Bitcoin price prediction: Why bitcoin WILL crash again – but BTC to reach $100,000?November 1, 2021
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Bitcoin’s price struggled to gain traction this week after soaring to never-before-seen highs of around $67,000 earlier this month. The price bounced back yesterday, however, and is continuing to show growth after two flash crashes on Wednesday, which wiped hundreds of billions of dollars from the crypto market.
The cryptocurrency fell below $59,000 (£42,778.25), which was down more than $5,000 (£3,635.28) compared to earlier this week.
The crash came less than a week after BTC hit a new high of close to $67,000 (£48,578.68).
The cryptocurrency is still in its relative infancy, yet to reach its peak maturity which means the future projections for this coin have yet to be determined.
Bitcoin is now consistently trading at well above $60,000 and many experts believe the digital currency reaching $100K is inevitable.
Discussing the crash, senior market analyst at Trade Nation said the crash meant very little to bitcoin owners overall.
He told Express.co.uk: “Bitcoin has crashed 80 percent or more three different times since 2012.
“On each occasion, its detractors have come out in force to say that the party is over; that this volatility shows how bitcoin can never be taken seriously as either a store of value or medium of exchange – two requirements of money.
“And every time bitcoin has crashed, it has proven to be an opportunity for its followers to buy more at a better price.”
He added he has no doubt bitcoin will crash again and will rally in the wake of these crashes – saying it will be interesting to see if this pattern continues in the future.
The current price of bitcoin is $60,822.06, having dropped 0.67 percent in the past 24 hours, according to CoinMarketCap.
The price has dropped by 3.65 percent in the last seven days.
The market cap for the biggest cryptocurrency is $1,150,691,730,313.
The global crypto market cap is £2.16tn, which is a rise of 0.94 percent over the last day – with bitcoin’s dominance currently ranking at 44.09 percent – which is a fall of 0.47 percent in the past day.
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When will bitcoin reach $100,000?
Marcus de Maria, CEO of investment firm Investment Mastery, said he has been telling clients bitcoin would reach $100,000 since early 2018 and that it was always a case of when not if.
Now “we are finally approaching that price”, Mr de Maria said.
The investment expert added comparing bitcoin to Gold predicts the future trajectory for the digital currency.
He told Expres.co.uk: “By comparing bitcoin to Gold, another store of value. Gold’s entire market cap is over $8 Trillion. We know only 21 million bitcoins will ever be mined.”
Using the amount of Gold mined compared with bitcoin and extrapolating these figures, there will safely be price growth of bitcoin hitting $100,000, Mr de Maria added.
He said: “This calculation is despite knowing that three to four million bitcoins have been lost, so the price is likely to go even higher, and you can see why we believe bitcoin will reach $100,000 without too much of a struggle.”
Bitcoin “can and will” reach $100,000 according to NFT club Fayre Labs founder Luis Carranza.
The expert told Express.co.uk: “It’s a scarce resource with limited and finite supply that’s growing in demand.”
He added the basic demand and supply economic principle ensures it is a cheap and fast way to transfer $5 billion from point A to B.
However, there are always outside factors which play a key role in the time and journey to this point – including legislation and cryptocurrency bans which shift use patterns temporarily.
But even with these threats, Mr Carranza told Express.co.uk: “The barrier is very high to kill it and demand is growing. Why stop at 100k valuation?”
Elsewhere in the crypto market, Ethereum surged to hit an all-time high.
The digital coin, the largest behind bitcoin, rose to hit a high on Friday of around $4,400, which is an uplift of eight percent in the past 24 hours.
The cryptocurrency is currently priced at $4,346.64 – which is an increase of 5.49 percent in the past seven days.
Experts claim this price surged was due to a recent technical upgrade to the ETH blockchain network.
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