For the whole of last week, Bitcoin kept increasing in value up to 4% against the US dollar. The cryptocurrency went from $3,901 early last week to $4,048 by the end of the week.
This short-term increase in the value of Bitcoin made other cryptocurrencies too increase relatively in value, thereby causing the rise in value of the crypto market by around 7 billion US dollars.
Though traders and crypto analysts are positive about the rise in value of Bitcoin and that it’ll maintain its value, some experts are of the opinion that Bitcoin might reduce in value to settle at around $3000 by mid-year.
Since last year December, Bitcoin has been on a quest to attain $4200 value and it has passed the $4000 threshold twice since then. Since Bitcoin has failed to attain $4200 twice due to lack of capital volume and inflow, traders believe that if Bitcoin doesn’t stay on the $4000 to $400 threshold, there’s the possibility that the asset might drop back to around $3900.
Due to Bitcoin’s inability to attain the $4200 mark, Bitcoin experts says Bitcoin might drop in value to $3000, or even $2000 within the next 12 months. Whichever the case, traders believe Bitcoin is presently volatile.