Bitcoin price could surge past $100,000 after sudden recovery, experts claim

THE Bitcoin price seems to be recovering after a concerning week of value drops.

Some experts think the cryptocurrency could hit a target value of $100,000 (£74,000) despite its recent vulnerability and the doubt now surrounding it.

1

Bitcoin could be bouncing back, according to expertsCredit: Getty

Hong Fang, the CEO of cryptocurrency exchange OKCoin, recently told CNBC: “I still believe that the 100,000 price point is reasonable.

She added: “The timing can be a bit elusive because we are at the mercy of market dynamics.”

Fang didn’t give a specific date on when she thinks the Bitcoin price will surge to the $100,000 mark.

Goldman Sachs previously suggested that Bitcoin could reach the staggering value this year.

Doubt was cast on this earlier this week when Bitcoin hit a new low of $39,771.91 (£29,057.95), according to Coin Metrics.

The popular cryptocurrency was said to be facing its worst price crisis in almost four years.

The last time it saw a slump like this was in August 2018.

It’s lost nearly 40% of its value over the past two months.

Bitcoin was trading at around $69,000 (£51,000) back in November.

After a December crash, Bitcoin was trading at around $50,000 (£34,000).

The good news for investors is that things seem to be picking up a bit again.

At the time of writing, it’s currently trading at $43,867.40 (£32,050.18).

Fang concluded: “Mid to long term, I still think getting to 100,000 – or even a higher price – shouldn’t be a problem.”

Brit bitcoin expert Layah Heilpern dishes out crypto advice to her followers on TikTok

In other news, a rugby ball shaped planet has been spotted outside our Solar System and scientists are calling it deformed.

Nasa thinks the James Webb Space Telescope will likely be hit by space debris.

Donald Trump looks set to launch his Truth Social app next month.

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.