Alex Krugger is one of those who believe Bitcoin will hit six-dollar figures. There are programmable smart contracts, high energy prices, risky volatility and every reason to believe Bitcoin will fall. Given concerns have nonetheless failed to back down economists like Alex Krugger, who in 2020 argued BTC was going to pull out a Tesla and test $125K in hits Bitcoin $125K target crypto market outlook.
Like so many other bullish BTC price speculations, including the Winklevoss Twins’ $500,000 price bet! These forecasts are yet to pass and make Krugger the most believable bullish economist for predicting BTC’s future price.
Meanwhile, the topic of a six-dollar figures Bitcoin price has aroused such passion that many believe disgruntled Ethereum proponents are willing to stage an apocalypse-like war against Bitcoiners on Musk’s X. If it means directing a fully armed SWAT team to the homes of Bitcoin HODLERS after raising false emergency alarms.
Read more: Bitcoin Unleashed: The Pros, the Cons, and the Crypto Rollercoaster Ride!
Bitcoin’s Chillax Mode: Kicking Back in Style
Since Robert BreedLove’s 2019 open letter to hedge fund manager Ray Dalier regarding Bitcoin, true Bitcoiners have decided to take a more realistic approach with how they approach the subject of Bitcoin’s true value and bullish targets.
Not by flaunting screenshots of their wallet balances on Instagram, which most if not all ETHcon attendees believe are photoshopped or from the proceeds of investing in dumb meme coins. Or making bold Bitcoin price forecasts on Meta’s newly launched Threads. Bitcoin proponents would have responded to X shitposts with a Bitcoin fix like this one from self-proclaimed Bitcoiner Conner Fromknecht (@bitconner).
A report from Crypto Services Provider MatrixPort has, however, hinted at the possibility of Bitcoin hitting $125,000. Taking the podium and addressing the subject like a gentleman. ChatGPT would have written “As if MatrixPort sniffed the climaxing bearishness against Bitcoin and felt the urge to approach everything like a gentleman’ But the last time we prompted AI to comment about the price of Bitcoin, it lied on our face, some responses were pure exaggerations. “With AI, it doesn’t matter whether you call it bro!” Advised our senior engineer. “If you don’t prompt it well, it will do you bad’
Reading Bitcoin’s Mind: Market Whisperer or Just Noise?
News of PayPal becoming interested in Bitcoin are bullish and could help buy into the rumours. However, news of PayPal dipping its toes into a PayPal stablecoin is not the kind of news a Bitcoiner would love to hear in the latest crypto market outlook. Nonetheless, it is evident that institutional interest in Bitcoin drove the 2021 bull run. Bitcoin rose from a 2020 yearly low of $4826 to an all-time high of $67,549. “What Bitcoin has to do is only 2X it’s 2021 high and hit just above $125K,” said one of our analysts after looking at the final fundamental evaluation and MatrixPort’s 2023 Crypto report.
Forbes Blockchain correspondent Rashi Maheshwari blames regulatory pressure as the primary concern preventing Bitcoin from reaching $1,000,000, in her cryptocurrency market analysis. Rashi’s forecast is quite bullish given the $1 target. Being the notoriously volatile crypto asset (as ChatGPT told us up there), she believes massive gains will catapult the price 270% up, retest the ATH and overcome $100,000. For Rashi, $125K is more of a question of when rather than how.
For MatrixPort, this is more of a how-will question, how can BITCOIN reach $125K?
According to MatrixPort, Bitcoin already marked the end of the bear marketing after testing out a bottom and rallying all the way back to $31K. The $31,000 price level marks the end of Bitcoin’s bear market and ushers the start of a bull trend. While MatrixPort has pointed out reasons for a potential bull run to $125,000; some investors have said Bitcoin’s curve can flatten and test levels below $12000, citing the current positive signs as a bull trap. Let’s look at which side wins in the bullish debates of ‘22 and 23’
Read more: Mastering the Bitcoin Revolution: 6 Golden Rules for Maximizing Your Future Gains
MatrixPort’s Head of Research Markus Thielen pointed out Bitcoin tested a fresh 1-year high on the 22nd June 2023. I.e., the $31,000 level. According to Thielen, historic perfomance reveals the one-year high indicates the end of a bear market and the start of the bull rush. By basing their analysis on average returns between 2015, 2019 and 2020, Thielen argues Bitcoin will rally to $65,548 within 12 months and take 18 months to reach $125,731. Furthermore, the forecast coincides with Bitcoin’s 4th halving, which will see miners make $3.25 BTC from $6.5 BTC per block. The 4th halving will take place around March and April 2024.
