According to Bloomberg News, Bitcoin was at $64,650 Thursday in Hong Kong while trading after reaching a new record high. Bitcoin, known as one of the largest digital currencies, attained a high recorded at $67,000 Wednesday triggered by the launch of the first Bitcoin futures ETF, which is being regarded as the second ETF debut, which is busiest so far on the record. Some believe cryptocurrency will rally $100,000 once again. It rallied in 2021 some 120%.
Bitcoin is oftentimes regarded as a “notorious” currency for the wild oscillations in price and the currency’s capacity time and again to not just recover but reach the ATHs or the All-Time Highs.
Bitcoin made its entry into 2020, having been a top-performing asset in the previous decade. It has gained more than 300% last year and at the beginning of the current year. However, due to regulatory concerns, to China from the US, the crypto was seen nosediving below $30,000.
As investors moved past several crackdowns and bans out of China, they manifested greater optimism expecting that any kind of US regulatory regime would not cripple the market.
Many using it as an inflation hedge have also contributed to the climbing prices worldwide. Presently, with the demand of ProShares Bitcoin Strategy ETF, ticker BITO, it is being apprehended that more and more investors will be adopting the currency and as such, there is more in the offing.
Bloomberg News says that at present there is a lot of sentimental highs about Bitcoin in the market. There is a lot of enthusiasm in a few of the corners of Wall Street like Bank of New York, Goldman Sachs Group Inc., and Mellon Corp, all of which are extending services related to cryptocurrency.
Depending on the average rates of return over the past three years related to several assets like Faang Stocks as Facebook Inc and Apple Inc, the price of gold, the experts and those researching at Forex Suggest believes that Bitcoin could attain the $5 trillion market value by the beginning of 2024. The assumption is based on the 103.5% average annual rate of growth experts say.
The extent to which Bitcoin can go depends on the amount of support it finds above the mark of $65,000. As per previous trends and experiences, the coin had sold off following the new highs when the traders used to book for profits. However, if it can hold a level that is higher than that, it only implies that it will attain a leg higher.
If the bullish trend continues, it will not be difficult to attain the $80,000 mark. Although, $100,000 is an optimistic approach, yet it might be attainable in the future.
Bloomberg News says that few strategists have been decoding the potential offered by Bitcoin by analysis from charts and technical aspects are already projecting a figure of $100,000 plus targets.