Bitcoin has been on a rollercoaster ride since the start of 2021, gaining more than 45% in value since the start of the year. As of January 29, the price of Bitcoin sat at $23,860, a significant increase from its January 1 value of $16,499. Although this surge may suggest that Bitcoin is on the road to recovery, there are still multiple factors that may be hindering its progress.<\/p>\n
As of today, Bitcoin is priced at $23,052.37, with a daily trading volume of $22 billion. It holds the top spot on CoinMarketCap with a market cap of around $444 billion and has dropped by 0.33% over the past 24 hours.[0]<\/a><\/sup> Analysts are divided in their opinions on whether Bitcoin has bottomed out and will begin recovering, with some predicting that the asset may hit anywhere from $50,000 to $1 million in the next decade.[1]<\/a><\/sup><\/p>\n ARK Investment Management has estimated that Bitcoin could run to $1 million in the next decade in its 2023 Big Ideas report.[2]<\/a><\/sup> Similarly, Anthony Scaramucci of SkyBridge Capital has predicted that Bitcoin may hit between $50,000 and $100,000 in two to three years, believing that widespread adoption could be the catalyst for such growth.[3]<\/a><\/sup><\/p>\n While the overall market sentiment cannot be called bullish just yet, some analysts believe that Bitcoin\u2019s recent price and on-chain data suggests that the asset may be in the later stages of a bear market.[4]<\/a><\/sup> Mike McGlone of Bloomberg\u2019s senior commodity experts also predicted that Bitcoin could hit $100,000 sometime around the next halving or by 2025.[5]<\/a><\/sup><\/p>\n In the short term, Bitcoin appears to be recovering from the uncertainty of macroeconomic factors, but the long-term projection remains shaky. Analysts are waiting for a year after the 2022 bear market rally to pass in order to be sure that the bearish phase is now over.[6]<\/a><\/sup> Ultimately, only time will tell whether or not this upwards trend will continue, and whether it will break its previous all-time high of around $69,000.[7]<\/a><\/sup><\/p>\n 0. <\/span>“Bitcoin Price Prediction as BTC Trading Volume Surges to $40 Billion \u2013 Here’s Where BTC is Headed Next” Cryptonews, 4 Feb. 2023, https:\/\/cryptonews.com\/news\/bitcoin-price-prediction-as-btc-trading-volume-surges-40-billion-heres-where-btc-headed-next.htm<\/a><\/a><\/p>\n 1. <\/span>“Bitcoin Could Be in the Later Stages of the Bear Market, On-Chain Data Suggests” Yahoo! Voices, 1 Feb. 2023, https:\/\/www.yahoo.com\/now\/bitcoin-could-later-stages-bear-083711018.html<\/a><\/a><\/p>\n 2. <\/span>“Cathie Wood’s Ark Invest says bitcoin could hit $1.5 million by 2030, doubling down on its bullishness for the” Business Insider India, 1 Feb. 2023, https:\/\/www.businessinsider.in\/investment\/news\/cathie-woods-ark-invest-says-bitcoin-could-hit-1-5-million-by-2030-doubling-down-on-its-bullishness-for-the-worlds-largest-cryptocurrency\/articleshow\/97534032.cms<\/a><\/a><\/p>\n 3. <\/span>“Bitcoin Extends New Year Rally, Crosses $24,000 Briefly” Coinspeaker, 3 Feb. 2023, https:\/\/www.coinspeaker.com\/bitcoin-new-year-rally-24000\/<\/a><\/a><\/p>\n 4. <\/span>“\u2018Crypto summer\u2019 likely to start in Q2 2023, Morgan Creek Capital CEO says” Cointelegraph, 3 Feb. 2023, https:\/\/cointelegraph.com\/news\/crypto-summer-likely-to-start-in-q2-2023-morgan-creek-capital-ceo-says<\/a><\/a><\/p>\n 5. <\/span>“Bitcoin starts new geometric cycle; $150k within reach?” Finbold – Finance in Bold, 31 Jan. 2023, https:\/\/finbold.com\/bitcoin-starts-new-geometric-cycle-150k-within-reach<\/a><\/a><\/p>\n 6. <\/span>“Why Bitcoin is still in a bear market and what this means for BTC price?” FXStreet, 5 Feb. 2023, https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/why-bitcoin-still-in-a-bear-market-and-what-this-means-for-btc-price-202302050837<\/a><\/a><\/p>\n 7. <\/span>“How Did Bitcoin’s Price Change During the New Year’s Period?” FinSMEs, 31 Jan. 2023, https:\/\/www.finsmes.com\/2023\/01\/how-did-bitcoins-price-change-during-the-new-years-period.html<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin has been on a rollercoaster ride since the start of 2021, gaining more than 45% in value since the start of the year. As of January 29, the price of Bitcoin sat at $23,860, a significant increase from its January 1 value of $16,499. Although this surge may suggest that Bitcoin is on the road to recovery, there are still multiple factors that may be hindering its progress.