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

Cryptocurrency Jul 07, 2022 05:00AM ET
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  • 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.

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

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