On Tuesday the 6th of October, bitcoin rose to a 5-month high of above $55, 000, extending its lead over the other coins. The currency with the highest number of users worldwide, closed its day yesterday at a 6% index higher than the previous day. This was according to the data provided by coin metrics, which also placed Ether at $3,576, a rise of about 3%. Whether or not the rise is short term or long term, is for the market to decide.
If you study the market to see how the coin has been breaking above a series of lower price highs in the previous month, you will see indicators that suggest a continuous upward rise. And experts do believe that a higher yield of up to $60,000 could be possible by the end of this month.
Looking back at earlier this year, Bitcoin hit an all-time high of $64, 805. And that is why the industry experts have been touting $100k as the next level for the coin. Bitcoin hitting the $100k mark would not only be significant for itself but the entire cryptocurrency universe too. Undoubtedly, it would also trigger a subsequent rise in the price of Ether by up to ten times. Secondly, it would boost users’ confidence in the currency.
No one can accurately predict what a market will do or not do. One can only observe the patterns at play and hope it goes one way or the other. And based on the following reasons, Bitcoin can reach the $100k mark.
Reasons Why $100k Is Still Achievable for Bitcoin
- Bountiful investment
The number of wealthy people joining the platform and making investments has increased significantly. By now nearly, 60% of the topmost affluent people in the world have bitcoin accounts. Tesla, at some point, accepted payment for their cars via bitcoin.
- Ability to recover
Bitcoin has faced a lot of storms. The controversial stories surrounding the coin’s operations are numerous. Even some governments have been involved in the coin’s bad publicity. And indeed, this affects the trading prices at the time, but it always makes a comeback. Bitcoin is unrelenting in the face of storms.
- Source of employment
Bitcoin does provide a source of income to those engaging in its trade. This works the same way as traders in a forex market. Currently, there are advanced systems in place that monitor the price fluctuations of the coin all over the world.
- Store of Value
Bitcoin is a store of value against inflation in times of an economic crisis. Recently, people purchased bitcoin at the onset of the COVID-19 pandemic. And they were hedged against the financial crisis. This makes Bitcoin a haven.
All these are markings of a valid currency.
A Bitcoin high of $100k is very achievable in this market cycle. This might not happen as soon as the end of this year, but it will eventually. With a little bit of patience and education for the population, anything is possible. For it’s a plain as day, a currency dominates a population-based on how the masses accept it as a medium of exchange and begin to use it.