A lot has been happening at Bitcoin’s end in the cryptocurrency market over the last few weeks. Bitcoin’s price movement has been on an uptrend, and despite all price fluctuations, it has still managed to hold its ground. Even after a month-long consolidation in bitcoin’s price, it has maintained an uptrend. After a few days of flirting with the $60,000 line, BTC/USD experienced price drops below $57,000 support. Currently, the price has managed to remain stable.
Ever since October, Bitcoin’s price has increased five folds. Bloomberg Crypto analysts predict that the price of BTC could possibly even go up to $400,000 by the end of this year.
These predictions are coming from analysts who have been studying the performance of bitcoin after the previous two bitcoin halving events. Back in 2013, bitcoin gained 55x, and in 2017, it gained 15x. Based on these assessments, crypto experts have forecasted that BTC could go up to $400,000 in 2021. The third halving event occurred in May 2020, after which Bitcoin has mostly continued to remain bullish.
In the wake of bitcoin’s price rallying constantly upwards, Bitcoin is outperforming gold. Bitcoin might soon become a global reserve asset for the digital economy. According to Kraken’s Market report for March, gold’s value has declined for the first time in 39 years. Gold’s value has remained low for a quarter, while bitcoin has been witnessing favorable times for two consecutive quarters for the first time since 2013. Though gold has an $11 trillion market cap compared to BTC’s $1trillion, yet gold’s reach is lesser than bitcoins. Therefore, according to Kraken’s intelligence manager, Pete Humiston, Bitcoin has greater utility in today’s world, where our lives are witnessing a paradigm shift to the digital space. Some even say that Gold is slowly becoming a redundant measure of value now.
Well, whatever be the fate of Bitcoin in the coming few days, Bitcoin has managed to impart huge profits to its investors by minting nine new cryptocurrency billionaires according to the Forbes 35th Annual World’s Billionaires List. Within a year, 12 crypto billionaires made it to the Forbes List compared to just the four crypto billionaires in the previous year. The wealthiest cryptocurrency billionaire this year is Sam Bankman-Fried, the Founder & CEO of Alameda Research (a quantitative crypto trading firm) and FTX (a derivative exchange). Brian Armstrong, the CEO & Co-Founder of Coinbase Exchange, is the second wealthiest crypto billionaire. Among the cryptocurrency billionaire investors are the Winklevoss twins and Michael Saylor, the CEO & Co-Founder of MicroStrategy.
Overall, Bitcoin’s bullish race since last October has steadied the cryptotoken, decreased its volatility, and made it more gigantic. After hitting an all-time high of $60,000 in March, Bitcoin has entered a plateau zone again, yet the future only looks promising. BNY Mellon’s bitcoin stock-to-flow model forecasts that bitcoin will hit $100,000 by July this year. Only time will tell whether Bitcoin, which has been controversial since its introduction in 2009, will continue booming or if the bubble will burst and prompt more people to short-sell Bitcoin.