After a period of slump triggered by the Chinese crackdown of crypto exchanges and miners, Bitcoin is back on track and growing steadily. In the last month alone, Bitcoin has gone up by almost 25%.
In May-June of this year, Bitcoin was at its yearly lowest of $30,000. Within a month, it touched $64,000 again. However, it soon hit a low of $40,000 only to rise back up and maintain its present value of around $62,000.
Crypto experts and analysts noticed the pattern of bitcoin falling only to recover, and this gives them hope in bitcoin’s long-term value. Many are projecting that Bitcoin might see an unprecedented run in the future. The next benchmark, $100,000, does not look like a foolish dream anymore.
However, not everyone agrees with bitcoin’s projected value of $100,000. Some are doubtful of its possibility, while others think that it is very unlikely.
Speculations around Bitcoin’s prospects of touching $100,000 came up when Bloomberg published its Crypto Outlook Report. In the report, it is stated that chances of Bitcoin rallying upward and touching $100,000 are way more than it going down to $20,000. As Bitcoin progresses towards an all-time high, many are hopeful of Bloomberg’s analysis coming true.
In the past couple of months, following the China ban on crypto, cryptocurrency has become a household word in many parts of the country. We are living through an unprecedented time for digital currencies, and the chances of Bitcoin touching $100,000 cannot be ruled out. Now it is a matter of time to see whether the speculations turn out to be true.