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Will Bitcoin Price Grow Above $100,000 by 2022?

Bitcoin (BTC) has staged an unprecedented rally in recent months, attracting an increasing number of financial companies and investors. This inspires experts to make the most daring predictions regarding the further growth of BTC.

As recently as March 3, Bitcoin again tried to break through the psychological level of $50,000, having marked a maximum in the region of $52,600, but could not gain a foothold above this round mark and on March 4 again traded below it.

However, overall, BTC dynamics continue to remain bullish. The price registered a new all-time high at $58,333 on February 21. Analysts put forward various reasons for such a rally, and the last halving is named as one of them.

Bullish BTC forecasts

William Quigley, Managing Director of Magnetic, stated in an interview with CNN Business that last year’s Bitcoin halving was the key driver behind the current BTC rally.

In his opinion, history shows that in the next 12–18 months, Bitcoin can rise in price by 300% — 500%.

Recall that the last halving took place in May 2020. At the same time, a number of participants in the crypto community were skeptical about this event, believing that it would not have the same impact on prices as previous halvings.

So, the second halving took place in July 2016. On this day, the BTC rate was $660. In December 2017, 17 months later, Bitcoin hit its all-time high by $20,000. 

If this trend repeats again, confirming Quigley’s predictions, this will mean that the main cryptocurrency of the world may be able to cope with the $100,000 mark. The price inflation is already taking place, and yet a year has not passed since the halving.

Other influencing factors

However, in addition to the halving effect, there are other important factors influencing the BTC price on the crypto market.

First of all, this is the notorious interest in investing in Bitcoin on the part of large and institutional investors. In this trend, both actual cash injections into the crypto market (like, for example, the purchase of Bitcoin worth $1.5 billion by Tesla) and the general hype fueled by the media around this topic.

Traditional financial institutions also managed to say their weighty word. For example, Goldman Sachs’ heavyweight banking sector announced recently the launch of trade crypto assets, including futures on Bitcoin.

Previously, institutions traditionally showed distrust of digital assets, citing their volatility and considering them an unreliable investment instrument. This significantly slowed down the massive adoption and popularization of cryptocurrencies. However, there is now a tectonic shift in this issue, and such a change may support further price increases.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

Via Commodity News

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