As it hovers around $ 40,000, market analysts and crypto experts seem divided on whether we are at the start of a bear market or still in the middle of a record bull run.
The latest price rebound has strengthened the voice of the latter point of view, with some arguing that the next high will reach well above $ 100,000.
>> Follow all the latest updates with The Independent live coverage of the crypto market
We rounded up some price predictions from various numbers in the cryptocurrency space to hear what they had to say about bitcoin and other major cryptocurrencies.
“As sales declined, bitcoin started to climb. It has already rebounded to levels around $ 38,000 and it will not be surprising to see BTC rise even higher and challenge the levels of $ 45,000 over the next few days until Friday expires. Having said that, we don’t think we’re completely out of the woods yet, ”said Pankaj Balani, CEO of crypto derivatives exchange Delta Exchange.
“Last week’s selling pattern was more serious than a typical bull market pullback. We expect selling to resume as this rebound eases and BTC will test recent lows again. On the upside, BTC will find a lot of resistance above $ 50,000 and it will take some time for BTC to break above the previous high of ~ $ 64,000 anytime soon. “
Nick Spanos, co-founder of the Zap Protocol platform, believes other top cryptos have higher price potential.
“A leaked Goldman Sachs report said Ethereum was a better store of value than bitcoin, giving investors the boost to position themselves on the finance-focused decentralized blockchain network,” he said. .
“At the current price of $ 2,585.42, the coin is undervalued against its ATH above $ 4,300. I believe an immediate goal for buyers is to get back to the $ 3,000 mark while striving to chart new territory above ATH in the medium to long term. “
Experts answer readers’ questions about the cryptocurrency crash
Meanwhile, others have echoed even more optimistic predictions made earlier this year by hedge fund executive Mark Yusko that bitcoin is heading towards a quarter of a billion dollars.
“Last time it was called a bubble and it first hit the media and everyone started hearing about it, but then it got past that and it came together – just like the Amazon stock during the dotcom boom got really high, then it went really low, then it came back, ”said Fred Schebesta, cryptocurrency advocate and founder of financial comparison platform Finder .com – which recently surveyed dozens of academics and market analysts for its April / May 2021 cryptocurrency forecast report.
“Bitcoin did the same [as Amazon] and he broke that record last time around and I think he will do it again. My prediction – and this is not financial advice – is that in 2023 we will see a $ 250,000 bitcoin.
“I think we might see a $ 70,000 bitcoin this year… towards the end, maybe a little earlier, because there is so much interest, there is so much attention. ”