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HomeCRYPTOCURRENCY NEWSBitcoin is Nonetheless on Monitor of Hitting $100K within the Lengthy Time...

Bitcoin is Nonetheless on Monitor of Hitting $100K within the Lengthy Time period, OKCoin CEO says

Talking on CNBC Capital Connection Wednesday, Hong Fang, the CEO of crypto trade OKCoin, opined that Bitcoin reaching $100,000 wouldn’t be an issue in the long run.

Fang acknowledged that point was of the essence in Bitcoin’s journey in the direction of $100K. She identified:

“I still believe that the $100,000 price point is reasonable, but the timing can be a bit elusive because we are at the mercy of market dynamics … so I think there’s a lot of elements playing out in the short term, but long term I still think that getting to $100,000 or even a higher price shouldn’t be a problem.” 

She added that the short-term dynamics needed to come up as a result of Bitcoin is competing with different property for capital within the crypto house. 

The psychological worth of $100,000 has develop into a great goal for varied pundits, traders, and merchants within the BTC market. For example, earlier this yr, El Salvador President Nayib Bukele disclosed his bullish forecasts that Bitcoin would breach the $100K degree in 2022. 

Bitcoin jumps as inflation will increase in america

Following the launch of information exhibiting that the US Shopper Worth Index (CPI) reached 7% in December 2021, Bitcoin rose by roughly 3.1% to hit the $44,000 degree on January 12.

Due to this fact, exhibiting that inflation on American soil recorded the best annual acquire since 1982. This reignited the inflation hedge argument about Bitcoin. 

Every time inflation ranges go up in america, a pattern is being witnessed as a result of BTC worth often surges. For example, in November final yr, because the inflation price reached a 30-year excessive of 6.2%, Bitcoin hit an all-time excessive (ATH) of over $68,000. 

The main cryptocurrency had retracted to the $43,805 degree throughout intraday buying and selling, based on CoinMarketCap.

Picture supply: Shutterstock

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