Bitcoin Only Moved 2% Last Week, But Analysts Are Hopeful for Higher Gains Soon
The cryptocurrency Bitcoin (BTC) is up to $43,146 (BTC/USD), which is only a gain of 2.08% from the previous week.
That does not bode well for the coin at a time when many of its competitors are seeing impressive gains. Chainlink (LINK) moved 35% over the last week, and Ethereum Classic (ETC) gained nearly 6%. Immutable (IMX) earned more than 11% in the same time period, but Bitcoin seems to be lagging behind.
Some analysts say that Bitcoin will see greater gains in the near future, and they predict that the currently healthy crypto market will help it do that. Analysts over at CoinDX say the coin will reach $55,000 by May of this year. Bloomberg predicts $120,000 by the end of the year. Yahoo! Finance’s analysts say it could reach $100,000 by next year.
These predictions are based on the currently recovering crypto market and the state of the global economy, which is coming out of a recession and looks to be strengthening.
Bitcoin’s Future
Some analysts are warning investors not to expect big swings from Bitcoin to gain as much attention as they used to in financial headlines because people are used to some of these big movements collapsing very quickly. Investors should be looking at cryptocurrency regulations that would affect altcoins across the board. If these go into place, they could make the public feel safer about the security of crypto trading and boost confidence in a major player like Bitcoin. Where there was previously trepidation in the market, there could be a sense of safety.
If interest rates drop and inflation decreases, there will be more money to spend on altcoins as well, which can help the crypto market to grow and decrease risk-averse spending. Regulations for crypto could make some investment and retirement funds available that would previously be restored for use with crypto investments. If that happens, the market could vastly improve and Bitcoin could move much higher.
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