Bitcoin price news: Will the cryptocurrency hit 'new highs' this year despite its rough start?
Bitcoin didn’t have the best start of the year but the stats suggest it has finally stabilized this week and it might even be on its way to another massive rise. After adding 1% since last Sunday, the biggest cryptocurrency on the market is slowly recovering after dropping 12% during the initial week of 2022. If we take the first week of 2021 and compare it to this one, we can see Bitcoin last year made a massive gain of 15% and traded above $50,000 per coin. Although this week’s improvement looks minuscule, experts on the matter are convinced Bitcoin will be on the rise again over the next couple of weeks.
Currently, Bitcoin’s price sits at a “low” of $42,000 per coin but experts are suggesting it might jump between $50,000 to $60,000 in the next few weeks. The reason for this jump, according to the CEO of Panxora Gavin Smith, is the looming inflation. It’s all about a “real” interest rate that will be adjusted for inflation. When the figure is negative, it only means that consumer prices will keep on rising faster than benchmark bond yields. Investors keep effectively losing value by holding bonds and other fixed-income instruments. This dynamic encourages risk-taking amid the function of ultra-loose monetary policies put in place by all central banks around the world.
Can Bitcoin set new highs in 2022?
According to the U.S. Labor Department, the Consumer Price Index had risen 7% in December compared to 12 months before that. It went up from the 6.8% that was registered during November. This is the fastest annual increase since 1982. Even though Bitcoin has already received after going below $40,000 on Monday, the rebound pales in comparison to bitcoin standards. It is believed that if the cryptocurrency breaks $45,500 this year, there might be another sharp move higher than ever before in modern history. It might all happen during 2022.
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