The forecast for the price of Bitcoin of most analysts continues to be bullish. In the last few days, the price movements in the crypto industry are once again creating positive feelings in the crypto world. The price of Bitcoin is now testing the $40,000 level several times a day. A technical chart analysis now reveals a price breakout to $51,000, and in the next ten years it could even reach seven figures, according to one analyst.
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The capitalization of the crypto market increases enormously
From just under $1.2 billion, the market capitalization of the entire crypto market has risen to around $1.54 billion, according to coinmarketcap. Thus, the entire market can show a growth of about 30 percent within a few days. A growth that has not been so for several weeks.
Bitcoin price forecast: Where is the journey heading?
Many investors are hoping for a quick rise above the previous all-time high of $64,800, which was set on April 14th, 2021. However, according to the initial assessments of many analysts, this could take a bit longer for now.
Most recently, it has once again been shown that the market continues to react strongly to rumors. However, even Amazon’s denial has only caused a short-term decline, so that the upswing continues.
Katie Stockton sees the next price target at $51,000
Analyst Katie Stockton stated that it is important for bitcoin to break resistance at around $43,000. If it succeeds in doing so, she said that a rise to as high as $51,000 can be expected, according to her technical chart analysis. Stockton commented on her Bitcoin price forecast as follows:
“Bitcoin tested and held the much-watched support at $30,000 in our expected ‘spring’ after rallying within its long-term uptrend. Importantly, both Bitcoin and Ether broke above their 50-day MAs on the back of new positive short-term momentum.
Mike Alfred: Bitcoin price forecast of $1 million in ten years
Meanwhile, Mike Alfred, CEO of Digital Assets Data, gives a much more long-term Bitcoin price forecast. Alfred tweeted that he believes in a Bitcoin price of one million USD in the next ten years. This would correspond to a growth of around 2,400 percent from today. A bold and courageous prediction.
However, if you look at the Bitcoin price forecasts of other well-known faces from the crypto industry, Alfred is not alone with such a high valuation. For example, just a few weeks ago, the Winklevoss twins predicted a Bitcoin price rise to around $500,000. The chairman of Guggenheim Investments, Scott Minerd, also spoke of a Bitcoin price of $400,000 at the end of December 2020, after all in six figures.
Making a Bitcoin price forecast, as with all other asset classes, is very difficult. However, it is a fact that more and more institutional investors are discovering the crypto market for themselves. This inevitably leads to crypto adoption as well.
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