Bitcoin continues its battle below the $50,000 mark. On Wednesday, the digital gold fell below $48,000, and as of this writing was trading at $47,800.
Literally within a month, Bitcoin lost $20,000 from an all-time high. Many forecasts of crypto analysts who were convinced that $100,000 was the real price will sink into oblivion.
However, despite Bitcoin's downward rally over the past 10 days, the global price prediction model remains unshakable.
A week ago, the price of Bitcoin consolidated and was in a narrow sideways channel, not overstepping the archival psychological barrier of $50,000. On Wednesday, Bitcoin fell another 7% to $47,800. This was followed by a collapse of other altcoins.
However, many analysts are still confident that the rate of $1 million in the span of 5 years is still on the agenda. Well-known crypto analysts from Twitter, who have over 1.5 million followers, are still bullish on Bitcoin.
The number of Bitcoins is capped at $18.9 million, its high liquidity, as well as decentralization will lead to the rise of Bitcoin's price for the long term. The market is still a highly volatile instrument and therefore it is very difficult to predict whether Bitcoin will be able to make such a leap.
Further bans of cryptocurrencies, antics from China, as well as statements by U.S. President Joe Biden, and regulation by the Fed and the Securities and Exchange Commission may make their own adjustments.
Nobody has canceled the prospects of the "Black Swan" yet, since anything can happen on the crypto market, and no one is immune from its consequences. The Black Swan picture is more applicable to the cryptocurrency market than ever.
However, many analysts are still confident that the cherry on the cake, the final conclusion of the long-term epic of Bitcoin, will be the price level of $1 million, which will possibly be overcome in 2025-2026.
