Bitcoin Rises To $48,000 As It Fields A 60% YTD Gain As Market Closes For The Year

Bitcoin has surged past the $48,000 price mark, gaining up to 3% as the crypto market closes for the year.

The world’s largest cryptocurrency, Bitcoin, has gained more than $1,500 in price value as wall street’s last trading sessions come to a close. As of press time, the cryptocurrency is trading at around $48,400.

Bitcoin Fields 60% YTD Gains

On-chain analytics protocols’ tracking data for the BTC/USD trade pair have shown the crypto token consolidating price movement in the $48,000 price region, having reached a previous daily high of $48,550.

The primary coin’s price movement charts data show that the bullish candle’s uptick overlaps with the December expiry on BTC. A total of $6 billion worth of futures contracts expires on the network, indicated in an inflection region on the chart. The token was acquired in large amounts before the expiry of the contracts, according to data recorded by the US crypto exchange Coinbase pro.

As the continent of Asia continues to experience high stock price gains, speculations and optimism are at an all-time high regarding a final price boom for the primary coin. Projections for 2022 feature concerns about inflation in the industry.

The S&O 500 index broke its ATH record for the 70th time on the 31st of December when it reached 4,806 points. Next year, 2022, however, might not be as lovely as 2021 was for equities because of actions of federal reserves globally. 

Many in the industry believe otherwise; an example is Leuthold Group’s chief investment strategist, who firmly believes that 2022 holds a bright and promising future for the firm leveraging its index’s seventy times record price increase in 2021.

In a press conference Leuthold hosted, chief strategist Jim revealed that the firm is aware of the general belief that community members have that it will see its price value drop next year as much as it gained this year.

He added that while there is a possibility of that happening, he firmly believes that its S&P equity will trade above 5000 points in the first half of next year. The excitement that will ensue from the downgrading of COVID-19 from a pandemic to an epidemic and the possible reduction or total absence of perceived inflation next year will help fuel the S&P 500 equity growth in 2022.

The BTC/USD trading pair is set to close for the year with a $19,000 increase in its year start price value, bringing its total price gain in the year-to-date timeframe to approximately 60%.

Popular Wolf of all Streets podcast host Scott Melker excitedly posted that the BTC/USD had proven its worth with its overall upward price movement.

Bitcoin To Grow To At least $100,000 By This Time Next Year

Analysts have indicated Bitcoin’s growth of over 60% in USD, stocks market USD smaller gain of 27%, and Gold’s price loss of 4%. On comparison, the primary crypto coin performed the best based on price gain in 2021.

Although Bitcoin’s Price Value is currently nowhere near analysts’ predictions at the beginning of the year, the crypto- USD pair stuck to the predicted stock-to-flow’s permitted deviation. The token’s in-line price movement is a primary indicator of reaching the predicted price of $100,000 by 2024.

In an online survey previously conducted at the start of the week, a more significant percentage of participants believe this time next year, the primary coin will trade in the price range of $100,000 and $200,000 

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