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Bitcoin is trading higher in the first half of the new trading week. However, at the moment, the cryptocurrency has not managed to update its previous local maximum near the psychological level of $60,000 per coin. Thus, even though bitcoin quotes continue to trade near their maximum values, this does not mean at all that today or tomorrow the growth of digital gold will continue. Of course, it is unreasonable to deny an upward trend now, because it is striking even from a distance of one kilometer. Nevertheless, we remind you that any trend ends sooner or later. And for bitcoin over the past year, there is already a need to adjust, as the price has grown from $4,000 to $60,000. Thus, we still view the correction as the most likely scenario.
While we wait for a correction, leading crypto experts continue to drive the entire world crazy with their predictions about the future value of bitcoin. For example, the head of the Kraken cryptocurrency exchange, Jesse Powell, said that in 2022 it will be possible to buy a Lamborghini for 1 bitcoin, and in 2023 - a Bugatti. In addition, Powell said that the US dollar, which will depreciate over time and, accordingly, become cheaper, can help bitcoin continue to grow. "In a year, there may be 10 times more currency in circulation than it is now, so it is very difficult to measure the price of bitcoin in dollars," Powell said. Thus, the head of the Kraken crypto exchange is betting not only on the continued growth of bitcoin but also on the depreciation of the US dollar.
Galaxy Digital CEO Mike Novogratz also shared his forecast. Earlier, he stated that bitcoin would cost about $60,000, but now he admitted his forecast is too conservative. According to Novogratz, bitcoin will be able to reach the current capitalization of gold. At the moment, all the gold in the world is worth about $10.8 trillion, and all bitcoin coins are about $1 trillion, which, even taking into account 2 million coins that have not yet been mined, means that the price of bitcoin will rise to $500,000 per coin. It should also be noted that Novogratz has pledged $100,000 per coin for 2021, especially if other big companies follow Tesla's lead. So far, a few large companies have announced their willingness to buy bitcoin, especially at the current price. Thus, from our point of view, bitcoin has been on the verge of a correction for several weeks. We have said earlier that the current price of bitcoin, whatever the forecasts say, is already too high. Few traders and investors are willing to continue buying at current prices. But many are ready to sell. Plus, almost any investor knows and understands that bitcoin can crash down by 50 percent or more at any time. Thus, you can just wait for the fall and buy later when it is cheap.
Technically, Bitcoin was on the verge of breaking the $52,300 level for several days, but in the end, the bulls still retained the initiative and a new round of upward movement began. At the moment, the target for the upward movement is the absolute maximum of $61,600. However, we still draw the attention of traders to the fact that buyers' enthusiasm is clearly drying up. They need either a new influx of investors or a sharp drop in the supply of bitcoin in the market. Otherwise, a powerful downward correction will begin. Key support remains at $52,300.
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