Bitcoin (BTC) could continue its bull trend and eventually reach $75,000 in the future. During a conversation with UseTheBitcoin, Greg Waisman, the co-founder and COO of the global payment network Mercuryo, stated that despite the recent volatility in the market, Bitcoin could continue moving higher. However, there are some challenges along the way that Bitcoin should face in the coming weeks and months.
Could Bitcoin Reach $75K?
During the last months, we have seen how Bitcoin reached massively high prices. This has been one of the most discussed and promoted bull runs in Bitcoin’s history. The digital asset is now being adopted not only by retail investors but also by large companies.
During our conversation with Mr. Waisman, he explained that Bitcoin’s price has always been volatile and also unpredictable. He shared with us how the Turkish Central Bank announced that Bitcoin as a means of payment will be banned starting on April 30th.
When the news came out, the price of the largest cryptocurrency fell from over $64,800 to $55,000. However, this was not the whole correction. Due to announcements of higher capital gains tax in the United States and Tesla’s sale of its Bitcoin holdings the price fell below $50,000.
Nonetheless, Bitcoin has then recovered and it came back above $54,000. One of the reasons behind this price surge was the explanation given by Elon Musk that he didn’t sell his Bitcoins and that Tesla did so in order to prove Bitcoin’s liquidity as an alternative to cash.
About the future of the virtual currency, Mr. Waisman stated:
“In days to come, BTC is likely to see another drop when the Turkish ban actually arrives. However, after that, the coin should be able to start recovering properly from the level of $48,000. On the other hand, the beginning of the month often leads to price surges, so it would not be surprising for BTC to make an attempt to return to its ATH in early May.”
Furthermore, he stated that if Bitcoin attracts more institutional investors, the price of the virtual currency could skyrocket to $75,000 this year. $56,000 is a very important price level to closely follow.
Weisman explains that this level could work as resistance, something that could make it more difficult for Bitcoin to continue moving higher. Nevertheless, if companies start buying Bitcoin again, the price could reach new all-time highs in the coming months.