Bitcoin (CCC:BTC-USD) woes tread on as the leading cryptocurrency marks another day in the red. Bitcoin price predictions are running hot in lieu of the coin’s drop below the $50,000 level.
BTC is suffering yet another casualty in the crypto correction making waves through the entire industry this past month. Starting at $68,000 on Nov. 10, BTC is currently sitting down at $48,037 amid a 5% drop on the day. The No. 2 crypto by market capitalization, Ethereum (CCC:ETH-USD), is undergoing similar stumbles, currently down nearly 6% today.
There are a number of news items pushing Bitcoin down this week, so what do you need to know?
One story making waves today is a CNBC interview today with Goldman Sachs CEO David Solomon. When the topic of cryptos came up, Solomon revealed he owned neither Bitcoin nor Ethereum. This comes despite Goldman allowing Bitcoin exposure to clients of its wealth management program, starting this past March.
Cryptos in general have been under scrutiny lately as six crypto executives spoke before the House of Representatives’ Committee on Financial Services yesterday. The nearly five-hour hearing saw 40 lawmakers bombard the crypto leaders with questions. Nothing was taboo as lawmakers questioned the execs on anything from stablecoins and crypto regulation to the possibility of a crypto-fueled financial crisis. As evident from the drop in the crypto market capitalization, the hearing clearly spooked some investors.
Let’s see what the experts think about Bitcoin’s value going forward.
Bitcoin Price Predictions: Can BTC Retake Its Peak?
- Coin Gape could see BTC making either a dramatic comeback or slink further in its decline. They set a price target as high as $59,190 should the bulls overcome $48,500 resistance. On the flip side, should Bitcoin struggle to maintain its current level, they see the coin dropping to $44,637.
- FXStreet thinks Bitcoin could make a near-term swing, even making an attempt at $53,687.
- While they may think BTC is going down in the near term, Wallet Investor has sky-high expectations for the coin in the years to come. They suspect Bitcoin will drop to $40,068 after two weeks. But worry not! They set one- and five-year price targets of $81,576 and $212,121, respectively.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.