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  • Will Bitcoin ever return to $60,000? Here’s what the experts say.

Will Bitcoin ever return to $60,000? Here’s what the experts say.

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  Bitcoin

Bitcoin has found its place as the leading coin in the global crypto market as its market dominance remains at over 40%. It was the first coin that started the era of cryptocurrencies, followed by names like Ethereum, Binance Coin, etc. Since its inception, it has seen multiple growths and its value has fluctuated.

Recent changes have been detrimental to its price as it has seen a free fall from its highs. These changes have disappointed some investors who expected a further increase. While others refer to it as a price correction that was necessitated by the mad rush of funds. According to the latter group, it brings wisdom to investors and only those who understand the market remain.

Here is a brief overview of the current state of Bitcoin and whether it can recover its value.

Bitcoin crash from ATH

Bitcoin started off with a value of less than a fraction of a penny and then saw it rise. For the first time, its price rose to $0.09 in 2010, and since then, it has continued to grow exponentially. It was originally developed as a hedge against inflation, for trading, and for use as a store of value. These functions continued to increase and later attracted the attention of economists, financial experts and corporate groups, which led to its rapid growth.

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Source: Investopedia

It was in May 2017 that the price of Bitcoin rose to $20,000, but then in June 2019, it dropped to $10,000. Fluctuations continued and reached $29,000 in December 2020. Later, the value continued to rise, resulting in an ATH. in November 2021, when the price increased to $68,991. The following months proved to be the worst for Bitcoin as it saw a steady decline, with the price dipping into the $20,000 range in July 2022.

There are many reasons why Bitcoin has fallen, including bearish global markets, rising US inflation, the Russia-Ukraine war, cryptocurrency hacks, fraud, and more.

Will it recover from current losses?

There have been various opinions on whether Bitcoin will recover or decline further. There are two groups; One is against investing in Bitcoin, while the other sees Bitcoin as the future of modern decentralized finance. They have discussed the future of Bitcoin and tried to convince their followers.

Renowned author Robert Kiyosaki has consistently talked about Bitcoin falling to $1,100. He predicts that Bitcoin will continue to fall because there is no future for it. Coinality.com’s Dan Roseman criticizes the way Bitcoin works and sees a reliable future if the mining process changes. It can save losses caused by fluctuations and bring stability to the market.

Ian Ballina, founder and president of Token Metrics, says that Bitcoin can cross $100,000 and even reach $150,000. According to him, this is a new emerging asset that is in the correction phase and will be bullish soon. Although macroeconomic factors have also affected its price value, it is likely to recover in the coming months.

Financial institutions such as JP Morgan and Bloomberg predict that its price will exceed $100,000. Therefore, investors are waiting for a change in its value, as it currently remains at the lowest level.

Result

There is currently a bearish trend going on for BTC. These changes have stripped it of more than half of its value. Its peak now seems like a story of the past. Experts are divided on whether it will recover or lose more value in the coming months. Indicators show it is improving, but changes on the ground will dictate that. Investors and experts are positive about this coin as it is considered as the future of DeFi.