If you take a look at some of the recent news headlines around Bitcoin, it might be difficult to imagine a time when the value of the world’s most famous cryptocurrency might skyrocket again. In recent weeks, the cryptocurrency has seen significant drops – and, at one stage recently, it dropped to below $31,000, which was a far cry from its high point late last year. But there are never any guarantees in the world of trading, especially not with an asset class as volatile as this one. This post will explain more about what the Bitcoin world could have in store.
Could it hit $100,000?
Look down the latest cryptocurrency news on a top site like LeapRate, and you’ll no doubt find some cynicism about the prospect of a crypto price rise. Some crypto watchers disregard the possibility of Bitcoin rising as high as $100,000 simply because it’s unprecedented, given that the highest position it has ever attained is $68,000. This disregard can happen even before the individual has looked at the reasons behind Bitcoin price rises!
Why it might rise
Those seeking to strike at the right time will want to know why some experts believe Bitcoin could reach that high value. One potential reason is a general trend away from buying so-called “old” asset classes such as gold and, instead, going for online assets like Bitcoin. The possibility that this might lead to a price level as high as $100,000 has been explored by leading names as famous as Goldman Sachs.
Some might counter this by pointing out that Bitcoin requires a lot of electricity to operate and that this could hold up demand take-up. But with some in the Bitcoin world attempting to innovate to reduce this sort of burden, it could make it easier for Bitcoin to rise. And it’s also true to say that Bitcoin has been the beneficiary (or, depending on your perspective, the victim) of hype. The arrival of this hype has meant that Bitcoin is always in the public eye – leading to a potentially nearly unlimited supply of buyers, at least in theory.
A word of caution
Finally, it’s important to remember that there are no guarantees in either direction. While the experts mentioned above may know their stuff about Bitcoin, they don’t have any informed views on its future prospects. So, it’s prudent to instead take their suggestions and incorporate them into a more comprehensive framework of possibilities you’ve developed yourself using various sources.
Ultimately, of course, it’s important to emphasize that there’s no guarantee in the trading world whatsoever. Experts can make all the predictions they like, but the truth is that there is no crystal ball. What this article has shown, however, is that more positive predictions can counterbalance gloomy predictions. There is certainly some reason to think that all is not lost for those who want Bitcoin’s price to rise again.
