Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

How Long Will It Take for Bitcoin’s Price to Exceed $30K Once Again?

Published 07/07/2022, 04:50 AM
Updated 07/07/2022, 05:00 AM
© Reuters.  How Long Will It Take for Bitcoin’s Price to Exceed $30K Once Again?

© Reuters. How Long Will It Take for Bitcoin’s Price to Exceed $30K Once Again?

  • Some experts believe the crypto market will bounce back from the current crash in the next few months.
  • Others think that investor wariness is going to persist in the near-short term.
  • On Wednesday, bitcoin rose above $20,000 amid market sell-offs and worries over the economy’s health.

Bitcoin has fallen below $20,000 twice in recent weeks and remains under pressure. On-chain, crypto analytics tracker Santiment posed a question to its followers, asking when they think Bitcoin’s price will hit $30,000.

Over 42.4% of the poll participants responded in the affirmative, revealing it would be over 0-6 months from now. Furthermore, 25.1% of the polls were optimistic that it could break above $30,000 in the next 6-12 months from July 6 while 22% of the votes represented one year from now. Interestingly, 10% of the polls expressed an even longer wait, with Bitcoin never hitting $30,000 again.

The current crash has caused many to worry about the future of Bitcoin and the cryptocurrency market in general. However, some experts believe the crypto market will bounce back from the current crash in the next few months. Others think that investor wariness is going to persist in the near-short term.

The current market conditions are a major factor influencing when Bitcoin will return to $30,000. Investor confidence has been shaken in recent weeks by a series of crashes in global stock markets. Bitcoin is struggling to hold onto the $20,000 level. If Bitcoin breaks below the recent low of around $17,500, there isn’t much support until the $14,500 level.

The $30,000 level is key for Bitcoin to see a continuation of the uptrend. The cryptocurrency would need to close above this level in the next few days or weeks for the bulls to gain traction.

Bitcoin has only been above $45,000 for a few short stretches over the past six months and hasn’t been above $50,000 since December 25, 2021. Amid the ups and downs, Bitcoin’s current price is a long way from the latest ATH it hit in November when it went over $68,000. But even with the recent decline in price, Bitcoin is still more than twice as valuable as it was just a couple of years ago.

Despite the volatility and recent slumping price, many experts still say Bitcoin is on its way to passing the $30,000 mark.

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.