Bitcoin Price: Research Group Sees Crypto Hitting $200,000

Christian Encila

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The Bitcoin price trading value has hit $41,934.38 in the open market Monday, which is down by 0.95% on its index.

The cryptocurrency is still recovering from a 50% slump from its November all-time high of $69,500.

Its value has been able to rally from $33K, and crossing the psychological resistance level of up to $40,000.

Due to the fact that technical indicators have now reached oversold levels, the bullish trend will continue to gain steam.

The fear and greed index, which gauges investors’ perceptions and personal appraisals of the market, has surged to 46 from 44 recently.

Bitcoin Price: Positive Returns

Analysts see Bitcoin having positive returns within the month, as technical indicators imply short-term buyers will be active around the $35,000-$37,000 support level for the near term.

Still, its upside remains in the $45,000 mark.

Regardless of the conditions, crypto specialists remain suspicious due to the Biden administration’s expected publication of an executive order this month to regulate Bitcoin.

BTC/USD at $44,052 in the daily chart | Source: TradingView.com

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 figures show the current fair market value of Bitcoin is estimated to be $38,000; the price of BTC has climbed by 17.35% in the past week.

In a statement, US-based independent research group FSInsight predicts that the price of Bitcoin will exponentially grow in the future.

FSInsight specializes in market analysis and sector research. With its expertise, it forecasts that Bitcoin might reach a value of $200,000.

Due to the uncertainty around whether the new limits would benefit or harm the cryptocurrency, the market is extremely unpredictable.

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.

The price of Bitcoin is now four times more volatile than the price of gold, research shows. Furthermore, when interest rates rise, it is expected that Bitcoin’s entire market value will match that of gold.

Featured image from Bitcoin News, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.