The market crash that took place in February has failed to put a dent in the bitcoin bulls. The cryptocurrency continued to gain ground in March and even managed to topple the $7,000 mark. As March draws to a close, investors are getting more optimistic regarding the future of bitcoin.
It was just a few months ago when Bitcoin seemed to be invincible. The cryptocurrency was on fire, shooting up to all-time highs, and its ecosystem appeared to be thriving. But now that the stock market has crashed, it may be time for Bitcoin to worry.
Since the beginning of 2017, bitcoin price has been dropping like a stone. Over the last six months, the price of BTC has dropped more than 50%. However, recent developments indicate that the market is slowly gaining stability once again. In the past week alone, the price of BTC has definitely shown signs of recovery, as it has increased by 5% in the past 24hrs. The price of BTC is still well below its all-time high, but investors are definitely optimistic that the price will continue to rise in 2018.. Read more about bitcoin news and let us know what you think.
According to a recent survey of investors, bitcoin will trend positive in the second half of the year, targeting $45,000 or more.
CNBC conducted a survey on the opinions of portfolio managers and fund strategists on the short and medium term price of bitcoin. In a survey, CNBC’s Squawk Box asked investors how they saw bitcoin’s value at the end of the year.
44% of respondents to CNBC’s quarterly survey say #bitcoin will be below $30,000 by the end of the year.
Where are you based? #btc @andrewrsorkin @BeckyQuick @JoeSquawk discuss: pic.twitter.com/zpPHtSaeWK
– Squawk Box (@SquawkCNBC) July 2, 2021
While 44% of those surveyed think bitcoin will drop within a year and stay below $30,000, 56% are more optimistic about the future. Of the bulls, 25% think the price will rise and stabilize at $45,000, 25% think bitcoin will rise to $55,000 and stay there until the end of the year, and a minority, but not insignificant, 6%, predict bitcoin will return to an all-time high around $60,000.
Bitcoin’s volatility makes it difficult to predict its price
Bitcoin is also known as digital gold, but its volatility makes it a bit harder to predict than the precious metal. It is said that the value of a digital currency depends on usage and market sentiment, but there are other factors at play as well. With bearish buying, panic selling, institutional investment, rising adoption rates and Chinese repression, the market could go either way.
The results of surveys like Squawk Box provide insight into how investors view the market in the future. It also includes information on how some investors view the market, despite bitcoin’s collapse since it hit a new high.
The post Bitcoin investors are optimistic despite market crash appeared first on Coin Insider.As Bitcoin hits an all-time high, many are wondering if the cryptocurrency will be able to maintain its momentum. During the past week, Bitcoin has increased in value by over 2 dollars over the course of 24 hours, making this week’s gains the largest since April.. Read more about crypto bear market 2021 reddit and let us know what you think.