Will BTC Go Back To 60k?

BTC is the most commonly used digital currency in the world today. Any changes on the price have a great impact on everybody. Currently, there has been a drop in the levels of BTC that has left many investors in trouble. Ever since July 2021, the level of BTC has dropped below $30k for the first time. This month BTC has dropped to $20K and most investors are now withdrawing themselves to ensure that they do not make too much loss. The changes happening in the Federal Reserve are causing the drop of bitcoin since many policies have been changed. Most investors are panicking from the drop. Several factors affect the drop or rise of bitcoin. Also, if you want to keep track and know the value of every Bitcoin in dollars and any other currency, then you can keep track here https://safetradebinaryoptions.com/usd-to-btc.


The prices of BTC are not controlled or regulated by a certain body since it is decentralized in nature. BTC was introduced as a way where people could transact online without any trace of the sender, receiver or the amount transacted. The governments from all over the word are trying to find ways to control prices. This will help in protecting the investors and enact taxation. By 2030, the governments will have worked together and found a way to control the prices.


Why does the value of bitcoins rise and drop?


  • The demand and supply of bitcoins

When you start buying bitcoins, most of it is used as saving. There are less bitcoins that are traded compared to the ones saved. Back in 2008, bitcoin was not very popular therefor most people did not invest in it. Back then, the prices were not very high. As we go on with, BTC trading gained popularity that has led to increased demand. Today most online investors are using bitcoins as a method of transacting and investing. In coming years, more people will know about it and the price is expected to go up.


  • Regulations and rues set for BTC trading

Regulatory agents are coming up with ways that will help them control digital asset. Different agencies have different description of what bitcoin is. For instance, Commodity Futures Trading Commission states that a bitcoin is a commodity. On the other hand, Securities and Exchange Commission classifies bitcoin as a security. BTC value might drop in case the rules get stricter in the coming years. If the rules are favorable then the value will rise. 


  • Media

Media is said to have a lot of influence on the prices of bitcoin and other crypto currencies. Media has a way of controlling price for almost every product today. In 2021, there is increased media information concerning bitcoins. The news is shared through media and people gain more information concerning BTC. The investors are on the look for the latest news concerning bitcoin prices and news. If the media states that it is not a good, time to invest on bitcoin then people will follow. Any positive information from the media regarding bitcoins will lead to higher prices while negative information will lower the prices. 


  • Competition

As we all know, competition in business has great impact. When bitcoin emerged in 2008, there was less competition in the industry. Today many crypto currencies are slowly gaining popularity. His has put BT trading in a lot of pressure. Some competitors are trying their best to keep bitcoin out of market. They are coming with better term and prices where bitcoin investors are investing in them. There are several types of cryptocurrencies in 2022 such as Ethereum and Tether. However, despite competition, bitcoin is still the most valuable and popular digital currency. In the next five years, there is an expectation of more digital currencies.


Bitcoin is expected to go back to $60K very soon. There are main reasons why bitcoin will rise again;


1.There is an expectation that history might repeat itself

In some year, back the value of bitcoin went down drastically and many investors made losses. BTC has a trend line support commonly known as ascending triangle. The setup has existed since December 2020. There are high chances that the prices will go back at a higher rate than the current one. In most cases, when the prices go down, the demand will increase. Within few weeks, the prices will shoot up back again due to high demand.


2.Richer BTC investor.

According to Coin Metrics, the number of rich investors willing to invest on BTC is on the rise. On Feb 27, there was 2,127 investors and 2,266 on 28 Feb. During that period, the price shifted from $38K TO $45K within a day. This is an indication that if richer investors come to the bitcoin sector by end of this month the prices will go up. Currently there are lower prices because the rich investors have decided to hold the BTC token.


It is seen that since December 2021 BTC has never risen above $50K. In November 2021, the price was approximately $68k, one of the best prices ever recorded. However, as much as the value is not very good currently, it is almost twice than the past years. Bitcoin drop is a normal thing that many old investors have witnessed over years. Deutsche bank carried out recent research that states that bitcoin might rise to $100k in the next five years. When we compare when bitcoin was first introduced and now, you will see that there has been a great improvement of its value. This gives much hope to investors and are encouraged to be careful about their portfolio.


Bitcoin mining is creation of bitcoins at a new rate. Miners have to go through number of transactions to introduce new coins to the market. The systems can only allow having 21 million new bitcoins. In case, miners exceed this amount, the production of new bitcoins will stop. The price of mining bitcoins has a very great effect on the price of bitcoins. If the cost of mining is high, then the new bitcoin will be expected to be on the rise.


The value of bitcoins has been rising and dropping. In the next few years, it is predicted that there will be a higher rise of the value of bitcoins. The prices will most certainly surpass $60K.

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