as it saw a continuous decline, while the price has fallen in the $ 20K range in July 2022.
There are various reasons for Bitcoin’s decline, including bearish global markets, an increase in US inflation rates, the Russia-Ukraine war, cryptocurrencies, fraud, etc. These have resulted in reduced confidence in the market due to increased losses.
Will it be revived from today’s loss?
There have been differing views on the revival or further decline of Bitcoin. There are two groups; one opposes investing in Bitcoin, while the other sees Bitcoin as the future of modern decentralized finance. They have discussed the future of Bitcoin and tried to convince their followers.
Robert Kiyosaki, a renowned author, has been constantly talking about the fall of Bitcoin to $ 1100. He has predicted that the fall of Bitcoin will continue since there is no future for it. Dan Roseman from Coinality.com has criticized how Bitcoin works and sees its reliable future if the mining process changes. It can save losses due to volatility and will give the market stability.
Ian Balina, founder and CEO of Token Metrics, says that Bitcoin can cross $ 100K and will even touch $ 150K. According to her, it is a new emerging asset that is going through a correction phase and will soon become bullish. Although macroeconomic factors have also affected the value of prices, it is likely to improve in the coming months.
Financial institutions such as JP Morgan and Bloomberg predict that the price will exceed 100,000 dollars. So investors are awaiting the change in value as it is currently staying at the lowest levels.
Conclusion
This is currently a bearish situation for BTC. These changes have deprived it of more than half of its value. Its all-time high now seems like a story from the past. Experts are divided on whether it will see improvement in the coming months or further lose value. The indicators indicate that it is improving, but changes on the ground will determine that. Investors and experts are positive about this coin as it is seen as the future of DeFi.
