This is one of the hottest topics among crypto enthusiasts. When will Bitcoin hit $1,00,000? This year Bitcoin has been going through a roller coaster ride. It was $48,000 at the beginning of the year and then it dropped to almost $30,000 before touching again $45,000. Currently, it is trading at $42,500. The bitcoin is having support at $40,000 which was acting as a resistance when the Bitcoin was trading below $40,000.
Coming back to our main question of Bitcoin hitting the magical six-figure of $1,00,000. The current situation in the world is not good. Inflation is at all time high in many countries. War is going on between Russian and Ukraine. The situation between these two countries is not going to improve any time sooner as none of the countries is willing to back down. Other countries are proving the weaponry to Ukraine to deal with Russia. Stock markets all over the world are red and are expected to fall further.
But this tense situation between Russia and Ukraine has a positive effect on crypto prices. Donations are being made to Ukraine in cryptocurrencies. Since cryptocurrencies are not related to any particular country, the economy of the country doesn’t have any effect on the price of the cryptocurrencies. Cryptocurrencies are also easier to transfer from one person to another without any intervention. These donations have been very helpful for Ukraine to fight with Russia and for the general public for their routine necessities. The major reasons for the bounce of Bitcoin from $30,000 to $45,000 are:
- The world is now acknowledging the use case and power of cryptocurrencies and many new retail investors are joining day by day. Bitcoin being the most renowned cryptocurrency has gained the most recently.
- Many institutional investors are now a part of the crypto world. Since institutional investors stay away from volatile investments and the bitcoin is the least volatile cryptocurrency has benefitted the most from institutional investors.
There is still huge scope for Bitcoin to grow. The total market capitalization of Bitcoin is currently $800 billion. This is less than the market capitalization of Apple company alone. $800 billion makes only around 7% of the total amount of gold reserves. 2021 was a good year for Bitcoin as well as other cryptocurrencies. Bitcoin touched its ATH $69,000 last year. Considering the pace at which things are going on, Bitcoin may break its all-time high price of $69,000 rather sooner than expected.
When Bitcoin was trading at around $30,000, many analysts predicted that $1,00,000 will not happen this year. But things are looking good now for the crypto investors. We may see Bitcoin at $1,00,000 in October or November this year. There is a possibility that money from share markets may also come to crypto markets. Share markets are not expected to provide good returns for the investors at least for 2 or 3 months. Banks are not proving a good rate of returns on investments either. If you haven’t started investing in cryptocurrencies, now is the time. It’s never too late to buy cryptocurrencies.
When do you think Bitcoin is going to hit $1,00,000. Tell us in the comment section.