Bitcoin prices traded at $41,934.38 on Monday. This is a 0.95% drop from the index.
After a drop of 50% from November’s record high $69,500 last November, the crypto market is recovering.
Its price has been able a rally starting at $33K and even crossed the psychological resistance of as high as $40,000.
Bullish momentum continues to increase as technical indicators approach their saturation levels.
The fear and greed index, which measures investors’ perceptions and personal assessments of the market, has risen to level 46 after falling to level 44 not long ago.
Bitcoin Price: A Positive Return
According to analysts, Bitcoin will see positive returns in the next month. Technical indicators suggest that short-term buyers are likely to be buying Bitcoin at the $35,000-37,000 level of support.
Its upside is still at $45,000
Despite the circumstances at hand, crypto analysts are still quite skeptical because of the Biden administration’s planned release of an executive order this month to regulate Bitcoin.
Source: TradingView.com| Source: TradingView.com
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Bitcoin Forecast
According to recent forecasts, the long-term price of Bitcoin might reach up to $150,000, representing a significant increase over the previous year’s expectation of $146,000.
Coinbase data shows that the Bitcoin market value is currently $38,000. However, BTC prices have risen by 17.35% during the week.
FSInsight, an independent US research firm that specializes in Bitcoin pricing, stated that Bitcoin’s future price will increase exponentially.
FSInsight specializes on market research and sector analysis. It projects that Bitcoin could reach $200,000.
Because it’s difficult to say whether the new restrictions will be beneficial or detrimental to the cryptocurrency, the market remains very volatile.
However, despite the fact that Bitcoin normally fares well, the cryptocurrency’s value might fall for the third month in a row in February, depending on how other variables influence the market.
Meanwhile, according to JPMorgan’s reports, the currency has been inflating in value by 13%.
JPMorgan claims the most significant obstacle to the institutional adoption of Bitcoin is its “eccentric monetary cycles” and its volatility rate.
Research shows that the Bitcoin price is four times as volatile now than it was in 2017. Furthermore, when interest rates rise, it is expected that Bitcoin’s entire market value will match that of gold.
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Featured Image from Bitcoin News. Chart from TradingView.com