- Bitcoin and other altcoins took a dip today.
- Analysts believe that the dip is proof that Bitcoin is still in its correction phase.
- Most analysts say that another Bitcoin bull run is inevitable and the price will surpass $100,000.
The crypto market’s recent dip has been hard, but, what’s harder is its road to recovery. As of writing, many cryptos seem to be falling. Could this be another correction or another crash?
At the time of writing, according to CoinMarketCap, the price of Bitcoin (BTC) stands at $31,869.81. Meanwhile, the price of Ether (ETH) is $1,877.06, Binance Coin (BNB) is $293.76, and Cardano (ADA) is $1.20.
Suffice to say, the price of all cryptos has been a hot topic. Will their prices tank or will we see another bull run? According to many crypto analysts, most are certain that Bitcoin, in particular, will see a bull run once again this year.
For instance, analyst Mike McGlone says that Bitcoin correction is still taking place from its last crash. Specifically, he says that this crash took place because Bitcoin was consuming too much energy. Consequently, the fact that Bitcoin miners are looking for renewable sources of energy to mine Bitcoin will contribute to the next eventual Bitcoin bull run.
Another analyst adds that this quest to find renewable energy to power Bitcoin mining is fueled by China’s crackdowns. Most Bitcoin miners in China are looking to relocate and continue mining Bitcoin. This brings us back to McGlone’s theory of Bitcoin’s inevitable bull run.
He says, soon the time will come where Bitcoin’s demand will outrun its supply. This is when the crypto’s price will really shoot up. All in all, most analysts agree that the fact that Bitcoin’s price is hovering in the $30,000 – $35,000 range proves that it is still in its correction phase.
Most community leaders and seasoned traders are confident that the price of Bitcoin will reach $100,000 this year. As for the altcoins that took a dive today, they too will rise with Bitcoin. Presently, Bitcoin is the most dominant crypto in the market. Thus, it tends to reflect the state of the entire market. So, the price of Bitcoin usually affects the price of some altcoins.
Besides, in the crypto space, a bull run could spark from anything. Currently, there is so much happening in the industry. For one, India is working on its new crypto laws while UK and Canada are tightening their crypto regulations. On the other hand, Australia has begun to show more interest in crypto.
Even corporations could sway the price at any time. Tesla has already made a big impression within the market. MicroStrategy has a lot of investments in Bitcoin. Grayscale’s GBTC unlocks will soon be upon us. Perhaps Google will decide to buy Bitcoin. Truly, any move could trigger a bull run. One thing is for certain, with so many titans involved in crypto and Bitcoin, another surge could be imminent.