The beginning of the second quarter has brought positive news for Bitcoin, as its price has increased since the start of the year and even surpassed the psychological milestone of $31,000. While there has been some subsequent correction, the market still believes that Bitcoin has the potential for further growth. In fact, the favorable conditions in the cryptocurrency market have led to a rise in the number of Bitcoin millionaires.
Investors are no longer considering Bitcoin as just another asset in their investment portfolios, but rather as a safe haven in the face of the ongoing banking crisis in the US and EU. This shift in perception is a significant change in the market situation. Even if the price of Bitcoin experiences a short-term decline, it’s unlikely to dampen the interest of investors and traders.
According to cryptocurrency analysts, the next major hurdle for Bitcoin bulls is to break through the resistance level of $33,000. If they manage to do so, a strong upward rally could commence. However, this journey upwards is unlikely to be smooth and easy. It’s expected that the climb to $33,000 will be followed by a swift correction.
The experts predict that Bitcoin will surpass the price level of $32,250 with ease, but the next challenge lies at around $35,000. Once this hurdle is overcome, Bitcoin could potentially soar to $40,000, and from there, there’s potential for a rally that could push the cryptocurrency to $50,000.
However, as with any market, it’s important to remember that nothing is guaranteed, and there could be unexpected fluctuations in the price of Bitcoin. If a rally does occur and Bitcoin reaches $50,000, it’s likely that it will eventually experience a pullback and establish support at around $30,000.
Big Player Predictions
Based on a survey among industry influencers, the market outlook for Bitcoin remains optimistic. Although the cryptocurrency hit an all-time high of approximately $69,000 in November 2021, it has since dropped by around 60%.
Marshal Beard, the strategic director of the Gemini crypto exchange, believes that Bitcoin’s price could reach $100,000 this year. He thinks that if the cryptocurrency manages to surpass its previous peak, it won’t take much time for it to rise even higher.
The article also mentioned a bet made by ex-CTO of Coinbase, Balaji Srinivasan, and former Goldman Sachs executive, Raul Pal, that Bitcoin would reach $1 million. If the cryptocurrency doesn’t meet the agreed-upon rate by June 17, then Pal will win $1 million and get back his deposit of 1 BTC. Marshal Beard believes that for Bitcoin to reach $1 million in just 90 days, some unlikely and extreme events would need to occur.
However, the strategy director of Gemini believes that it could take up to a decade for Bitcoin to reach this level. Ardoino, another industry influencer, is also skeptical about this claim. If Bitcoin does reach such levels, it could mean the collapse of the entire economy, he added.
The analyst acknowledged that the Bitcoin prediction of a 30x increase in price may seem unbelievable. However, when considering the history of cryptocurrency development, it appears to be a “quite reasonable” projection.
The analyst believes that Bitcoin, which was initially a digital collectible asset with no market value, has come a long way. Looking ahead, it is not unreasonable to assume that the digital economy will become the foundation of all economic activity over the next decade.
Bitcoin’s limited supply of 21 million coins is expected to provide it with a significant advantage over gold, contributing to its long-term parabolic growth.
