FX.co ★ Bitcoin's price may double by the end of the year

Bitcoin's price may double by the end of the year

Bitcoin's price may double by the end of the year

Ethereum and Dogecoin were definitely the winners yesterday. The first coin, which is the leader among altcoins in terms of capitalization, broke through its previous record on May 4. ETH price surged above the level of $ 3.5 thousand. So, when Ethereum began its rapid growth since April 25, the price of the asset had already risen by 60%.

The second coin, which is considered to be Elon Musk's favorite, also updated its all-time high on Tuesday. Its price soared to $ 0.69. During the day, dogecoin showed the largest growth among all digital coins – 55%. This helped it overtake XRP in the capitalization rating and take the fourth line there.

Meanwhile, the main global cryptocurrency is still marking time and looks very weak compared to the active altcoins. Throughout the past day, BTC has been mainly declining and has lost more than 3% of its value, falling to $ 53.2 thousand.

This morning, Bitcoin was trading at $54.4 thousand. Experts say that there are no clear symptoms of the upward trend yet, but this does not mean that everything is going badly for the main cryptocurrency. In their opinion, there is a reason for optimism: the BTC is confidently holding its positions, which is already a good sign.

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Bitcoin's price may double by the end of the year

Analysts see growth prospects in the short term for the leading digital asset. Thus, Bitcoin is not hopelessly stuck, it is just waiting for a strong news impulse – proof that there are still buyers of this asset in the world. Only this can inspire it to break through an important psychological level of $ 60 thousand.

According to experts, the main cryptocurrency may receive a trigger soon in the form of a large influx of large investors. The crypto market capitalization, which has already exceeded the long-awaited value of $ 2 trillion and is capable of rising even higher, will act as a magnet that will attract new players.

Recently, the digital asset market has received the most tangible support due to the Fed's soft monetary policy. Against this background, investors' fear of risky assets is blunted and even the appetite for obvious "dark horses" from the crypto world is awakened.

Analysts do not consider this hobby for third-rate coins to be mainstream, which will drag on for a long time. The interest will be short-term: as soon as investors turn away from dubious assets, they will definitely come for Bitcoin.

Most experts are inclined to believe that the current long-term outlook for the main cryptocurrency looks very positive. The most difficult, culminating moment will be the long-awaited overcoming of the $ 60 thousand threshold. If Bitcoin manages to break through this barrier, it will be unrealistic to keep the coin.

By the end of the year, analysts predict that Bitcoin's price will move above the previously predicted $100 thousand. According to their estimates, the digital asset can grow at least 2 times its current value. The same optimistic picture is drawn by experts for another leading cryptocurrency. Here, Ethereum can also rise above $7 thousand at the end of the year.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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