Flagship cryptocurrency is back trading above $60,000 after several months of volatility and continuous dip. Bitcoin crossed the $60,000 milestone again after reports that the United States Securities and Exchange Commission is ready to approve Bitcoin ETF trading. For the first time in about six months, Bitcoin crossed the $60,000 milestone nearing its record high of $65,000, as investors grew confident that the Securities and Exchange Commission would approve the launch of an exchange-traded fund (ETF) based on its futures contracts.
Bitcoin has experienced wild volatility in these past months, reaching an all-time high of $65,000 and plummeting below $30,000 at different times. Irrespective of these fluctuations and price instability, investors, experts and enthusiasts still forecasted a great future for the cryptocurrency. The predicted recovery in prices which happened but the price of Bitcoin soon had another episode of volatility.
Last week Bitcoin hit the $60,000 milestone again but fell below the milestone during trading hours. The cryptocurrency is back trading above this milestone and it is expected to hit and maybe surpass its all-time high in the next few weeks.
Irrespective of what has happened these few months, experts continue to predict a bright future for the flagship cryptocurrency. Bitcoin is being projected to hit $100,000 in a matter of months from now. Last month, a research team from Standard Chartered predicted that Bitcoin will hit a new milestone of $100,000 by the first quarter of next year. 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”. The research team also said Bitcoin could get to $175,000 on a long-term basis.
Alongside other cryptocurrencies (and now with the emergence of central bank digital currencies – CBDC), Bitcoin is expected to help provide more access to financial services. It is therefore not impossible for it to make the predictions.
As of the time of writing this story, Bitcoin was trading at $61, 729.