How Much Will Bitcoin Price Go Up?

How Much Will Bitcoin Price Go Up?

Bitcoin price has just set a new record. According to experts, Bitcoin’s bullish momentum is not going to stop anytime soon. The currency is approaching the USD 70,000 / dong threshold.

According to CoinMarketCap data, Bitcoin price officially hit a new record on September 11th (Vietnam time) $ 68,500/Copper. The world’s largest cryptocurrency soared and quickly broke its old October 20th high.

From 2 p.m. Bitcoin trades around the threshold 68,000 won USD/ dong, almost 3% more than the day before. Market capitalization of coins has reached the milestone 1,280 Billion USD. Meanwhile, the total capitalization of the cryptocurrency market reaches 2,930 Billion USD, close to the plane 3,000 Billion USD.

Green also covers the group of the 5 cryptocurrencies with the largest capitalization. Ether – the second largest cryptocurrency – sets a new record 4,837 USD/Copper. The market capitalization of the coin reached 568 Billion USD.

Towards the landmark 70,000 won USD

Over the past week, the prices of Solana, Cardano and Binance Coin – the fifth, fourth and third largest coins – rose 21.27%, 16.75% and 19.38%, respectively.

The ProShares Bitcoin Strategy ETF (swap-traded fund) – the first Bitcoin futures ETF to hit the market in October – gained more than 8% in November.

“Technically, the price of Bitcoin will remain bullish,” said financial expert Jeffrey Halley (based in Singapore).

“Bitcoin price could be the technical target of. reach 72,000 won USD/ dong, then move on 78,000 won USD/Copper. Only if this coin falls under it 58,000 won USD/ dong, Bitcoin’s upside prospect is lost, “he predicted.

“By the end of the week, Wall Street realized that inflation was going to become an increasing problem over the next few months. They rushed to find ‘hedges’ against inflation risk,” said financier Edward Edwards Oanda (based in the USA) explained.

“That drove the prices of Bitcoin and Ether to record highs,” he added.

In addition, he believes investors are thinking about the impact of tax regulations on crypto investors.

The US Congress is considering obliging cryptocurrency brokers to report transactions to the Internal Revenue Service (IRS). That could force crypto investors to pay taxes. However, the regulations will become clearer and the system will be strengthened in the long term.

The new rules will also force companies to disclose more crypto asset transactions 10,000 won USD. Terms should mobilize 28 Billion USD for US President Joe Biden’s infrastructure plan.

Bright prospects

“I think it will have a positive impact on the industry. Exchanges and fintech companies that trade cryptocurrencies may need to spend extra money to upgrade the system. But it helps improve customer service,” commented Mr Brett Cotler , Attorney at Seward and Kissel LLP (based in New York).

Mr Johnson – a cryptocurrency trader – believes the new rules will help legitimize the crypto ecosystem and fuel international growth.

“Cryptocurrencies are essentially a medium of exchange that is not regulated by the government. But the crypto space still needs regulation for wider acceptance,” he said.

“The US government seems to be focused on learning how to accept cryptocurrencies,” commented Moya.

“If global bond yields stay high this week, ether price could experience further upward momentum and approach the threshold.” 5,000 won USD/Copper. In the meantime, Bitcoin needs another catalyst to break the milestone 70,000 won USD/ dong, “the Oanda expert predicts.

Mikkel Morch – CEO of the crypto hedge fund ARK36 – believes Bitcoin is reaching the milestone 70,000 won USD/ dong “seems imminent”.

Recently, JPMorgan – one of the leading banks in the US – reiterated its prediction that Bitcoin price will hit the milestone 146,000 won USD.

follow JP Morgan, Bitcoin price can reach 73,000 won USD/ Dong this year. The bank also warned that the nature of cryptocurrencies is volatile.

Meanwhile, Ether’s price rose following the implementation of Altair, a network upgrade that went live in late October.

Ethereum 2.0 will make Ether safer and more sustainable and scalable. According to CNBC, the new upgrade will not only help boost Ether, but the entire crypto world as a whole.