The Bitcoin price is currently moving sideways. Some analysts see a drop to below 20,000 US dollars ahead. The Bloomberg Report, however, sees the Bitcoin price more likely at 100,000 US dollars.
Currently, Bitcoin is very likely in a “dormant crypto bull market,” according to the authors of the Bloomberg article. This is indicated by the Bloomberg Galaxy Crypto Index (BGCI). It currently stands at around USD 38,800. The all-time high of USD 68,700 is thus undercut by about 44 percent. The all-time high dates back to 14 April 2021.
The drop in value is largely due to the high energy consumption, which has recently led to increased criticism. This has forced miners to find more energy-efficient alternatives. Even if this requires a withdrawal from China, this is a serious option. In the long run, this should drive the price up again.
Although government institutions regularly announce new regulations regarding cryptocurrencies, real bans on cryptocurrencies have not yet been enforced, at least in the world’s most important markets.
Bitcoin price supported by more serious investors
In particular, the fact that more and more companies are also investing in cryptocurrencies — especially Bitcoin and Ethereum — means that the Bitcoin price should by now be consolidated at a level above USD 20,000. A drop below this level is therefore considered extremely unlikely.
The current Bitcoin price is roughly at the beginning of the year and the 12-month average. Like the rally years of 2013 and 2017, such setbacks are quite common in a bullish market.
Ethereum flips Bitcoin — Why ETH is currently so trendy
Ethereum is set to overtake Bitcoin. The so-called flipping of BTC is currently becoming a new narrative for Ethereum.
Tesla investment as an example
Companies like Tesla are invested value in digital currencies — notwithstanding that Tesla has revised bitcoin acceptance again. Although Elon Musk’s recent rather contradictory tweets make some investors doubt the seriousness of the investment, other large companies such as Paypal or Apple also enable payments with cryptocurrencies confirms a rather positive trend.
Flippening possible despite the Bitcoin price rise
It is also suspected that Ethereum could displace Bitcoin as number one on the crypto market in the long term. The so-called flippening could be achieved in the medium term. While the Bitcoin price has been slow to recover from the downward spiral after reaching the all-time high, Ethereum is currently around 34 percent below the all-time high, which was reached on 12 May.
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