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Experts explain where Bitcoin could go from here

Experts explain where Bitcoin could go from here

Experts explain where Bitcoin could go from here
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By Quantent  Nov 30, 2022 10:37:33 PM IST (Updated)

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Bitcoin (BTC) was the first-ever cryptocurrency, and it was introduced to audiences in 2009. Despite hundreds of other altcoins entering the market since then, BTC still holds the top position as the highest-valued cryptocurrency.

Bitcoin (BTC) was the first-ever cryptocurrency, and it was introduced to audiences in 2009. Despite hundreds of other altcoins entering the market since then, BTC still holds the top position as the highest-valued cryptocurrency.

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However, the global crypto industry has been going through a rough spot since the beginning of 2022. Bears have taken over the market, and the bitter crypto winter still rages on. Although price volatility in crypto is nothing new, the ongoing bearish trends have seriously impacted investor sentiments.
Moreover, the collapse of the FTX crypto exchange caught the industry off guard and dealt hefty blows to several crypto firms. The meltdown was also followed by plummeting crypto prices in a market already reeling under the effects of the recession.
In a time like this, the only question running through the minds of retail and long-term investors is what lies ahead for Bitcoin. Tag along to find out what the experts think.
Bitcoin, its current state of turmoil and where it can go from here
At the time of writing, Bitcoin was trading at $16,870. That's nearly 75 percent lower than its all-time high of $67,000 in Nov 2021. However, some experts predict the prices could plummet even lower. For instance, after the FTX collapse, another prominent crypto exchange, Gemini, warned users that it could face bankruptcy if it did not raise funds quickly.
In response to the news, Arthur Hayes, the co-founder of the trading platform BitMex, took to Twitter to reveal his Bitcoin prediction. "Well, that's the end of that. Now all my friends in restructuring will be asking if I know anyone at Genesis, I can connect them with. $BTC = $10k," he said in a Nov 22 tweet.
Prominent fund manager and co-founder of Mobius Capital Partners LLP, Mark Mobius, seemed to agree with Hayes. In a Nov 28 interview with Bloomberg, Mobius said that he sees BTC going all the way to $10,000 and said he would refrain from investing in digital assets, saying "it's too dangerous."
However, BTC has shown strong resilience in the last few days, staying above the $16,000 mark despite the BlockFi bankruptcy and the unrest in China. Moreover, the crypto market has shown signs of a resurgence recently. For instance, at the time of writing, Bitcoin was up 2.31 percent over the last 24 hours.
Founder and CEO of trading firm Eight, Michaël van de Poppe, believes that this could create a higher low (HL), and BTC could break out from there. "After this bounce, as we've created a HL on #Bitcoin and aiming at resistance again. Taking out the range between $16.5-16.8K would trigger continuation towards $18K," van de Poppe said in a tweet yesterday.
Looking further into the future
Bitcoin has had a rough start this year. But despite low market confidence in BTC, some experts are still hoping that the cryptocurrency will reach greater heights in the coming years and that this is just a passing phase.
For instance, the data analytics firm, Finder, asked a panel of 50+ fintech specialists for their BTC predictions. Per the panel, BTC would touch $21,350 by the end of the year before reaching nearly $80,000 by 2025. Another analysis conducted by the Deutsche Bank pointed out that there is a high possibility that Bitcoin will rise to around $28,000 by the end of 2023.
Mike McGlone, a commodity strategist who works for Bloomberg, remains even more bullish on Bitcoin's long-term price movements. He thinks BTC will hit $100,000 by 2025 once the bearish trend ends and the market starts recovering. McGlone is not alone. Deutsche Bank conducted a study with a panel of prominent bitcoin investors, a quarter of whom firmly believed the cryptocurrency would hit the $100,000 mark in the next five years.
Conclusion
Volatility is the only constant thing in crypto. Therefore, investors should be cautious while allocating their portfolios. However, given the current geopolitical factors, the volatility in the crypto market can be expected to continue for a while.
In time, most people expect Bitcoin to rise, given its limited supply and the ever-present demand from new users, retail investors and institutional buyers. However, the key is to do your own thorough research and only invest what you can afford to lose.
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