A couple of weeks ago, Bitcoin seemed well-stocked on its way to a run over $50,000 when it hit $53K. It seemed to reclaim its lost all-time highs, but those plans were abruptly shot down after El Salvador made the leading cryptocurrency legal tender. While many expected otherwise, Bitcoin’s price stumbled, falling back to lows around the $42,000 mark.
With many fearing sub-$40K levels again, it was clear that a boost was required in order for the cryptocurrency to go back on track. In the past week or so, Bitcoin has tested the $50,000 mark a few times, but overall, it is locked in a downward trend. Currently trading for nearly $47,000, the most recent plunge is obviously taking a toll, but experts believe that it won’t matter in the long run.
On Track for $100,000?
Once Bitcoin breaks the $50,000 deadlock, it will have no major obstacles on its way to $100,000. While that number looks highly optimistic, it’s still one that many experts consider viable. That’s the year-end target for the leading cryptocurrency, and the recent stumble is what many traders and experts consider a false dip that will help it race to the top.
Some experts believe that the recent sell-offs were nothing more than a bear trap. While many investors are disappointed by the most recent dip, crypto experts believe that BTC is well on its way to $100,000 by the end of the year. Some believe it’ll shoot over that price. A price of $100,000 seems unreal in the first place, and if Bitcoin somehow manages to break it by the end of 2021, it will be a party for all investors and traders.
If you believe this is ridiculous, take a minute and think about how ridiculous $50,000 seemed this time last year. Bitcoin was locked in a serious bearish market for quite a long time until bulls took it to a whole new level. Sure, the volatility had the price fall below $30,000 just a few months ago, but it’s now well on its way to shoot over $50,000. With new regulations around the world and countries such as El Salvador openly accepting Bitcoin, a price of $100,000 doesn’t seem that far off. We still have over 3 months until the end of the year, and the price of cryptocurrencies can rise like no other.
Elon Musk Boosts the Dogecoin Crypto Group
Tesla CEO and entrepreneur Elon Musk has once again boosted the price of cryptocurrencies with a single tweet. A couple of days ago, Musk posted a pic of his new pup Floki, sending the Dogecoin market on a price hike. Dogecoin instantly went up by nearly 1%, while obscure Dogecoin rivals made a significant jump. Shiba Floki, for example, saw a record surge of nearly 1,000%, similar to Floki Inu who jumped around 60%.
It was another example of the Musk Effect which sends ripples in the crypto community. Let’s see if they last this time around.