Bitcoin price target: Will BTC hit $10K or $200K? What experts are predicting

New Delhi: Bitcoin, the world's largest digital currency, is under pressure and has failed to cross the critical level of $90,000. The price of Bitcoin has slipped to around $87,000, which seems to have created an atmosphere of fear among investors.

Meanwhile, a senior strategist at Bloomberg has made a very shocking prediction. He says that in the coming time, the price of Bitcoin may break by 90 percent and by the year 2026 it can reach the level of 10,000 dollars. In such a situation, the question is whether the future of Bitcoin is really so weak or is it just another intimidating guess.

Bitcoin's price has tried to stay above $90,000, however, it has been slipping repeatedly. As soon as the price fell below this level, the selling in the market intensified. Investors who traded with high debt have their deals deducted, which is called long liquidation. This had a direct impact on the price and Bitcoin fell to around $87,000. Weak sentiment and profit recovery exacerbated the decline.

Strategist Mike McGlone of Bloomberg Intelligence has warned that the price of Bitcoin may fall by 90 percent in the coming years. He believes that Bitcoin is no longer the only digital currency. There are millions of crypto assets present in the market, which has increased the competition a lot. This is the reason why pressure on Bitcoin may persist and it may slip to $10,000 by 2026.

McGlone has compared Bitcoin to gold. He says that Bitcoin's rival is much higher than gold. There are only a few gold options, such as silver, platinum and palladium. For this reason, he has estimated that the price of gold may rise above $5,000 per ounce by 2026 and it may rise by about 10 percent.

Currently, Bitcoin is trading about 30 percent below its record high of $1,26,000 in October. Investors' confidence has weakened. Nearly $1 billion was withdrawn from Bitcoin ETFs in December. In November too, there was a sale of 3.5 billion dollars. On the contrary, the stock market and precious metals set new records in December.

While some experts are extremely cautious about Bitcoin, some have a completely different perspective. Market analyst Ed Yardeni believes that due to artificial intelligence, economic growth may accelerate in 2026. This can benefit riskier assets, such as Bitcoin. He says that foreign investment in US stocks is constantly increasing and this trend can support the market.

Another bullish opinion has emerged. BitMEX's co-founder Arthur Hedge believes that if the liquidity in the market from the US Federal Reserve persists, then Bitcoin could reach $200,000 by March. He says that liquidity of billions of dollars per month can support risky assets.

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According to market experts, at present, there is strong support for Bitcoin around $87,000, while $90,000 remains a big resistance. If the price goes below the support, there may be a further decline. On the other hand, if Bitcoin stays above $89,000 again, the bullish momentum may return. The impact of Bitcoin's weakness has also been shown on the rest of the cryptos. Ethereum has fallen below $3,000. Solana, Cardano and Dogecoin have also seen a decline. The total value of the entire crypto market has plummeted by nearly $100 billion after the recent decline.

Source: Bloomberg, ET