The trading value of the Bitcoin (BTC) price in the market reached $41,934.38 yesterday, with an index dive of 0.95%.
While Bitcoin (BTC) is still recuperating after a 50% drop from the phenomenal November all-time high of $69,500, its value has risen from $30k, breaking the psychological resistance barrier of $40,000 in the process.
The positive pattern will continue to gather momentum since technical indicators have already touched oversold ranges. The fear and greed index, which measures investor sentiments and personal assessments of the market, has lately risen to 44 from 46.
Positive returns are on the horizon in February for Bitcoin (BTC), according to analysts, as technical indicators suggest short-term investors would be more bullish closer to the $35,000-$37,000 support level.
Its upside potential is still above $45,000. Irrespective of the circumstances, crypto experts are wary of the Biden administration’s scheduled release of an executive order which intends to lay out the Bitcoin (BTC) regulation later during February.
The price of Bitcoin (BTC) in the long run might reach $150,000, a huge growth over the past year’s figure of $146,000, as per the current forecasts conducted by analysts.
According to Coinbase statistics, as of last week, the price of Bitcoin (BTC) has risen by 17.35%, as the present fair market value of the biggest cryptocurrency is forecasted to be around $38,000.
The independent research organization FSInsight, located in the United States, expects that the price of Bitcoin (BTC) will rise exponentially in the time to come. FSInsight is a market research and market analysis firm which predicts that Bitcoin (BTC) will achieve a price of $200,000, based on its experience in price predictions.
The market is particularly volatile because of the ambiguity as to if the new restrictions would help or hurt Bitcoin (BTC).
Depending on the effects of the market by a multitude of market factors, the price of Bitcoin (BTC) could potentially fall in February, regardless of the strong usual performance of Bitcoin (BTC).
On another note, the price of Bitcoin (BTC) has increased 13%, per the latest reports of JP Morgan.
The most considerable barrier to institutional adoption and mainstreaming of Bitcoin (BTC), according to JPMorgan aside from the rate of volatility, is its “eccentric monetary cycles”.
According to research, the price of the biggest cryptocurrency bears quadruple the volatility of the price of gold, and as the increase of interest rates is exacerbated, the market cap of gold will be surpassed by that of Bitcoin (BTC).