According to the research center Fundstrat, Bitcoin is poised for active growth. The center, specializing in industry research, evaluation, and market strategy forecasting, keeps a close eye on the world's first cryptocurrency. The current pullback in Bitcoin is seen as a temporary phenomenon by them, capable of leading to a surge in the exchange rate and a rise to $100,000.
Currently, the Bitcoin rate stands at $57,507. In the last month, the leading cryptocurrency has significantly dropped in price, losing around $6,000 from its all-time high. Such a decline is not considered critical, and David Grider, a specialist at Fundstrat in digital assets, even claims that such a setback precedes an active increase in the cryptocurrency's price. He also predicts a strengthening of the bullish argument in favor of the most expensive and popular cryptocurrency, promising an unprecedented growth up to $100,000 for 1 BTC. Such a value has never been seen in the history of cryptocurrency, and even now, envisioning such a course is challenging.
Why Bitcoin's Pullback Doesn't Worry People?
After the swift surge in the exchange rate that occurred in 2020, the cryptocurrency market needs time to cool down. To see Bitcoin gaining momentum by more than a dollar a day again, time is required. If we look at Bitcoin's past data, there is always a temporary lull after a wave of active growth, followed by a rapid decline. However, this downturn is not long-lasting. Later, the rate starts to rise sharply. There have been several such waves since the advent of cryptocurrency, and a new one is imminent. Therefore, Grider predicts its growth to a hundred thousand US dollars.
The specialist also notes that the pullback in Bitcoin has not affected other cryptocurrencies. They are holding at a certain level, with most even gradually appreciating. For example, the second most popular and valuable cryptocurrency, Ethereum, is currently trading at $2,928 per unit. There has been a 6% increase in the last day, and the percentage decrease in the cryptocurrency over the past month is less than 2%. Binance Coin was sold for $501, and its decrease over the last week is also minimal, at 3.1%. Other cryptocurrency rates are within similar ranges.
The fact that all cryptocurrencies, except Bitcoin, are practically not varying in price indicates growth in the cryptocurrency market. Grider believes that the peak has not yet been reached, and Bitcoin has room for further growth. The specialist is firmly convinced that the first cryptocurrency is extremely promising now, albeit in the somewhat distant future. All altcoins, known to people for many years, continue to hold steady, without significant pullbacks. Ethereum, for example, recently reached a new threshold in terms of the maximum amount for 1 ETH. Such indicators suggest that the market is dynamic, and people will notice the capital flight in the coming years. Therefore, according to Grider, all that remains is to watch the quotes and wait for the start of a new Bitcoin upswing.
Long-time investors and supporters of the first cryptocurrency are also optimistic; the current setback does not scare them. Pricing in the cryptocurrency market implies mandatory growth in the Bitcoin exchange rate, provided that the currency's scarcity is maintained in the future. Therefore, Bitcoin's value will increase in the next 3-5 years. Past declines and rapid increases, according to analysts monitoring Bitcoin, also confirm such forecasts.
Bitcoin's Price Changes Over Time
Throughout its existence, Bitcoin has experienced several rises and falls. Here is a list of significant periods:
May 2012 – $5.15.
Early August 2012 – $13.5.
Late August 2012 – $8.
January 2013 – $13-$20 per BTC.
April 2013 – $230 at the beginning of the month and a sharp drop to $68 at the end.
October 2013 – $192.
November 2013 – $208-$1,206.
January-February 2014 – $540-$950.
Late February 2014 – $111.
2015 – $270-$450.
2016 – $450-$900.
February 2017 – $1,000.
July 2017 – $1,900.
September 2017 – $3,600.
December 2017 – $13,000-$19,000.
Throughout 2018, a gradual decline in the exchange rate to $3,200 per BTC in December.
A new rise in Bitcoin to $12,000 in July 2019 and then a slight decrease.
In March 2020, the rate fell to $6,000.
After the pandemic, the rate recovered to $12,000 only in October 2020.
Constant growth until the end of the year – from $12,000 to $29,000.
In April 2021, Bitcoin reached a maximum of $63,000.
After that, the exchange rate of the first cryptocurrency dropped to $48,000 in just a couple of days, with a subsequent insignificant increase. Considering Bitcoin's described dynamics, such a rollback is entirely expected, and we can only wait for another rapid growth wave. This may happen in a couple of years when everyone will notice the establishment of the cryptocurrency rate at $100,000.
