Bitcoin value could soar to nearly $50 thousand
The next week – from February 14 to 20 – the bitcoin value will range from $40,000 to $46.5 thousand. Explosive growth is not expected due to seasonality – in February the market is waiting for the decision on the US discount rate.
At the same time, a sharp collapse in the value of the cryptocurrency is not expected. “The price fluctuation range was chosen for technical reasons. It implies the stay of bitcoin quotes above the expected by many 30 thousand dollars per coin, as reasons for total sales did not appear,” – said the chief cryptocurrency strategist of TomiEx Anjey Kovalchuk.
However, he pointed out that the market is already used to the news about the regulation – and reacts weakly to them. As an example, the expert cited the situation with the message that the Ministry of Finance proposed to impose a tax on cryptocurrency, which never led to sales.
“The upcoming changes in monetary policy are also perceived habitually by the market. And everyone understands that protective cryptocurrencies in the moment of actual sell-offs will become more expensive,” the expert stressed.
How much bitcoin is worth now?
As of 13:18 on February 11, 2022, the bitcoin value, according to Coindesk, set at 43.453 thousand dollars. This is 1.266 thousand dollars less than at the same time on January 30. And by almost $6.5 thousand more than on January 31, 2022.
What does the rate of BTC depend on?
A very big influence on cryptocurrencies has a news background. It is formed by the media, online portals, as well as by statements and publications in social networks of celebrities and experts. This influences traders’ moods, and they decide whether to buy or sell bitcoins.
The legal background is also an important aspect. For example, the ban on mining cryptocurrencies in China and El Salvador’s official adoption of cryptocurrency as a means of payment influenced the bitcoin rate. In the first case, the value went down; in the second, it went up.
The first cryptocurrency is also affected by the political situation in the world. But this factor is even positive for bitcoin. The fact that in an unstable situation in the country, most investors are looking for a secure repository for their savings, one of which is a cryptocurrency.
And of course, the bitcoin value is influenced by supply and demand. For example, if market players want to buy a coin, they put large purchase orders, raising the value of the asset. But when popularity reaches low levels and no one is interested in it, the rate is at low levels.
It was previously reported that bitcoin lost the race to become the top cryptocurrency for charity in 2021. Such donations increased by more than 15 times, but Ethereum was the predominant coin for this purpose.
