BTC/USD is more likely to reach $300,000 in a year’s time, the popular analyst says, thanks to an “amplified bullish feedback loop.”
Bitcoin (BTC) price prediction is a precarious affair despite the host of analysts and investors hoping to make a profit. Bitcoin’s value is determined second-by-second, day-by-day by a market that never sleeps. As a cryptocurrency’s value is determined by an open market, this presents unique challenges around volatility that most currencies do not face. While cryptocurrency price prediction is an ever-moving target, market literacy is essential for someone to get the most value out of their participation in the crypto economy.
Without getting into the weeds of technical analysis, what most traders and market analysts are hoping to discern is the overall sentiment of the market, which falls into two basic categories:
- A bull market occurs when the price action appears to steadily increase. This is also known as a “pump,” as the influx of buyers increases the prices.
- A bear market occurs when the price action appears to steadily decrease. This is also known as a “dump,” as the mass sell-off results in the price going lower.
Price prediction and asset speculation is a high-risk venture, so stay tuned to Cointelegraph’s daily market analysis to better navigate the ebbs and flows of crypto.
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