Why Bitcoin sure to touch $100K by Q1 of 2022 FY?

World most popular cryptocurrency Bitcoin is trading under $45k. The crypto market cap is down by $150 billion, as bitcoin dumped below $45K. The downtrend of bitcoin has been seen since late Sunday. This year we saw many flip-flops on the BTC price. It touched over $60K in April and surged below $30K in May. Now it is trading around $45K. But analysts still believed in reaching BTC to $100K for a few reasons. The said reasons are promising and convincing.

Least availability in market

The market capitalization of total Bitcoins in circulation is around $866 billion. As per the stats Bitcoin upper limit set to 21 million. We can’t mine bitcoins over 21 million. 83% of all Bitcoins (18.78 million) have already been brought into circulation. Hardly 2 more million bitcoins are to be mined. There are around 3 million bitcoins considered as lost and inaccessible. Already existing holders want to retain their holdings and refused to sell because of the expected bull market in the coming days. It is very hard to own for those who want to enter into the crypto market and trade with bitcoins.

Basic economic principle applies to Bitcoin

The price of a commodity increases when there is no supply but there is huge demand for that in the market. This basic economic principle is relevant to the price of the Bitcoin in the crypto market for surge in price. The demand for Bitcoin has indeed been growing lately.

If other nations follow El Salvador policy

El Salvador is the first nation in the world that legalized Bitcoin cryptocurrency in the country since September 7^th. El Salvador’s President Nayib Bukele is going aggressively after Sept 07^th. The nation has continued with its bitcoin accumulation by purchasing another set of 150 coins. He tweeted personally in his twitter saying to buy bitcoins whenever the price is dip. He proudly said that El Salvador owned 700 bitcoins including 150 newly bought at $45K. Many have observed El Salvador’s approach towards cryptocurrency and reportedly few nations showed interest to consider Bitcoin for the internal payments in the country. Based on all above points, Bitcoin could indeed go into a six-digit price territory by the end of Q1 of 2022 FY.