While we are almost at the end of 2022 with only three months left, it can be said that the year has been excruciating, and most of the cryptocurrencies have crashed and witnessed new lows.
Bitcoin has been one of the most hard-hit currencies and a few other large-cap currencies. The flagship currency reached an ATH of $68,000 in November 2021 and has now plunged to around $20,000.
At the time of writing, Bitcoin is selling at $20,161 after a surge of 5.78% over the last 24hrs.
This price surge comes amidst the declining value of the pound and equities, where there are speculations that the pound could plunge below dollar parity. Because of the government’s loans during the coronavirus pandemic, supply chain differences with China, and increasing asset prices due to the conflict in Ukraine, the UK is currently undergoing slower growth and increased inflation.
Bitcoin Price Above $22k?
However, although Bitcoin is currently surging, it is still far away from its ATH.
The most active community, the CoinMarketCap community, claims that Bitcoin is set to surge by 13.18% from its present trade, which will push BTC to $22,875 by the end of October.
Investors and traders are also watching the US dollar as the dollar index for the year 2022 has surged by 18%. This is because an increasing dollar value will bring down Bitcoin price as BTC is known for reacting opposite to the dollar. The dollar index is an indicator that compares the US dollar value with other currencies.
If the dollar continues its upward journey as per the prediction, Bitcoin price will experience another bottom soon.
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