While Bitcoin did test a new yearly high, maintaining the level has been a challenge the past few weeks. Last month, the crypto greed and fear index tested greed, indicating an increase in BTC interest. However, the index fell once more to the lowest neutral value at the start of August. Recent price movements have dared challenge a series of multi-week lower highs in an attempt to break above psychological resistance at $29,700. This way, the bulls can recover the June yearly high and possibly find their way to the next support level after $31,500, which lies at $32,000. Things are not looking that bad judging from the crypto fear and greed index which has moved from 50 to 55, indicating an increase in buying interest.
Mining Stocks Schooling Bitcoin in Shine Game
More like Hollywood stars, the real showstoppers of the year are none other than Bitcoin mining stocks! In a plot twist even M. Night Shyamalan would envy, Riot Platforms has emerged as the superhero of Bitcoin mining, they are leading the charge man. But wait, Riot’s grand plan to triple its mining might by 2024 might encounter a villainous roadblock: the dreaded Bitcoin halving, a diabolical scheme that plans to slice miners’ rewards right down the middle. Can Riot Platforms outsmart this devious plot and mine its way to victory?
Miners such as the one we are talking about, Riot are on a financial quest to wield equity shares as a way of funding their daring operations. However, as they mint these new shares, the value of the existing ones starts to resemble a deflating balloon. Think of it as adding extra toppings to your pizza – sure, it becomes delicious, but your slices suddenly become thinner than your patience during the 6-pm rush hour traffic.
While the mining stock stars have been shining bright in 2023, a sudden surge of Bitcoin swarming to exchanges has become more like – a whisper that momentum might be taking an impromptu vacation. Just as mining stocks were out of the warmth of an incredible win, the party ends.
More Info:
- The Rise of Crypto Empires: Unveiling the 4% Global Ownership with 420 Million Users
- Joe Biden’s Secret Love for Bitcoin Revealed in Mug Video
- Betting on Bitcoin: Bloomberg Analysts Raise the Stakes on ETF Approval
The looming shadow of next year’s Bitcoin halving is to blame. However, it is also the reason why your stock portfolio could surge to an all time. Remember after the halving operation, reduced miner rewards will need Bitcoin to have a $100,000+price value in order to sustain mining operations. Meanwhile, easier said than done given Bitcoin lets you have a deck of invisible cards and sometimes, the odds are completely against you.
Conclusion
FAQ about Bitcoin
What is the highest price of Bitcoin ever recorded?
Bitcoin recorded its highest price in November 2021 to hit an all-time high of $67,548.
How much is 1 Bitcoin in 2009? Bitcoin started with a price of $0.0009 in 2009, a year later, the price of Bitcoin in 2010 flew to $0.01 and then tested $1 in 2011.
Who owns the most Bitcoin?
Bitcoin founder Satoshi Nakamoto owns the largest amount of Bitcoin, followed by the Winklevoss Twins and then Institutional investor MicroStrategy.
What will BTC be worth in 2023?
The lowest price of Bitcoin in 2023 has been $18,200, while the highest price of Bitcoin in 2023 has been $32,091.
How much would I have if I invested $1000 in Bitcoin in 2010?
In 2009, Kristoffer Koch bought $27 worth of Bitcoins. With $27, he bought 5,000 Bitcoins. By 2015, Koch had not sold even one of the Bitcoin, and judging from today’s Bitcoin price, Koch’s Bitcoin is worth around $146 million. The price of Bitcoin between 2009 and 2010 was somewhere between $0.009 and $0.01, had you invested $1000 in BTC then, you’d have a total exit amount of $2,900,000,000, $2.9 billion.
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