Despite the overall bearishness of the crypto market, there are many analysts out there that seem to believe bitcoin still has what it takes to hit a $100,000 price.
Bitcoin Is Stronger Than It Looks Right Now
The state of bitcoin is rather poor as of late. The world’s number one digital currency by market cap has fallen into the doldrums and crashed like no other currency this year. The digital asset was trading for a new all-time high of about $68,000 per unit last November, though now (nine months later) it has fallen by more than 60 percent and is struggling to maintain a position in the low $20K range. It’s a sad and ugly sight to see.
Among the analysts talking about bitcoin are Martin Hiesboeck, the head of blockchain and crypto research at Uphold. He says that many of the company’s clients are still nervous about the long-term effects the crypto space is likely to suffer. There is concern given that many other companies have either halted withdrawals, filed for bankruptcy, or reduced their staff.
In a recent interview, he stated:
The market remains vulnerable and on edge, not necessarily by threats from more crypto projects going bust but from the difficult economic situation we are facing right now. In other words, the price of bitcoin depends more on the supply of gas to Germany as it does in any crypto-related news or metric.
There are many things bringing bitcoin down at the time of writing, a big one being inflation. Not long ago, inflation in the United States, for example, reached a 40-year high of more than nine percent. Joe Biden has continued to blow money like it grows on trees, and with his recent forgiveness of various student loans, one can only assume that more tax burdens and other financial restraints are going to fall onto the shoulders of the average public.
Still, while the present economic conditions being faced by America and the rest of the world seem scary, many top-notch analysts think that a six-figure price for bitcoin is achievable. Kate Waltman – a certified public accountant in New York that specializes in crypto – explained:
The most knowledgeable educators in the space are predicting $100,000 [for] bitcoin in Q1 2022 or sooner.
The trouble with this statement, however, is that it was made at the end of 2021, so clearly with only three months to go in 2022, the analysts in question made no room for failure and couldn’t have predicted the massive losses bitcoin would suffer this time around.
Long-Term Growth in the Mix?
But for many, sentiment remains positive, with Kiana Danial – founder of Invest Diva and author of the book “Cryptocurrency Investing for Dummies” – stating:
What I expect from bitcoin is volatility [in the] short-term and growth [in the] long-term.
