Following a fall from a reclaimed milestone of $50,000 and weeks of trading between $40,000 and $50,000, flagship cryptocurrency is back at $50,000 again signalling a bullish month for the cryptocurrency.
The month of October is starting off as a great month for Bitcoin and cryptocurrencies in general. Around this time last month, Bitcoin climbed to a high of $52,000 giving investors a ray of hope that the cryptocurrency could get up to its all-time high of $65,000 in a short while, but unfortunately, the price of Bitcoin fell below $50,000. Bitcoin has climbed back to $50,000 once again indicating recovery for the losses that investors suffered last month.
Last week, Iranian authorities lifted its months-long ban on Bitcoin mining activities in the country, signalling a win for Bitcoin in the month of October. The country had placed the ban on mining activities as a result of the high consumption of power that mining activities entailed and promised to lift the ban as soon as it is convenient.
According to blockchain analytics experts, the recent rise in the price of Bitcoin can be attributed to an increased accumulation in the prices of Bitcoin. According to these experts, cryptocurrency whales have been accumulating Bitcoin since as early as July when Bitcoin suffered one of its most extreme volatility.
Irrespective of the price volatility that Bitcoin continues to experience, there are hopes that the flagship cryptocurrency would retake and surpass its all-time high of $65,000. A research team at Standard Chartered forecasts Bitcoin reaching $100,000 by early next year. The research team forecasts that the price of Bitcoin will more than double and hit a new all-time high of $100,000 by early next year. That was not all, they also predicted that Bitcoin could be worth as much as $175,000 on a long-term basis. They went ahead to make a prediction for Ethereum; the most valued cryptocurrency after Bitcoin.
The team predicts that Ethereum will reach between $26,000 to $35,000 as Bitcoin becomes stable at $175,000. According to Geoffrey Kendrick – the Global Head Of Standard Chartered’s Emerging Market Currency Research said that “as a medium of exchange, bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world. Cyclically, we expect a peak around $100,000 in late 2021 or early 2022”.
It is also relevant to know that Bitcoin hash rate has almost recovered after the strain that China’s ban on cryptocurrencies and mining operations caused. China has also recently declared Bitcoin as illegal but irrespective of this, countries like El Salvador are showing increased support for the cryptocurrency.
As of the time of making this draft, Bitcoin was trading above $50,200.