Friday, June 21, 2024

A $42000 Bitcoin by the year end – Is it for real?

Cryptocurrencies have changed the way several businesses invest, transfer and store money. Dips and surges, ups and downs happen frequently in these currencies leading to several uncertainties. Bitcoin stands out among all other cryptocurrencies. It also leaves a huge impact on other currencies in the market. A slow trend in Bitcoin market produces a trickle down effect and leave market of other currencies bearish and undemanding. Thus, some have argued that such uncertainties in the trends of cryptocurrencies can surge Bitcoin to nearly $42000. Though, it sounds like a dream surge but it is not something impossible either.

  • Impossible or “I m possible”?

An optimistic look at impossible would tell one that it says “I m possible”, so is the case with Bitcoin reaching $42000 by the end of year. Moreover, recent surges in last couple of weeks show a continuous upward trend which is rather encouraging. This valuation is actually done by taking previous years in account and the price bubbles attached to it. When all the logarithmic calculations are presented on the graph, it shows a clear increase in its value by 235%. This valuation does not end here but it gives further calculation for next 3 years. According to this statistical analysis, Bitcoin will reach $42000 by this years end, $122000 next year and $365000 in 2021.

  • Is logarithmic analysis always true?

Logarithmic and statistical analysis is done by keeping in view the previous trends and current markets. Mostly, future projections are made like in this particular case to analyse Bitcoin’s surge by the year end. The question remains, whether it is 100% true or there are any discrepancies possible?  Discrepancies are surely possible keeping in mind the changing trends and uncertainties attached to them. Throughout the year, Bitcoin’s market trend give you a rollercoaster ride. Moreover, you never know if a hurricane to blow one away is ahead, or a cool breeze to keep one afloat. Thus, Logarithmic calculations can be very delusionary at times and precise on others. But, surely they can never be set as a benchmark.

  • Chances that it can actually reach $42000

To be very honest and fair, chances seem very bleak as of now. But the surge in value of dollar over the last 6 months mean that it is not a far cry either. Logarithmic analysis support the motion as well but a reality check tells another story. Statistical analysis are true to a certain extent but one can never be 100% sure about anything. If the trends change, markets boom, then of course, the plot can work, otherwise it is very unlikely.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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