Bitcoin’s Price Up $10K As Crypto Is Predicted To Breach $100K In 5 Years

Christian Encila

3 years 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.

Bitcoin’s price spike, which briefly exceeded $44,500 Tuesday afternoon, is now easing.

BTC has retreated to roughly $43,912 on Wednesday, but is still up nearly $10,000 in the last five days and is on the verge of reclaiming January levels.

Bitcoin price rose more than 5% Monday as markets processed new developments in Russia’s invasion of Ukraine, despite risk aversion pushing down blue-chip and technology sectors, which cryptocurrencies have been linked to for weeks.

Markets may be underestimating the economic repercussions of Russia’s financial isolation. Sanctions against Russia were placed to cripple its economy and financial systems.

To safeguard the plummeting ruble, which has lost more than 20% of its value, the Russian central bank closed the stock market and more than doubled its key interest rate to 20%.

“At that point, Europe and the United States would have to put pressure on the largest exchanges — FTX, Coinbase and Binance — to ban the addresses linked with Russia, and no other major exchange would want to engage with funds that came from those addresses,” Michael Rinko, a venture associate at AscendEx, said.

Bitcoin’s Price Up 17% In 24 Hours

Buyer demand for Bitcoin sparked a 17% increase in price in just 24 hours late Monday. Although it is too soon to identify a trend, crypto-analysts and advisors are watching to see if this breakthrough signals a more significant directional shift or “decoupling” from equities investments.

BTC total market cap at $832.59 billion in the daily chart | Source: TradingView.com

Bullish Hike For Bitcoin

Bitcoin’s price is up 2.40% in the last 24 hours, with a high of $44,953.06 and a low of $42,875.

Its current market volume is $1.67 billion, and its market capitalization is $840.13 billion.

Because of the Russian-Ukrainian crisis, volatility rates and decoupled stocks for BTC have increased, resulting in a high price for Bitcoin as the first week of March begins.

Bitcoin’s Future: Digital Gold

On the other hand, Bitcoin may be inclined to compete with gold and other safe-haven assets such as government notes and stocks in the future.

The unchangeable software code of Bitcoin increases the token’s supply at a pace comparable to that of gold, 0.5% to 1% every year.

The scarcity of gold helps it retain its value through times of economic distress and excessive inflation, and it’s not unrealistic to expect Bitcoin will do the same in the digital age.

$100K Still On Crosshairs

Countries with currency restrictions, dual-currency systems, governance issues, and corruption may see Bitcoin take off as a store of value.

Meanwhile, many analysts believe that Bitcoin’s price will eventually cross the $100,000 milestone; however, there are different viewpoints on when that will happen.

According to a recent poll by Deutsche Bank, approximately a quarter of Bitcoin investors anticipate the price of the cryptocurrency would exceed $110,000 in five years.

Featured image from Verve Times, 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.