Google searches for the phrases “Bitcoin is dead” and “Bitcoin is going up or down” have skyrocketed in recent days, with critics claiming that the leading cryptocurrency will rally. The last two weeks have been brutal for Bitcoin, as its price fell below $18,000.
Right now, all eyes are on the $20,000 price line, not only because it is a significant psychological support level, but also because it represents the peak of Bitcoin’s last bull run in 2017.
Is bitcoin going to go up and down? What the experts say
Swan Bitcoin analyst Sam Callahan believes that, based on past bear market experience, it is possible that Bitcoin could fall more than 80% from its all-time high, as it did in December 2018, when it fell to just over $3,000. That would mean Bitcoin would fall as low as $13,800 this cycle.
Yuya Hasegawa, cryptocurrency market analyst for Japanese crypto exchange Bitbank, shares this sentiment. Last month, Hasegawa said Bitcoin could fall as low as $12,200 during this bear market, but it will likely regain the level around it quickly
Bitcoin price rises and falls
Bitcoin has only been above $45 000 for a few brief periods in the last six months, and has not been above $50 000 since December 25, 2021. Amid the ups and downs, Bitcoin’s current price is a far cry from its last full value. The highest point it reached in November, when it surpassed $68,000. But even with the recent price drop, Bitcoin is still more than twice as valuable as it was a couple of years ago. For Bitcoin, these kinds of ups and downs are nothing new.
Despite the volatility and recent price drop, many experts still say Bitcoin is on track to surpass the $100,000 mark, although opinions vary on exactly when that will happen. And a recent Deutsche Bank survey found that about a quarter of Bitcoin investors believe Bitcoin prices will surpass $110,000 in five years.
Investing in bitcoin and cryptocurrencies
Volatility is nothing new, and it is one of the main reasons why experts say new cryptocurrency investors should be extremely cautious when allocating part of their portfolio to cryptocurrencies.
Bitcoin has shown as steady a rise in value over the years as any other cryptocurrency on the market. It is reasonable for Bitcoin investors to be curious about how high it can ultimately go.
Is there any certainty about the price of bitcoin by 2022?
Unfortunately, Bitcoin’s price is extremely difficult to predict and even more susceptible to market factors than more established asset classes. The most extreme crypto skeptics say Bitcoin will sink to $10,000 by 2022, but a middle ground might be to say that the cryptocurrency can still rise to $100,000 as many experts predicted late last year, just on a slower timeline.
