Is $100K next for Bitcoin as it reaches a new all-time high?

0
2802

Bitcoin has finally exceeded its April 14th all-time high of $64,895. On Wednesday, the world’s most valuable cryptocurrency rose to $67,016, bringing its yearly gain to over 130 percent. At the time of writing, BTC was trading at $66,685.

After briefly approaching the $65k barrier in April, Bitcoin plunged into a months-long decline. Finally, bitcoin prices fell below the $30k barrier in July. Investors who purchased the coin around that time are undoubtedly preparing a lavish celebration today.

The new BTC price record was a breath of fresh air for everyone in the market, but it was far from unexpected. The first Bitcoin futures-based ETF (Exchange-Traded Fund) debuted on the New York Stock Exchange less than 24 hours ago.

What does the future hold for Bitcoin?

According to the crypto industry, BTC is expected to reach $100,000 by the end of 2021, and this is not an exaggeration! Within the first 24 hours of trading, the Bitcoin-linked ETF had brought in $1 billion. According to Bloomberg, it was the largest ETF launch in terms of ‘grassroots’ enthusiasm ever.

This launch has ostensibly demonstrated that US firms are warming to Bitcoin and, maybe, other cryptocurrencies shortly. In general, crypto regulations may continue to ease, at least in the United States. The US Securities and Exchange Commission did not ban the bitcoin-linked ProShares fund shows that government authorities are becoming more accepting of crypto-based goods and assets.

Bitcoin

We must not overlook the fact that El Salvador is working hard for widespread Bitcoin adoption. Volaris Airlines, based in El Salvador, became the first airline to accept bitcoin as payment on Wednesday. In the immediate term, according to Matthew Dibb, COO of Stack Funds, the next objective for BTC is $80K. Ulrik Lykke, the creator of the renowned crypto investment firm ARK36, believes Bitcoin will reach the $100,000 level by the first quarter of 2022, if not sooner.

As a result, the BTC celebration is expected to continue, with a strong push towards the $100K level. Right now, the only question seems to be when it happens.

However, not everyone has stayed upbeat about Bitcoin’s price rise. Some experts have cautioned that if the impending winter brings global energy shortages, regulators may grow harder on PoW-based cryptos.

Regardless of the market’s excitement and some pessimism, one thing is certain: Bitcoin will continue to make headlines for months to come. It’s also worth noting that, in the past, Bitcoin’s steady-rising trajectory has always attracted the attention of regulators all over the world. As a result, the coming months will be important.

What should investors do now that the stock market has reached a new all-time high?

With all of the excitement around Bitcoin, it’s logical that many investors may be suffering from FOMO (fear of missing out). However, before investing in this optimistic market, investors must be calm and sensible, as they do with other cryptocurrencies.

Experts have long advised that speculative crypto investments make up less than 5% of your whole portfolio. Carl Icahn, a wealthy businessman, has stated that Bitcoin would become the best strategy to hedge against inflation in the long term. This is a sign that holders should maintain their BTCs for the long haul.

No one, even ourselves, can give you a precise idea of what could happen. The market continues to be volatile. But the reality remains that Bitcoin is surging, and when BTC falls, the rest of the crypto market falls with it. For the time being, the bulls are charging full throttle towards the conclusion of the year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here