Bitcoin is Still on Track of Hitting $100K within the Long Term, OKCoin CEO says

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Speaking 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 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 belongings for capital within the crypto house. 

The psychological worth of $100,000 has turn into a super goal for varied pundits, traders, and merchants within the BTC market. For occasion, 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 within the United States

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

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

Whenever inflation ranges go up within the United States, a development is being witnessed as a result of BTC worth often surges. For occasion, 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, in accordance with CoinMarketCap.

Image supply: Shutterstock

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