Bitcoin – the king of the crypto market – has been in the grips of the bears. The king has fallen by more than 45% from the glorious days of its ATH, a couple of months ago. Since the market dominance of BTC lies at 42%, the whole crypto market moves in tandem with it which is why the market has been tumbling downwards. At the time of writing, the cryptocurrency stands at a price level of $36,860 with a minor decline during the day.
What is happening to Bitcoin?
Bitcoin holders still believe the cryptocurrency will soon trade above $100k. This sentiment can be witnessed through the recent data released by Glassnode. According to Glassnode, 18,000 tokens or $670 million have flown out of centralized exchanges – suggesting long-term holding and bullish sentiment.
On the other hand, the negative Bitcoin funding rates suggest another dip for the king of the market. The U.S government is also reported to be preparing an executive order on cryptocurrencies which may not bode well for the market.
Are the medium to long-term predictions bearish?
Despite the fact that Bitcoin has lost a major chunk of its value and the bulls do not appear anywhere near in sight for the coin, the future predictions are still very much bullish. This can be accounted by the fact that a brutal fall for the crypto market was long overdue as it had reached some of the highest traffic activity. Once the market cools down, BTC is expected to soar upwards – at least that is the firm belief of the hodlers which is also in line with a lot of analysts’ views.
Swiss digital asset bank Seba has predicted the price of Bitcoin to reach between $50,000 and $75,000 soon per its internal valuation models. The chief executive of the bank believes that institutional interest will continue racking up and enabling BTC to its pre-crash levels. According to the estimates of Wallet Investor, the one-year price of BTC is projected to lie at $64,000 while the five-year price is expected at a staggering $179,383. Digital Coin Price also suggests similar estimates by placing the king of the market’s price above $60k in a year’s time and well over $100k in five years’ duration. One thing can be close to certain in the crypto market and that is, Bitcoin’s long-term projection can be nothing less than bullish.
