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The world’s largest cryptocurrency, Bitcoin, hit the $50,000 mark for the first time in more than two years.
Bitcoin touched its highest mark since December 2021 – rising to approximately 16.3% since the beginning of this year.
If this news has amazed you already, then there’s more for you!
According to experts’ projections, Bitcoin may gain a staggering value of $122,000 in 2024 due to the BTC halving event.
However, the question arises – why is the Bitcoin price going up?
Read on to find out!
Bitcoin Price Shoots Up! Bitcoin’s ETF at Play?
MicroStrategy’s co-founder & executive chairman, Michael Saylor has attributed the hike in Bitcoin’s price to the launch of Bitcoin’s ETF.
Wonder why?
According to Michael Saylor, the accessibility of these ETFs to mainstream investors resulted in an overwhelming demand for Bitcoin through these ETFs.
Thus, the demand for BTC outnumbers its supply.
Resurgence of BTC
The launch of Bitcoin’s ETF has laid solid groundwork for the upturn of BTC. ETFs of Bitcoin have created an ease of entry for money managers and investment advisers.
Such an optimistic environment in the crypto market relating to Bitcoin has earned the cryptocurrency the reputation of “digital gold.”
Experts believe that an optimistic outlook towards Bitcoin will prompt investment advisers and money managers to recommend their clients invest in Bitcoin.
That’s not all!
Experts believe that the enticement for Bitcoin stems from its capacity to act as a safety valve against economic downturns.
Nearing a $122,000 mark! Possibility or Far-fetched Optimism?
In 2023, the British lender Standard Chartered forecasted Bitcoin’s rate to hit $100,000 towards the end of 2024.
The Head of Digital Assets Research at Standard Chartered has pointed out that, despite uncertainties, the pathway to $100,000 seems near.
According to DigitalCoinPrice predictions, by the end of 2026, the value of Bitcoin will increase by nearly 260%. The figure provided by DigitalCoinPrice stands at $188,927.71.
Thus, optimism about Bitcoin’s price is prevalent.
The current hike in BTC’s price has been reflected in the Crypto Fear and Greed Index, which states “extreme greed.” However, analysts suggest that amidst many potentially threatening factors, such as high inflation rate, sudden hype for Bitcoin’s ETF, etc., BTC may witness an applauding growth trajectory.
Summing it Up!
The breakthrough of the $50,000 milestone by Bitcoin reflects a shift from skepticism to cautious optimism. With more acceptance of digital coins by countries, there’s a broad acceptance of Bitcoin – increasing popular belief in the coin.
In fact, Bitcoin has shown resilience and growth against economic uncertainties. Hence, the crypto market has all its eyes on the growth of Bitcoin amidst uncertainties.
Disclaimer
The information provided in this article is for informational purposes only and does not constitute investment advice. Investing in cryptocurrencies carries a high level of risk, and investors should be prepared to lose all their invested capital. Always do your own research before making any investment decisions.
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