<\/p>\n As of today, Bitcoin is priced at $23,052.37, with a daily trading volume of $22 billion. It holds the top spot on CoinMarketCap with a market cap of around $444 billion and has dropped by 0.33% over the past 24 hours.[0]<\/a><\/sup> Analysts are divided in their opinions on whether Bitcoin has bottomed out and will begin recovering, with some predicting that the asset may hit anywhere from $50,000 to $1 million in the next decade.[1]<\/a><\/sup><\/p>\n ARK Investment Management has estimated that Bitcoin could run to $1 million in the next decade in its 2023 Big Ideas report.[2]<\/a><\/sup> Similarly, Anthony Scaramucci of SkyBridge Capital has predicted that Bitcoin may hit between $50,000 and $100,000 in two to three years, believing that widespread adoption could be the catalyst for such growth.[3]<\/a><\/sup><\/p>\n While the overall market sentiment cannot be called bullish just yet, some analysts believe that Bitcoin\u2019s recent price and on-chain data suggests that the asset may be in the later stages of a bear market.[4]<\/a><\/sup> Mike McGlone of Bloomberg\u2019s senior commodity experts also predicted that Bitcoin could hit $100,000 sometime around the next halving or by 2025.[5]<\/a><\/sup><\/p>\n In the short term, Bitcoin appears to be recovering from the uncertainty of macroeconomic factors, but the long-term projection remains shaky. Analysts are waiting for a year after the 2022 bear market rally to pass in order to be sure that the bearish phase is now over.[6]<\/a><\/sup> Ultimately, only time will tell whether or not this upwards trend will continue, and whether it will break its previous all-time high of around $69,000.[7]<\/a><\/sup><\/p>\n 0. <\/span>“Bitcoin Price Prediction as BTC Trading Volume Surges to $40 Billion \u2013 Here’s Where BTC is Headed Next” Cryptonews, 4 Feb. 2023, https:\/\/cryptonews.com\/news\/bitcoin-price-prediction-as-btc-trading-volume-surges-40-billion-heres-where-btc-headed-next.htm<\/a><\/a><\/p>\n 1. <\/span>“Bitcoin Could Be in the Later Stages of the Bear Market, On-Chain Data Suggests” Yahoo! Voices, 1 Feb. 2023, https:\/\/www.yahoo.com\/now\/bitcoin-could-later-stages-bear-083711018.html<\/a><\/a><\/p>\n 2. <\/span>“Cathie Wood’s Ark Invest says bitcoin could hit $1.5 million by 2030, doubling down on its bullishness for the” Business Insider India, 1 Feb. 2023, https:\/\/www.businessinsider.in\/investment\/news\/cathie-woods-ark-invest-says-bitcoin-could-hit-1-5-million-by-2030-doubling-down-on-its-bullishness-for-the-worlds-largest-cryptocurrency\/articleshow\/97534032.cms<\/a><\/a><\/p>\n 3. <\/span>“Bitcoin Extends New Year Rally, Crosses $24,000 Briefly” Coinspeaker, 3 Feb. 2023, https:\/\/www.coinspeaker.com\/bitcoin-new-year-rally-24000\/<\/a><\/a><\/p>\n 4. <\/span>“\u2018Crypto summer\u2019 likely to start in Q2 2023, Morgan Creek Capital CEO says” Cointelegraph, 3 Feb. 2023, https:\/\/cointelegraph.com\/news\/crypto-summer-likely-to-start-in-q2-2023-morgan-creek-capital-ceo-says<\/a><\/a><\/p>\n 5. <\/span>“Bitcoin starts new geometric cycle; $150k within reach?” Finbold – Finance in Bold, 31 Jan. 2023, https:\/\/finbold.com\/bitcoin-starts-new-geometric-cycle-150k-within-reach<\/a><\/a><\/p>\n 6. <\/span>“Why Bitcoin is still in a bear market and what this means for BTC price?” FXStreet, 5 Feb. 2023, https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/why-bitcoin-still-in-a-bear-market-and-what-this-means-for-btc-price-202302050837<\/a><\/a><\/p>\n 7. <\/span>“How Did Bitcoin’s Price Change During the New Year’s Period?” FinSMEs, 31 Jan. 2023, https:\/\/www.finsmes.com\/2023\/01\/how-did-bitcoins-price-change-during-the-new-years-period.html<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":440,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/441"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=441"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/440"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}