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Experts explained why the first cryptocurrency retains upside potential despite falling below $ 40K on January 10
Only 5% of JPMorgan clients believe that bitcoin will surpass the $ 100K mark by the end of this year (an increase of more than 130% from current levels). At the beginning of November last year, the first cryptocurrency updated its all-time high above $ 69 thousand. After that, the quotes went down. Since then, the asset has fallen in price by 39% and at 18:00 Moscow time on January 11 is trading at $ 41.7 thousand. Experts explained whether Bitcoin still has prospects for growth to $ 100 thousand in the coming year.
Probability – 51%
In 2022, the price of bitcoin is capable of exceeding $ 100 thousand, says Vladimir Smetanin, CEO of the Swiss financial company Newcent. In his opinion, the first cryptocurrency has not yet completed the bull run and may continue to grow actively.
“I think we should see this figure in 2022. I would estimate the likelihood of such a scenario at 51%, ”the expert explained.
If you look at the historical analysis and make a volatility forecast for 2022 – $ 120-130 thousand – these are the maximum values that we can see, Smetanin added.
The goal is $ 200 thousand.
We continue to believe that the whole of 2021 was a stage of bullish divergence for the entire crypto market, said Dmitry Machikhin, CEO of Bitnalog. According to him, this may mean that bitcoin is in a long phase of accumulation, after which an inevitable increase in the asset will follow.
“If this scenario is realized, even $ 100 thousand for bitcoin will not be the maximum goal. The likelihood of an “explosive” rise in the price of an asset to $ 200 thousand remains. This is indicated by the historical comparison of bitcoin charts and the behavior of large investors, “Machikhin predicted.
The expert also admitted that another scenario could be realized, in which bitcoin will not return to growth, but will slowly decline during the stage of a long deep correction.
Repetition of dynamics
Last year, bitcoin significantly increased in price (growth in 2021 – 62%), recalled Ivan Sharov, CEO of the online store for mining equipment and computer components Hardvar.ru. He believes that in 2022, Bitcoin may repeat the dynamics of last year and exceed $ 100 thousand.
The growth of bitcoin this year will be facilitated by the increasing demand for cryptocurrency, the expansion of the audience of users of digital assets, as well as the accumulation of “illiquid” BTC in wallets, Sharov said.
“To reach $ 100 thousand or more, bitcoin must first gain a foothold at a level above its historical maximum,” the expert concluded.
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