Bitcoin had a challenging start to 2022, yet experts still say that it will eventually hit US$100,000. Even after its volatility and current dump in price, experts say that its price will enable the whole cryptocurrency market to earn dominance in the financial and economic markets. Bitcoin volatility is nothing new, yet there is a huge reason why experts and investors are losing all hope in the flagship crypto. The price of Bitcoin will have plunged more than 60 per cent in 2022.
It is now stuck between US $1500 to $19000. In 2021, it reached its all-time new high of US $69000. It enabled the cryptocurrency market to reach its US $3 trillion peak. Yet the emerging macroeconomic and geopolitical crises created havoc in the cryptocurrency market as leading cryptos such as Ether and Bitcoin drastically dropped.
Yet all hope is not lost. Bitcoin may hit US $2M very soon. It may enable other cryptos to surge. It will become very efficient if the price of Bitcoin rises in the upcoming months. It is mainly for the community of investment constantly going through losses. Yet the fact that it might hit US $2M in the coming days is not appealing anymore to investors. As the volatility of Bitcoin indicates growth, many investors look like they are running away from this market.
According to a report that was released on August 22 by Arcane Research, the annual energy consumption of Bitcoin mining will rise tenfold to 894 Terawatt-hours if the flagship cryptocurrency reaches $2 million in value by 2040.
The report used bullish, bearish, and neutral future scenarios to calculate BTC’s future energy consumption.
By estimation, energy consumption will decrease to 45 TWh, or 0.02% of the global energy consumption in 2040, if prices continue on a bearish trajectory and only reach $100,000 by 2040.
The energy consumption levels are estimated to be around 223 TWh in the neutral scenario, where prices will reach $500,000 by 2040.
The crypto community is becoming increasingly bullish on sustainable energy in addition to its decreasing energy requirements. The community has been looking for ways to use waste energy, hydropower, geothermal power, tidal power, and solar wind power.
Since the end of 2021, the crypto community has formed several partnerships. Block, Tesla and Blockstream collaborated in May 2022 to build a solar-powered green mining farm.
Investors do not find BTC’s incoming 100x profits appealing
The master of asset management Larry Lepard recently stated that he anticipates Bitcoin reaching a massive valuation of US$2 million within the next six years. Based on its current price movements, he believes that the BTC/USD token could deliver gains of 100x soon. There appears to be no reason to think that Bitcoin’s current downtrend will prevent the token from providing a significant return on investments in the foreseeable future. Leopard expresses a lot of optimism regarding Bitcoin’s future, stating that the cryptocurrency has emerged as a considerable influence on mainstream economic and financial markets. However, he also noted that he does not recommend anyone buy cryptocurrencies at this volatile stage.
It would appear that the price of Bitcoin is patiently awaiting specific triggers that will result in a significant price rise shortly. In addition, BTC’s descending wedges are a vital sign of a bullish pattern, indicating that the eventual breakout is anticipated to occur quickly. The cryptocurrency market is exhibiting contradictory signals, suggesting that the bearish trends may not yet be over. The volatility of Bitcoin is driving investors away from the market, resulting in a significant decrease in BTC trading volume. According to conventional data, exchange movement influxes can result in volatile crypto environments. Additionally, suppose traders want to keep up with the market. In that case, they should get prepared for more challenging days ahead. It is as Bitcoin price prediction reports state. It shows that the token may be approaching its lowest point.
Conclusion
Now the price of Bitcoin is moving around the US $19,000 to US $ 20,000 mark. If this crypto explodes in the coming months, it will be inching toward the value of US $21k. It will move towards US $30,000. Yet competitors of Bitcoin are making it challenging for the token. It is to show its dominance over other cryptocurrencies. Only time can tell what this crypto market holds for everyone in the coming days. www.bitcoinsystem.app is the best trading bot. Millions of investors uses it. You can invest in cryptocurrencies on this platform.
