The Bitcoin price trading value has hit $41,934.38 in the open market Monday, which is down by 0.95% on its index.
The cryptocurrency is still recovering from a 50% slump from its November all-time high of $69,500.
Its value has been able to rally from $33K, and crossing the psychological resistance level of up to $40,000.
Due to the fact that technical indicators have now reached oversold levels, the bullish trend will continue to gain steam.
The fear and greed index, which gauges investors’ perceptions and personal appraisals of the market, has surged to 46 from 44 recently.
Bitcoin Price: Positive Returns
Analysts see Bitcoin having positive returns within the month, as technical indicators imply short-term buyers will be active around the $35,000-$37,000 support level for the near term.
Still, its upside remains in the $45,000 mark.
Regardless of the conditions, crypto specialists remain suspicious due to the Biden administration’s expected publication of an executive order this month to regulate Bitcoin.
BTC/USD at $44,052 in the daily chart | Source: TradingView.com
Related Reading | Bitcoin Fundamentals Show Signs Of Fresh Rally, Here Are Things To Consider
Bitcoin Forecast
According to recent forecasts, the long-term price of Bitcoin might reach up to $150,000, representing a significant increase over the previous year’s expectation of $146,000.
Coinbase data figures show the current fair market value of Bitcoin is estimated to be $38,000; the price of BTC has climbed by 17.35% in the past week.
In a statement, US-based independent research group FSInsight predicts that the price of Bitcoin will exponentially grow in the future.
FSInsight specializes in market analysis and sector research. With its expertise, it forecasts that Bitcoin might reach a value of $200,000.
Due to the uncertainty around whether the new limits would benefit or harm the cryptocurrency, the market is extremely unpredictable.
However, despite the fact that Bitcoin normally fares well, the cryptocurrency’s value might fall for the third month in a row in February, depending on how other variables influence the market.
Meanwhile, according to JPMorgan’s reports, the currency has been inflating in value by 13%.
JPMorgan claims the most significant obstacle to the institutional adoption of Bitcoin is its “eccentric monetary cycles” and its volatility rate.
The price of Bitcoin is now four times more volatile than the price of gold, research shows. Furthermore, when interest rates rise, it is expected that Bitcoin’s entire market value will match that of gold.
Related Reading | Why Bitcoin Needs To Clear $43,800 For Hopes of a Fresh Rally
Featured image from Bitcoin News, chart from TradingView.com
