Bitcoin Price: Bitcoin Jumps 30% In 10 Days: Next Stop $ 50,000 or $ 150,000?

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New Delhi: While equity investors are worried about weak market sentiment, crypto investors are cheering for the recent rally in the digital token market.

Bitcoin and ace digital tokens have gained up to 30% in the past seven days. The cryptocurrency hit the $ 40,000 mark on Wednesday and investors set their sights on $ 50,000 as their next goal.

Analysts have varying opinions on Bitcoin and other digital tokens. However, they say investors shouldn’t fall prey to market cycles. Their long-term bullish outlook remains intact.

“If you believe in the internet with its own money and its own governance, then the industry is just getting started,” said Siddharth Menon, COO, Wazir X. “Bitcoin could play an important role as adoption increases . Many institutional investors are getting greedy. ”

However, they also have a word of warning for the new age investor.

Edul Patel, CEO and co-founder of Mudrex, advises crypto investors to be careful about differentiating greed and fear in financial markets.

“The recent rally has attracted several inexperienced retail investors and traders to the markets, who have joined the frenzy to make a quick buck. However, they can be trapped if the bigger players continue to dump,” a- he warned.

Market watchers are worried about the sustainability of this bull market. The crypto market is on a roll, despite lower volumes. This suggests the party may be over soon, market watchers have said.

There are several stops after a fast rally. Patel of Mudrex advises investors to be extremely careful in these markets and carefully monitor volumes for further upside.

However, healthy corrections are good for the market as they give investors a decent opportunity to enter the markets. Bitcoin went from $ 29,600 to $ 40,700 in just 10 days. Investors are now expecting a level of $ 50,000, which is a 20% increase from current levels.

“The brief stop was more of a market cycle correction after a month-over-month bull run since March 2020. The $ 50,000 level could be a local high in a few months, but in a longer period, the sky is the limit, ”says Méno.

Several analysts have predicted that Bitcoin could hit the $ 150,000 mark by 2022. However, Bitcoin is trading around 35-40% from its all-time high of $ 64,865.

“There are some important upgrades underway for Bitcoin and Ethereum. These are expected to be rolled out by the end of this year, which may be a game-changer for the best crypto tokens,” said Patel of Mudrex.

Changpeng Zhao, CEO of Binance, is bullish on long-term Bitcoin as a store of value and its potential to change the world for the better.

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