The ongoing upward trends in Bitcoin depict the continual spikes that started at the beginning of this year. In April, prices touched the peak of $60,000, following the news of PayPal (PYPL) and Venmo for accepting Bitcoin as a form of payment; however, it dropped down to $30,000 in July; but again, it is gaining high momentum making it stand at $50,000 as of now.
Volatility in Predictions
Because of the unexpected volatility, any assurance can’t be predicted in the long-term. Some sources pointed out that the current change in prices will fall back if the historical trends are keenly analyzed. But, another group of experts predicted that the recent price changes are sustainable that will lure crypto investors into investing in Bitcoin or cryptocurrencies.
So, it can be forecasted that a new leg of this bull run will set another new trend and can reset the new price level to $70,000 in the coming days. Another price prediction is much more significant that depicts that, before the end of 2021, Bitcoin prices can touch the peak of $100k+.
However, some precautious professional predicts that, after the year-end surge, it could be dropdown to $20k or less as a result of the “dead cat bounce” notion at the beginning of the new year.
The Good News
The good news is, top bitcoiners are expecting big surges in prices, after adopting cryptocurrency as legal tender in El Salvador. The Top guns of CoinCorner and MicroStrategy are two key investors, among others, who are supporting the ongoing price-hype bandwagon. To encourage mass adoption, the price is set to $30 today through the app, known as “Chivo Wallet.”
Bitcoin supporters are using social media such as Twitter and Reddit to encourage locals to buy the Bitcoin at the above-described prices to portray “support” to the national economy.
Please note, potential price surges are being expected in the long-term, while, in the short-term, the expected rate is being populated around $57,000; due to El Salvador adoption. Let’s see, what is going to be happened in the crypto world, actually.
Disclaimer Investing in Cryptocurrency can be highly risky and speculative. And this blog is not a recommendation by writer to invest in Cryptocurrency. Since the situation of every individual is unique, a qualified professional should always be consulted before any decision.