Other cryptos like Ethereum aren’t doing particularly well in this second quarter of the year either but, despite everything, this altcoin is on track to close its best first half since 2017 with a rally of about 185% in this first half of the year.
In the case of Dogecoin, the cryptocurrency ‘meme’, rose 380% in the second quarter, a figure that pales when compared to the 980% rally with which it has closed the first quarter of the year. It is currently far from its highs recorded in early May, at 74.07 cents.
Going back to Bitcoin, what now really divides experts is whether its big correction is over or not. Some think it may continue to fall to $12,000, while others see it above $110,000 by 2022 and many others believe the $100,000 is mission impossible, at least, for this year.
For strategists Barry B. Bannister and Thomas R. Carroll of investment bank Stifel, Bitcoin will continue to fall to $12,000. They base their theory on what they call the ‘trade’ of recovery.
“The price crash has been simmering for weeks,” acknowledges Simon Peters, a crypto-asset analyst at eToro.
“The moral is that all markets have ups and downs, but cryptos are still a new and volatile asset class that has yet to be tested in an inflationary ecosystem,” Peters said. “Investors should therefore avoid making decisions based only on their price,” he advises.
What if it falls below $10,000? The odds of this happening have remained unchanged at 21%, according to the study. In addition, the most likely alternative is that the queen of cryptocurrencies will put an end to 2021 above 50,000 dollars, with 52%.
“The idea of investing solely and exclusively to speculate is going to lose steam, and that’s a good thing,” says Barry Norris of Argonaut Capital. Norris’ words make special sense when you consider her crypto-sceptic past (and present) backed by getting a 50% return by falling short on MicroStrategy.
“Most people who refer to cryptos with some even religious reverence have no idea about investing… let’s see where that takes them,” warns Norris.
On the side of those who believe that Bitcoin will rise is the technical analyst of Bolsamanía, J.M. Rodríguez. “There are small details that invite optimism in bitcoin after a crash from the annual and historical highs ($ 65,520),” although “figure back as such we do not have yet”.
“Everything suggests that bitcoin can attack at any time the significant resistance it has at $41,335: June highs and last decreasing high,” he concludes.
The growth forecast of assets such as bitcoin estimate the maximum value of the cryptocurrency at $112,800 by 2022, according to a study published by StormGain, a leading international cryptocurrency trading platform, which raises and studies the main risks to the cryptocurrency market.