Bitcoin BTC/USD is the largest cryptocurrency token in terms of market capitalization and has maintained this title ever since its creation.
It has seen its fair share of increases as well as drops in value throughout 2021.
Bitcoin started 2021 at $29,374.15 and ended the year at $46,306.45. This means that the BTC token increased in value by $16,932.3 throughout the year, or by 57.64%.
El Salvador’s President predictions as a catalyst for growth
On January 2, 2022, Nayib Bukele, which is the president of El Salvador, made six major predictions in regards to the future of Bitcoin.
El Salvador made Bitcoin legal tender alongside the U.S. dollar in September of 2021.
President Bukele expects that the price of BTC can reach $100,000, and he believes that two more countries will adopt Bitcoin as legal tender going forward.
In fact, we covered how Zimbabwe will follow El Salvador in using BTC as legal tender.
Additionally, he expects that Bitcoin (BTC) will become a major electoral issue in the U.S. elections this year and that Bitcoin City will commence construction.
Note that his Bitcoin City announcement came one day prior to the International Monetary Fund (IMF) issuing a report that warned El Salvador against using Bitcoin as legal tender due to the variety of risks associated with the cryptocurrency.
Volcano bonds will be oversubscribed, and that there will be a huge surprise at the Bitcoin Conference.
Should you buy Bitcoin (BTC)?
On January 3, Bitcoin (BTC) had a value of $47,309.58.
To get a better perspective as to exactly what this price point means for the BTC token, we will go over its all-time high value as well as its performance last month.
Bitcoin gained its all-time high on November 10, when it reached $69,044.77 in value. This gives us an indication that at its ATH point of value, the BTC token was $21,735.19 higher in value, or by 46%.
When we go over the performance of the BTC token throughout the previous month, we can see that on December 1, the token had its highest point of value at $58,667.85.
Its lowest value point, however, was on December 18, when it fell in value to $45,697.92. This gives us an indication that the token decreased in value by $12,969.93 or by 22%.
However, from December 18 to January 3, the token saw an increase in value by $1,611.66 or by 3.5%.
With this in mind, we can expect Bitcoin (BTC) to increase to $50,000 by the end of January, making it a solid buy.
The post Bitcoin price forecast: can Bitcoin reach $100,000 in 2022? appeared first on Invezz.
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