What Next For Bitcoin? A Sharp Plunge In Price Or Rally?
Bitcoin has now nearly halved in value since its record peak of $69,000 hit last November.
As equity markets across the globe saw a sharp correction last week, the world's largest crypto Bitcoin moved in tandem and first fell below the crucial $40,000 mark before dipping to $35,000.
The second largest crypto – Ethereum, fell even more sharply.
Rising interest rates have prompted investors to write-off their positions in riskier assets like cryptos.
Meanwhile, reports surrounding Russian government's plans to ban use and mining of cryptocurrencies added to the already volatile sentiment. Russia ranks as the third-largest region for bitcoin mining in the world.
Bitcoin has now nearly halved in value since its record peak of $69,000 hit last November.
The big question remains...What's next for Bitcoin?
For understanding what our readers are thinking, we ran a poll on Equitymaster's Telegram Channel over the weekend.
Here's what we asked our readers…
What's your take on where the price of Bitcoin will be 1 month from now?
• Up 50?
• More or less Unchanged?
• Down 50?
With a response from 407 participants, here is what we found -
About 22% think that the price of Bitcoin will gain 50% from the current levels and will be back near its all-time high in a month.
That's quite an optimistic view. But given that Bitcoin prices have either gained or crashed more than 50% countless times, anything's possible.
If there's one word that describes Bitcoin, it's volatile. You must have often seen crypto prices soar and then crash almost as quickly as rumors and sentiment are quickly factored in.
Moving on…
Around 37% people voted that the price of Bitcoin will be more or less Unchanged one month from now.
Meanwhile, with majority votes of 41%,
Read more on ndtv.com
