Bitcoin Price Prediction as it Hits Highest Point in 10 Months, Ecoterra is Also Gaining Momentum
Bitcoin topped $30,000 for the first time since June 2022, signaling a potential turnaround for the world’s most widely used cryptocurrency. Since the start of the year, Bitcoin has gained more than 82%.
Bitcoin’s recent momentum comes after a bleak year for cryptocurrencies. Bitcoin spent most of 2022 hovering around the key price level of $20,000. It dropped below $16,000 in November following the collapse of crypto exchange FTX.
However, the coin shows few signs of looking back to the doldrums of the crypto winter now. It regained the $20,000 price level in January and has since been on a steady, nearly unbroken upward trajectory.
The question for investors is whether Bitcoin can hold its momentum—and how high it could go.
Economic Turmoil is a Catalyst for Digital Gold
The tide turned for Bitcoin on March 10, when Silicon Valley Bank collapsed amid a bank run. Silicon Valley Bank’s failure was swiftly followed by a collapse in New York-based Signature Bank and a near-collapse at Credit Suisse.
While uncertainty in the banking sector is typically bad for risk-on assets—the S&P 500 dropped 5% in the lead-up to Silicon Valley Bank’s closure—Bitcoin is unique in that it’s seen as both a risky cryptocurrency and a safe-haven asset. In fact, many investors and analysts refer to Bitcoin as digital gold.
With banks failing in large part due to high interest rates and stubbornly high inflation, Bitcoin is seen as one of the better bets by investors. Like gold, its value cannot be manipulated by interest rates and it has a limited supply that’s outside the control of any government.
As a result, Bitcoin jumped 35% in the week after Silicon Valley Bank failed. Investors and analysts have noticed the jump and many are now considering Bitcoin as a hedge against inflation, which is contributing to the token’s continued momentum.
Analysts See Bitcoin Reaching All-time Highs
Although Bitcoin’s break above $30,000 is a bullish sign, BTC remains well below its all-time high of $67,500 from November 2021. However, some analysts believe that a looming recession, fueled by high interest rates and continued inflation, could drive Bitcoin to new heights.
If, as many economists fear, a recession takes hold of the global economy, the ensuing shift towards inflation-proof assets could lead to massive interest in Bitcoin. The former chief technology officer of Coinbase, Balaji Srinivasan, has wagered $2 million that Bitcoin will be worth $1 million or more by mid-June.
While that seems optimistic, other crypto experts have weighed in on Bitcoin’s current momentum. Marshall Beard, chief strategy officer at Gemini, has suggested $100,000 as a price target for BTC. Paolo Ardoino, chief technology officer at Tether, said Bitcoin could retest its 2021 high.
Could Bitcoin’s Energy Consumption Hold It Back?
Despite Bitcoin’s recent momentum, not all signals are flashing green.
First, it remains unclear whether the global economy is locked into a recession or whether a soft landing from today’s high inflation remains possible. Prominent economists, including US Treasury Secretary Janet Yellen, have suggested that the economy is in a stronger position than it appears from the outside.
Continued economic growth could ultimately benefit Bitcoin as well if investors make a risk-on shift back to cryptocurrencies. However, BTC’s current momentum is defined by its status as a safe-haven asset. This is evidenced by the relatively poor performance of many altcoins, which don’t share Bitcoin’s properties as a hedge against inflation.
Another headwind that could hold back Bitcoin’s rally is the token’s energy consumption. Studies have found that globally, Bitcoin mining uses around 110 terrawatts of energy per year. That’s equivalent to more than 0.5% of all electricity generation, and as much as 60% of it relies on burning greenhouse gas-emitting fossil fuels.
That massive consumption has sparked pushback against new Bitcoin mines and proposed legislation limiting the use of the token. While energy consumption hasn’t yet stopped Bitcoin’s growth, it could become a major issue if Bitcoin were to rise sharply in price and become more widely used for everyday transactions.
Ecoterra Offers a Sustainable Alternative
For eco-conscious investors, Bitcoin isn’t the only crypto token with a high potential return. A new coin, ECOTERRA, promises to promote sustainability while using just a tiny fraction of the energy that Bitcoin consumes.
In the Ecoterra ecosystem, individuals and businesses can get paid to recycle. They simply scan the material they’re recycling using Ecoterra’s Web3 app and earn ECOTERRA for helping to keep the planet green.
ECOTERRA can be held as an investment similar to Bitcoin, but it can also be used to invest in wind and solar projects around the world. Users receive carbon credits, which they can use to offset their own CO2 emissions or the emissions of a business.
Importantly, ECOTERRA is an ERC-20 token and all transactions run on the Ethereum blockchain. This is a proof-of-stake blockchain that uses less than 1% of the energy consumed by Bitcoin to validate transactions. So, ECOTERRA does not face any of the same concerns about electricity usage and associated fossil fuel consumption as Bitcoin.
Ecoterra Presale Offers an Opportunity for 150% Gains
ECOTERRA is currently available to investors on presale at a price of $0.004 USDT. The project has already raised more than $800,000.
The team behind Ecoterra plans to list the token on major exchanges at $0.01 USDT. That represents a potential return of 150% for early investors, dwarfing the gains posted by Bitcoin during its recent spurt of momentum.
Ecoterra is just over a week away from its first price increase, so investors have to act quickly to lock in the lowest price on this promising new token.
