Can Bitcoin Reach $100,000?
Last year was characterized by tightening monetary policy as higher interest rates were put in place to fight soaring inflation. As a result, investors soured on risky assets, including growth stocks and cryptocurrencies. Even Bitcoin (CRYPTO: BTC) was crushed, dropping 65% in 2022.
But things might be taking a turn for the positive, as Bitcoin jumped 37% in the month of January. Can this cryptocurrency reach $100,000 per coin? At under $24,000 (as of the afternoon of Feb. 1), this price target implies a gain of more than 300%. Here's why I think this is a real possibility.
Since hitting its 2022 low in November, Bitcoin has come surging back. And this impressive performance mimics what we've seen in stocks. The Nasdaq Composite Index, for example, was up 11% in January. And the S&P 500 is having a strong start to the year, too.
Source Fool.com
