It was a brutal weekend for Bitcoin (CCC:BTC-USD) with its price plunging as low as $42,000. That trend has continued into today, with BTC still in the red.
The price of Bitcoin fluctuated wildly from Friday night to this morning amid continued volatility that sent the entire cryptocurrency market spiraling. On Saturday, the price of the largest digital coin dropped to a low below $43,000, down from the $57,000 that it had traded at last Friday, Dec. 3.
Bitcoin’s sharp decline comes as a selloff in the broader market continues. The last trading week saw the major indices suffer amid concerns over the omicron variant. The weekend selloff also continues a pattern of declines for Bitcoin. The leading crypto entered bear market territory on Nov. 26 after dropping to a low around $54,000.
Other cryptocurrencies, including Ethereum (CCC:ETH-USD), also fell more than 15% over the weekend. ETH has since rebounded slightly, currently trading just above $4,000.
The extreme volatility has led a number of analysts and market observers to rapidly revise or reaffirm their Bitcoin price predictions. Here are some highlights of the price predictions for the digital coin.
Bitcoin Price Predictions:
- Many analysts are holding firm to their forecast that the price of Bitcoin will eventually hit $100,000, although some are now saying that the milestone level will not be reached until 2025 or later. Many analysts had previously forecast that BTC would be trading at $100,000 by the end of 2022.
- One market observer, Cointelegraph contributor Michaël van de Poppe, has reaffirmed his prediction that the price of Bitcoin will eventually reach $400,000, stating that “nothing has changed” as the price of BTC whipsaws.
- Technical analyst Matthew Hyland continues to believe that Bitcoin could hit $250,000 as soon as next month (January 2022), but couches his price prediction by stating that it is dependent on BTC first reaching $100,000 and investor euphoria setting in.
- Several analysts note in pre-market commentary today that, right now, Bitcoin is struggling to crack $60,000 and is even having difficulty finding support at $50,000 amid continued market gyrations. Some say that it will be impressive if BTC finishes this year at or above the $50,000 mark.
On the date of publication, Joel Baglole 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.
