After the last few days in which Bitcoin looked like it was going to climb firmly towards $50,000, BTC prices have fallen back below the $45,000 resistance
Bitcoin: between rises and falls
After a week of robust rises that took Bitcoin close to $48,000, BTC’s price fell back to the key $44,000-$45,000 level yesterday and today.
Many traders expect this to be a critical moment for the asset: if it fails to stay above the $44,000 level, this could take Bitcoin back below this level, as it would be a false breakout, in technical jargon.
According to most experts, Bitcoin prices should easily reach around $50,000 by the end of the year and then rise to 60,000 in 2023. Much will clearly also depend on the economic situation and developments in the Ukraine conflict.
But what is certain is that Bitcoin seems to have become something of a safe haven, not least because of the uses to which it is put by the two countries involved in the conflict, Russia and Ukraine.
Forecasts
According to Analytics Insight, by the end of 2023, Bitcoin could reach nearly $80,000, far surpassing its previous record of $69,000. According to the analysts of the financial company, Bitcoin should be well over $120,000 by 2025.
On the other hand, this figure also seems to be confirmed by a recent study by Deutsche Bank, which found that about a quarter of Bitcoin investors believe that prices will exceed $110,000 in five years.
According to Jurrien Timmer, director of global macro at Fidelity Investments, last October, he said:
“Investors should expect a fairly sustainable rise in Bitcoin’s long-term value driven by organic market movement, with the $100,000 threshold a short distance away.”
JP Morgan prior to the outbreak of the conflict in Ukraine had predicted Bitcoin to reach $146,000 by the end of 2022. It is hard to imagine that this prediction can be maintained in light of all that is happening on the geopolitical front and the subsequent economic consequences.
Crypto adoption predictions
What could be a game-changer is the data on Bitcoin adoption, which as seen during the Ukrainian conflict looks set to increase considerably in the near future. BTC adoption is reported to have increased at an annual rate of 113%, according to data from digital asset management company CoinShares.
Should the trend continue at this rate, the report states that there will be around 1 billion crypto users by 2024 and 4 billion users by 2030.
In this case, predictions that now seem crazy, such as the one made by Van Eck, manager of several BTC ETFs, which forecasts prices of over a million dollars, might even make a little more sense.
Not to mention the great potential of the so-called Web 3.0 and its metaverse, which is closely linked to cryptocurrencies. According to a recent report by City Group, the number of users of the metaverse could grow to 5 billion, with a turnover by 2030 at over 13 trillion dollars.
Source: https://en.cryptonomist.ch/2022/04/01/bitcoin-close-key-level/