Bull market trend is still evident. Everything is set for a xmas breakout of the range of BTC, after which it can run towards 50k, even still in 2023, though more likely beginning 2024. There is so much upwards tendency in bitcoin. All conditions are right to extend the bull market.
BTC is still very volatile with fear and hope moving it down and up. Though there is much more hope than fear in the last year. Therefor it has been going over 150% up this year. There is no reason why this trend would reverse.
The world has become more insecure, that is one of the underlying reasons why BTC has gone up. With wars coming closer in the western world, like Ukrain, Israel, en the red sea, many investments in the conventional market will loose value. Therefor, investors put more of their money on emerging markets, like the crypto sector.
There is still the possibility that bitcoin make an entrance on the ETF market. Last week, fake news that the ETF-story was over made it go down for a few percent, but BTC is already on the way back. The sensitivity of BTC for news like this tells us that some people like to speculate on BTC instead of doing investments. This speculation is responsible for the high voltality of BTC.
But speculation is not bad in itself. It can be seen as an instrument that is pointing in the direction of future values and movements of an asset.
Long term
Cryptocoins in general are gaining traction in the world, due to new digital developments like AI, Dapps, nft's and Defi games. Psychologically seen, there is still a resistance with many older people, (40+) to invest in crypto. But the younger generation sees it as the future, and start using crypto on a daily base. Therefor, every year more money will flow into BTC for the next decades. This fact is the main reason why some investors say BTC might reach 1 million in 2030.
Next to that, in developing countries people start to use BTC more and more. In many economies, cryptocoins are more attractive to use then conevntional coins, because of the high inflation. Therefor, developing countries are expected to take a pioneering role in making BTC mainstream.
If BTC rises the same percentage in 2024 as it did in 2023, it will reach over 100K. The thing is though, that in every trading also psychology takes place. Imo, it is more easy to move from 150k to 500k, then from 42k to 100k.
When it goes up, the speed will amaze everyone, but when this happens, is still uncertain, and it will probably not be in 2024 that it reaches over 200k. It might touch 140k in 2024, before it bounces back to lower values.
BTC is still very volatile with fear and hope moving it down and up. Though there is much more hope than fear in the last year. Therefor it has been going over 150% up this year. There is no reason why this trend would reverse.
The world has become more insecure, that is one of the underlying reasons why BTC has gone up. With wars coming closer in the western world, like Ukrain, Israel, en the red sea, many investments in the conventional market will loose value. Therefor, investors put more of their money on emerging markets, like the crypto sector.
There is still the possibility that bitcoin make an entrance on the ETF market. Last week, fake news that the ETF-story was over made it go down for a few percent, but BTC is already on the way back. The sensitivity of BTC for news like this tells us that some people like to speculate on BTC instead of doing investments. This speculation is responsible for the high voltality of BTC.
But speculation is not bad in itself. It can be seen as an instrument that is pointing in the direction of future values and movements of an asset.
Long term
Cryptocoins in general are gaining traction in the world, due to new digital developments like AI, Dapps, nft's and Defi games. Psychologically seen, there is still a resistance with many older people, (40+) to invest in crypto. But the younger generation sees it as the future, and start using crypto on a daily base. Therefor, every year more money will flow into BTC for the next decades. This fact is the main reason why some investors say BTC might reach 1 million in 2030.
Next to that, in developing countries people start to use BTC more and more. In many economies, cryptocoins are more attractive to use then conevntional coins, because of the high inflation. Therefor, developing countries are expected to take a pioneering role in making BTC mainstream.
If BTC rises the same percentage in 2024 as it did in 2023, it will reach over 100K. The thing is though, that in every trading also psychology takes place. Imo, it is more easy to move from 150k to 500k, then from 42k to 100k.
When it goes up, the speed will amaze everyone, but when this happens, is still uncertain, and it will probably not be in 2024 that it reaches over 200k. It might touch 140k in 2024, before it bounces back to lower values.