The start of 2022 was rocky for the world’s largest cryptocurrency, Bitcoin. Many experts believe that the digital token will eventually reach the price of $100K. For them, it’s not a matter of if, but when. Deutsche Bank also reported that some Bitcoin investors see BTC reach a price of $110,000 within five years.
Meanwhile, experts are warning new crypto investors to be careful about how much they want to invest. They mentioned this given the volatility of BTC in recent times.
The coin has shown a remarkable increase in value over the years. So while the market is still bearish, investors expect a short-term bull run in the price soon.
Briefing on Bitcoin Price Movements
While the crypto market currently looks unfavorable for investors, BTC appears to be gearing up for a rebound. It has stayed around the $19K price point since dropping from $22,000 in September. Bitcoin has maintained a varying movement, which many believe is a sign of at least a short-term rally.
Bitcoin’s adverse price movement can be traced to multiple factors coinciding with the current global financial downtime. Another major factor that led to the decline of the crypto market was the crash of Terra.
Since mid-June this year, the event has held BTC around $20,000. Although there were times when it went past this price level.
Expected BTC Rebound
While the market remains in the bear zone, the crypto market is showing signs of a rebound. This is evident from the on-chain data of the digital currency market. According to data from Crypto Quantinvestors can anticipate a long and robust bullish trend in the market.
A report shows that BTC showed some growth in its daily and weekly volume. This fact usually indicates the building of a solid and long bullish trend. Based on this, investors hope for a bullish market in the near term.
While these signs are not new, they were also seen multiple times in March 2022. At the time of writing, Bitcoin price stands at $18,712 with a price change of 2.31%.
Experts indicated that a bullish turn in BTC price is still far-fetched. Their predictions are based on the historical trend of the crypto market, which typically lasts 24 to 27 months.
Florian Grummes also expressed his thoughts about the current crypto winter. Grummes is director of Midas Touch Consulting. In his speech, he stated that the crypto crash could last as long as a year based on the historical pattern.
Featured image from Pixabay and chart from TradingView.com
