Bitcoin is the oldest cryptocurrency in existence. Founded in 2009, Bitcoin made a splash all over the world 12 years ago, as it was a one of a kind, ungoverned project that people were skeptical about. The Bitcoin (BTC to INR) tokens were available at extremely low rates while promising enormous returns, which not only caused skepticism among the general public, it endured flak from government authorities as well.
But soon enough, this crypto’s value saw a major boom, giving investors profits of over 100%. Over time Bitcoin’s value grew and now it is leading the crypto world with one token valuing around $30,109. It is the highest valued cryptocurrency in the current market and had touched approximately $60,000 in November 2021.
Let’s Look At Bitcoin Today
Bitcoin (BTC) fell below $35,000 for the third time this year over the weekend, continuing its downward trend. The dominant cryptocurrency is presently approaching its January 2022 low of $33,184. BTC struck $34,380 this morning, and crypto investors are bracing for additional losses.
The Crypto Dread & Greed Index is now displaying “severe fear.” This isn’t unexpected considering Bitcoin’s 10% loss last week, its worst intraday decrease since January. The index monitors a variety of variables, such as price volatility, social media engagement, and trade volume.
Other big cryptocurrencies’ values have also plunged dramatically. In the last seven days, Ethereum (ETH) is down roughly 9%, Ripple (XRP to INR) is down 6%, BNB (BNB) is down 7%, and Solana (SOL) is down 12%. The cryptocurrency market value has dropped down tremendously due to the current world events, the pandemic and other major global ongoing crises.
This has made investors wonder if Bitcoin has reached its all time low?. Here is what the experts have to say.
Also Read: Singapore’s best forex trading strategies
Has Bitcoin Reached Its Lowest?
For months, some excessively optimistic experts have predicted a Bitcoin price bottom. Bitcoin is expected to rise to new highs shortly, like it did twice last year. However, global economic tightening measures continue to exert pressure on high-risk assets like bitcoin in the short run.
During the epidemic, governments and central banks used a variety of stimulus measures to keep the economy running. Authorities are now taking them back in a bid to get inflation under control. A lot of the happenings around the world have also caused uncertainty regarding the future of cryptocurrency. It is predicted that the value of Bitcoin might fall further so investors must be prepared.
Because cryptocurrencies are new and unproven assets, it is impossible to anticipate how far Bitcoin may fall. However, other experts are predicting a level of support of $28,000, followed by a level of support of $20,000. The seasoned trader who forecast the 2018 catastrophe, Peter Brandt, has tweeted that Bitcoin might fall to around $28,000 before things improve.
Where Is Bitcoin Going In The Long Term
The nature of cryptocurrency in itself is extremely volatile and that coupled with the external factors make a larger impact overall. While we can anticipate more volatility in the near future, long-term expectations are more important for buy-and-hold investors. There are no certainties regarding what will happen to cryptocurrency, and you should do your own research before investing your money. However, if you only invest money that you don’t need in the immediate term, you can afford to adopt a long-term approach.
Some well-known investing experts say the price will ultimately sink to zero, while others believe it will eventually reach one million dollars or more. Bitcoin supporters say that this leading cryptocurrency is a type of digital gold and perhaps become the internet’s future money.
On the other hand, the skeptics believe that Bitcoin has no intrinsic value at all and that it will plummet and eventually fade out of existence. Before you make any purchases, always make sure you exercise caution and gain enough knowledge and only invest a safe amount of money. Remember that any investment should be looked at as a marathon and not a sprint.