Some experts are bullish despite a prolonged fall in the cryptocurrency market and bitcoin. Harry Yeh, the founder of Quantum Fintech Group, suggests that BTC could soar by 900% to $400,000 this year. The flagship cryptocurrency would touch the all-time high of $400,000 on one condition, according to Yeh. The US Federal Reserve should not stop its cash printing machine. This is highly unlikely to happen as the regulator has already announced the tightening of monetary policy. So, something extraordinary should happen to make the printing press work at full capacity. Harry Yeh believes that if the Federal Reserve changes its plan, investors will turn to virtual currencies as a hedge against rising inflation, and bitcoin will skyrocket amid mounting demand.
JPMorgan analysts are more realistic in their estimates and project the coin to swell to $100,000 by the end of 2022. Nikolaos Panigirtzoglou, the managing director at JPMorgan, assumes that the fair value of BTC is now between $35,000-$73,000. The premiere token reached an all-time high of $69,000 in November 2021. Since then, it has lost around 40% of its value. The price plunged after the violent unrest in Kazakhstan in January 2022.
