If the market survives this, Bitcoin can cost up to $1 million


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If the market holds up, Bitcoin could be worth as much as $1 million, says Michael SaylorBitcoin (BTC) price on Saturday, June 18 dipped below $20,000, breaking the bottom of the consolidation channel that quotes have been moving in for the past week. Blood has spilled in the market and BTC is now almost 73%. under the peaks of November. Some investors believe this is not the end of the declines, and in the near future trading may continue to rally south, heading towards $8,000. Michael Saylor, however, advances the thesis that if BTC does not go bankrupt, it could reach the million round mark.

In the article you will learn, among other things:

Bitcoin deepens declines

Bitcoin prices are currently at their lowest since December 2020, and in the face of a broader cryptocurrency crash and growing risk aversion, this could not be avoided. It seems that despite the increasingly severe declines, some cryptocurrency proponents are eagerly awaiting its rebound.

On June 13, Michael Saylor, founder and CEO of MicroStrategy, a company known for its investments in BTC, said the ongoing bear market has sparked unprecedented polarization within the crypto community.

However, Saylor noted that there is an unwavering belief among investors that the price of the largest cryptocurrency will begin to rise again, as evidenced by the increased movement in demand with each new low.

In times of stagflation, the best investment strategy is to hold scarce assets. Although the market is still volatile as a record high, many investors are buying at the lows, which is clearly delaying further declines – Saylor added.

NDE

– Volatility in the cryptocurrency market is nothing new, and steep declines of 70% should come as no surprise. In 2017 the value of Bitcoin went from $20,000 to $3,000 which was the following we all know – said Viktor Prokopenya, founder of VP Capital.

– Currently, with the war in Ukraine and the rise in inflation, we are witnessing monstrous volatility in all asset classes. Seasoned traders will survive this volatility knowing that the market will eventually rebound, Prokopenya added.

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Following the recent fall in Luna Terra and UST, Mike Novogratz, CEO of Galaxy Digital, stressed the importance of understanding that volatility will persist until the global macroeconomic situation improves and central banks radically soften their warmongering policies.

– Currently, the cryptocurrency market lacks the cavalry that could lead to a V-shaped recovery – wrote Mike Novogratz.

He also added that the cryptocurrencies have yet to announce their final surrender and that their community is resilient.

However, Novogratz believes this does not mean the cryptocurrency market will immediately rise once it bottoms out. This will require restructuring, accumulation, consolidation and regaining confidence in cryptocurrencies.

– Cryptocurrencies move in cycles, and we just saw one Novogratz explained, adding that buying holes can be dangerous, so this strategy should move very slowly.

Bitcoin will move towards consolidation

Capital.com Chief Market Strategist David Jones has warned that there could be a period of sideways bitcoin price movement in the medium term.

In the past, the most persistent BTC investors have been generously rewarded for their faith. Whenever the price dropped drastically, sooner or later the bulls returned to the market, seeing the quotes of all-time highs. It was like that in the past, but will it be the same this time around? said Jones.

BTC/USD quotes on daily chart 06/19/2022 Source: Tradingview
BTC/USD quotes on daily chart 06/19/2022 Source: Tradingview

– The price of BTC is down more than 70% from the highs of November last year, and there is much less “hype” surrounding cryptocurrencies now than in recent years. That doesn’t mean the price won’t return to normal – but I wouldn’t be surprised if Bitcoin moves sideways in the medium term, as the ability to make a lot of money quickly is slowly leaving this market. – added.

The halving is still long

Research by Capital.com showed that after each halving, BTC/USD prices entered a boom period lasting 12-15 months. For the last three events that took place in 2012, 2016, and 2020, the price of BTC increased by 9,915%, 2,949%, and 665%, respectively.

– From a historical point of view, the next halving should lead to proportionally lower increases than the previous ones. This does not mean the absence of another price increase, but its magnitude is clearly decreasing every four years – said Capital.com’s data team.

Bitcoin Quote Predictions

– If bitcoin does not reach $0, it will face the million says Michael Saylor, founder and CEO of MicroStrategy.

A panel of 35 analysts surveyed by Finder in April 2022 expected BTC to hit $420,240 by December 31, 2030.

Meanwhile, a report released by ARK Invest analyst Yassine Elmandjra in mid-January 2022 provided an even more positive outlook for bitcoin in 2030, predicting the price to hit $1 million.

CoinLoan Founder and CEO Alex Faliushin agreed with ARK Investment’s bullish forecast, noting that strong cryptocurrency regulation will be needed to attract more institutional money to the space and increase the bitcoin price by 2030.

– In 2030, BTC could reach the level of 1 million dollars, especially since many funds are only just beginning to pay attention to it, and many of them, despite their great will, cannot buy due to regulations – Falyushin told the Capital.com portal.

– When the whole industry becomes more transparent and regulated, we expect an influx of new money into the market. This could cause prices to rise sharply – abstract.

Mike McGlone, senior commodities strategist at Bloomberg Intelligence, told Capital.com that limited supply and growing demand suggest a bullish outlook for bitcoin. The analyst expects that by 2030, the $100,000 limit will become support rather than resistance on the BTC/USD price chart.

– The most important thing is that supply decreases and adoption increases. I believe these trends will continue and BTC is poised to become a model for the next technological revolution. McGlore added.

In turn, HOKK Finance presents a more moderate Bitcoin price forecast, expecting the token to hit $1 million within the next eight years.

– The new generation will learn easier ways to buy Bitcoin and interact with cryptocurrencies. They will face a much higher cost of living, US debt, inflation and a difficult situation in the housing market that will be almost beyond their reach, these new adversities generate new opportunities – he told the portal Capital.com.

– If BTC earns a reputation as good money, many people will forgo investing in the more popular stocks and turn to a cryptocurrency that continues to grow and grow due to its limited supply and decentralized nature – HOKK Finance summary.

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