27.01.202215:59 Forex Analysis & Reviews: Bitcoin price predictions range from $29,600 to $1,000,000

Experts make the most dramatic predictions about the prospects of digital assets due to the cryptocurrency rollercoaster started in early 2022. Most predictions concern bitcoin in particular.

Today, the most significant statements of analysts and the possibility of their implementation will be discussed. For example, Michael van de Poppe, a world-famous trader at the Amsterdam Stock Exchange, said recently that the BTC is entering its last phase of decline, the outcome of which would be a reversal of the digital coin's trend.

The crypto enthusiast believes that bitcoin has still not reached the bottom, despite its recent massive rebound from $32,900 to $38,900. According to the expert, the virtual gold has another phase of decline ahead, which will finally bring it to the bottom of the correction, and then push it to a rapid rise.

Notably, on Monday bitcoin plunged to $32,900 for the first time since summer 2021. However, on Wednesday the major cryptocurrency soared above $38,900. Therefore, bitcoin rose by more than 18% in just two days. Today, digital gold is trading at $36,100, and its capitalization is $686 billion, according to CoinGecko, the world's largest aggregator of virtual asset data.

Michael van de Poppe only predicts bitcoin's future without giving precise figures, while other analysts state specific price prospects for the digital coin.

Crypto enthusiast and CEO at J2TX Artem Moiseev believes that bitcoin risks plunging to $29,600 till the end of the week, and its main rival Ethereum is likely to plummet to $1700. At the time of writing the article, Ethereum is trading at $2,458.

At the same time, the expert argues that bitcoin may resume its upward trend if the coin reaches the key psychological level of $30,000.

Moiseev believes that the current negative trend in the market of virtual assets has been caused by the collapse in financial markets: both the US stock market and the prospects of the Fed raising the rate, as well as the risk of a ban on cryptocurrency by the Central Bank of Russia. As for the latter factor, it is gradually becoming insignificant due to the statements that the voiced measures are advisory and will not be applied yet.

However, not all crypto experts are pessimistic about the situation in the digital coin market. The day before, CEO at Ark Invest Cathie Wood said that bitcoin has a promising future. At the same time, the investor expresses no concern about the recent collapse of the main virtual asset to multi-month lows.

In her optimistic scenarios, Wood expects that bitcoin's price will reach $1 million per coin by 2030. She believes network modernization and active implementation of crypto-assets in many states following El Salvador are the main factors for the growth of digital gold.

According to the CEO at Ark Invest, as BTC is recognized around the world, the market capitalization of the leading cryptocurrency will grow steadily and gradually take a significant share among global assets.

In her statement Wood noted that in the future virtual coin market participants would still be focused on their long-term value. Thus, according to statistics on blockchain networks, about 13 million bitcoins have not moved in about six months, which is clear evidence of the long-term behavioral pattern of the digital asset. Moreover, in 2021, the annual volume of settlements in the major cryptocurrency was higher than the volume of settlements with Visa payment cards.

According to research conducted by the investment fund, the appeal of bitcoin among institutions and organizations is also permanently growing. Cathie Wood names the following large representatives of these institutions: Tesla, Grayscale and MicroStrategy.

Besides, investors mentioned bitcoin's detrimental effect on the environment. However, Wood believes this assumption is groundless.

The latest information was published in the media that bitcoin mining equipment around the world consumes as much energy in a year as Bangladesh, which is populated by 165 million people. However, according to the CEO at Ark Invest, bitcoin is an asset that is perfectly compatible with environmental, social and corporate governance norms.