• Bitcoin’s price has remained flat in the past 24 hours, with the cryptocurrency currently trading at $16,796.
• A number of industry figures have predicted that bitcoin will enjoy significant gains this year, with some going so far as to set a target of $250,000.
• Meanwhile, other experts believe that BTC will experience a few more falls before it sees light at the end of the tunnel, with analyst Clem Chambers forecasting a bottom of $13,000.
The cryptocurrency market has been in a period of stagnation, with the world’s first digital currency, Bitcoin, remaining relatively flat in the past 24 hours. The coin is currently trading at $16,796, representing a 1% increase in a week, although it is down by 1.5% in a month and by 75% compared to its all-time high of $69,044, set back in November 2021.
Despite the ongoing stagnation, more than a few figures within the cryptocurrency industry have been predicting that Bitcoin will enjoy significant gains this year. Most notably, entrepreneur Tim Draper has set a target of $250,000, suggesting that it could reach this milestone as early as the middle of this year. Draper believes that Bitcoin hasn’t yet really benefitted from the wave of institutional investors entering the market, and that this will be the catalyst for its growth.
Other bullish figures include Anthony Pompliano and Mike Novogratz, who have predicted that the coin will reach between $50,000 and $100,000 this year. Similarly, entrepreneur and investor Alistair Milne is expecting a bull run that will take the Bitcoin price to new all-time highs.
However, there are also some bearish voices in the industry. Analyst Clem Chambers has set a target of $13,000 as a bottom for Bitcoin, believing that the coin is due for a few more falls before it sees light at the end of the tunnel. Similarly, some have suggested that the recent influx of institutional investors could have a dampening effect on prices.
The technical indicators for Bitcoin suggest that it should be due a rally sooner or later. The relative strength index (purple) has languished below 50 pretty much exclusively since early November, while its 30-day moving average (red) has remained well below its 200-day (blue) since the start of last year. This suggests that a rebound is overdue, although it remains to be seen how much further Bitcoin will fall before it begins to climb again.