Well-known crypto news website Bitcoin magazine recently tweeted that Elsalvador’s President, Nayib Bukele, said that his prediction of bitcoin hitting $100K this year is still in play.
El Salvador President says his prediction of #Bitcoin hitting $100k this year is still in play 🚀 pic.twitter.com/MpITq8XqKC
— Bitcoin Magazine (@BitcoinMagazine) April 29, 2022
According to the S2F model, Bitcoin’s price will not reach a new high until 2023
For cryptocurrency investors, the last several years have been unprecedented. From the Covid-19 outbreak to the subsequent lockdown, greater regulation across nations, market instability, travel limitations, economic decline, and environmental problems have set the decentralized financial idea in action while also creating confusion.
Because of its growing use, Bitcoin’s price has been steadily rising. But not anymore! BTC’s value is rapidly declining after hitting a historic high in November 2021. Although a recovery period seems to be on the horizon, analysts estimate that Bitcoin investors may have to wait a year for the cryptocurrency to regain its loss in value and hit new record highs.
Whether you are a traditionalist who prefers physical cash or an investing expert, you should be aware of cryptocurrencies, particularly Bitcoin. Despite the fact that digital tokens have been around for a long time, they sprang into popularity during the 2017 BTC price increase.
In terms of practical applications, it is basically comparable to any other high-risk investment. At present, Bitcoin’s price is incredibly unpredictable, and it may either make you wealthy or scam you out over time. However, BTC did not get off to a strong start in 2022.
After seeing a significant increase the previous year, Bitcoin’s price fell towards the end of 2021 and entered 2022 at a loss. However, fans were optimistic that BTC would soon make a return, depending on price forecasts that predicted Bitcoin’s value would reach $100,000 in 2022.
Regrettably, the pricing trend suggests otherwise. According to the Bitcoin graph, the cryptocurrency will only be able to break over the long-standing resistance level in 2023. Some analysts believe that the halving of Bitcoin will be the catalyst for the cryptocurrency’s rise in the following days.
***
