Bitcoin is set for a period of wild volatility before reaching record values by Christmas, experts believe.
The original cryptocurrency briefly kissed $67,000 yesterday, swept along by the launch of an exchange-traded fund in the US which supercharged its price and saw it power up from $63,830 in a steep curve to an all-time high.
Cryptocurrency’s flagship then dropped anchor as it took a breather while other members of the digital asset fleet waited for the wind of optimism to catch their sails. And catch them it did.
Today saw alt coins (digital currencies which are not Bitcoin), take their turn in the spotlight.
Ethereum – the second largest cryptocurrency – made an early move towards an all-time high, reaching $4,374 before the East coast of the US had even considered breakfast. It took it tantalisingly ten dollars shy of its peak of $4,384 set on May 12.
Few alt coins were any other colour than green for much of today, mostly experiencing average lifts in value of around four to eight per cent as Bitcoin drifted along the $65k line, before altering course for the afternoon on a heading of $63,000.
The excitement of the week’s action has prompted many analysts to ask where Bitcoin goes after enjoying its highest ever price. And the response has been curiously bullish.
Despite many cautious echoes of historical data predicting potential for a serious correction in price up ahead, the prevailing sentiment among seasoned observers is one of optimism towards building further on this latest record price.
Several experts have even nailed their colours to Bitcoin’s mast, saying they strongly believe there’s a high chance the 12-year-old decentralised digital currency will top $100,000 by Christmas.
Edan Yago of the Bitcoin DeFi protocol Sovryn, is one of those believers.
“As big as BTC is now, it’s a mere fraction of what it will be,” he says.
“An entire borderless economy will be powered by sound money – an economy far larger than our current global economy. Why? BTC finally brings property rights and economic access to billions of people.”
His views were echoed by Ruud Feltkamp, CEO of trading bot Cryptohopper.
“It’s expected that the long volatile route to the top starts now, where I expect Bitcoin’s peak around Christmas,” he said.
“We often see that when Bitcoin makes a move, the altcoins follow in the two weeks after, which could explain the latest surge in ETH and Solana.”
John Karony, meanwhile, said Bitcoin’s current value has pushed cryptocurrency into the mainstream spotlight.
“Bitcoin’s latest all-time high will set a new precedent for the cryptocurrency industry, as the headline-grabbing price has the ability to make crypto finally go mainstream,” said the SafeMoon CEO.
“Everyone is now able to access cryptocurrency in just a few clicks from their phones. It’s no longer something that is just talked about online – anyone can now acquire it with ease, in the same way people do their weekly shopping online.
“Increased education and accessibility around crypto is a great thing – not just for Bitcoin but the entire industry and we continue to evolve.”
