Latest report says that Bitcoin price has crashed 15% since breaching a shorter bear flag pattern. Ethereum price tags the $1,305 target after 28% sharp drop over the last four days. Ripple price sheds 16% as it breaks out of a bearish pennant, forecasting a $0.221 target. As three major branches of the cryptocurrency, it is truly intense situation caused by THE CRASH. It makes people involved in the “aftermath” wonder when will and will this disaster be bygone. Thus, lots of people have their says about the question mentioned above.
Brief Overview of “How Things Go Lately” in Bitcoin Market
Bitcoin price has crashed seriously over the weekend, taking Ethereum, Ripple and other altcoins with it. Its market cap has gone below $500 billion, after falling more than 20% over the weekend. In the whole cryptocurrency system, there is on way one can go without the other. They share glad and sorrow as a whole. The carnage in the crypto market has gathered its pace with no near-term respite in sight. Considering the latest slide, investors have lost over $2 trillion over eight months. However, it still takes the downhill road sharply despite its slight fluctuation.
Predictions of Bitcoin Price in the future
It’s easy to predict how much and when will it falls when it’s at its peak. Just like what experts did last year to witness what a downhill of Bitcoin took. In view of the situation lately, it’s much more harder to give any predictions about the future of Bitcoin. However, we are luck to have those who rise to the problem themselves.
Bitcoin Price in the Past
Since the first time of Bitcoin coming into public, it has transformed its role from some worthless coin into the part of currency world that cannot be ignored. Gaining its price little by little, it got its first peak in 2018, then back to its normal, which is up and down from time to time. At around the end of 2020, it got the tendency of going upward steadily. Just as what the chart tell us.
We can see in this chart clearly that Bitcoin’s price cycles keep on shortening. Additionally, the average value of Bitcoin keeps increasing with its new high. This indicates a promising trend for the future.
Thus, we have evidence to predict that Bitcoin is probably to bounce back at some point. It ‘s really a problem about when rather than if.
Before Make Prediction: What Influence Bitcoin’s Price?
As normal currency, Bitcoin is influenced by lots of factors,such as supply and demand, all the market stuffs, and etc. However, “hands we don’t see” also have good impact on it.
Firstly, as pointed by lots of experts, the scarcity. Bitcoin is gold as mining is needed to be applied to. However, with certain amount of gold, the mining becomes limited. In other words, there is a fixed supply while the demand of which is growing wildly.
Secondly, the regulation. Federal officials announced that they would pay more attention to Bitcoin market, which brings up a lot of unanswered questions to this market. As called by some experts, regulation should be practiced not only to some major cryptocurrencies, but roundly and unswervingly.
Thirdly, events happened all around the world have something to do with the fluctuation of Bitcoin price.
Fun fact, it has everything to do with Celsius, a crypto-based lender and major holder of Staked Ethereum (stETH), which is Ethereum staked on the Lido platform, which is a 1:1 backed peg of ETH. Due to sudden redemptions, the balance between stETH and ETH seems to tilt significantly. The imbalance is now damaging Celsius Network. While this is also one background factor destabilizing Bitcoin markets, the other is the CPI inflation (Consumer Price Index) announcement on June 10, which is triggering a crash over the weekend and causing markets to cascade.
Predictions Made by Several Experts About Bitcoin Price
There is an extreme skeptic saying that the price of Bitcoin will tank to 10,000 dollars in 2022, while a mild one goes that it will still climb to 100,000 dollars like many experts predicted last year.
Some experts predicts that Bitcoin and other cryptocurrencies have big chance to climb up to 100,000 dollars. Since there are market demands towards all kinds of cryptocurrencies are floating. The release of new altcoins and hype about the metaverse will continue to drive the demand for crypto market, and Bitcoin will therefore bounce back eventually.
Predictions about Investors in Bitcoin Market
According to Time, a recent study shown by Deutsche Bank found that about a quarter of Bitcoin investors believe Bitcoin prices will be over $110,000 in five years. Investors still hold positive attitude toward the future of Bitcoin market with fimly believing that the Bitcoin price and market will thriving again.