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October 4, 2022
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$ 70,000 could be the new Bitcoin normal

Speculation is beginning to circulate that the price of bitcoin could reach $ 70,000.

The upward trend has returned, since, since February 8, the price has exceeded $ 40,000 and has risen to $ 50,000.

In addition, just today it reached a new historical record of around US $ 51,000.

At the moment, there are no clear signs of weakness, which is why few analysts suspect that there is a risk of significant setbacks in the near future.

In particular, according to analyst Simon Peters, the fact that bitcoin is increasingly attracting multinationals could support a price increase to $ 70,000, which could even become the new normal for BTC.

Peters refers to financial giants, such as BNY Mellon and Mastercard, who have publicly announced their entry into the crypto universe, effectively supporting bitcoin. This would highlight the importance that this sector is assuming in the global financial world and the increase in the purchasing power of BTC, which may increase even more as big names join the movement.

Peters said:

“Bitcoin’s rise in this 2021 doesn’t seem to be stopping. The last high touched shows how cryptocurrency should now be considered a conventional investment asset ”.

Bitcoin at $ 70,000 is a sustainable level

When comparing the market capitalization of the entire crypto industry, at about $ 1.5 trillion, with that of the US stock market, at more than $ 50 trillion, it is clear how marginal the crypto world is still.

Peters further said:

“Bitcoin is disrupting the status quo and capitalizing on the dollar’s diminishing strength. With retail investors looking to hedge against inflation and institutions looking for solutions to help boost growth, there is no reason why $ 70,000 cannot become the new normal anytime soon. Although, based on the performance shown in 2021, the asset may have an even higher objective. ”

Thus, Peters’ estimate of a $ 70,000 BTC does not refer to a hypothetical peak, but to a likely sustainable level, perhaps with even higher maximums.

In fact, it is worth adding that 2021 is the year after Bitcoin halving, and in both previous cases (2013 and 2017), there was a significant bullish run in the year after the event, ending with a speculative bubble developed in the last few two or three months of the year.

Source: cryptonomist

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