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Russia is not ready to recognize Bitcoin (BTC) as an official means of payment, price prediction and forecast

Russia is not ready for the recognition of cryptocurrencies, including bitcoin, there is no reason for this. Recognition of cryptocurrency as an official means of payment can do nothing but harm. This was announced on September 7 by the press secretary of the Russian President Dmitry Peskov.

As reported by the TASS news agency , citing Dmitry Peskov’s words, “Russia is definitely not ready for such steps, and so far there is not the slightest reason for taking such measures.”

“The use of cryptocurrency on a par with fiat funds can only harm the financial and economic systems of the country,” the spokesman said in an interview with reporters. (Source: TASS).

Bitcoin Price Prediction and Forecast: What Changed for Bitcoin Since June?

Since June Bitcoin has seen a steady rise after crashing below $40,000. But what triggered the rise? (Also Read: Solana (SOL) Price Prediction: Why it could reach $ 350, thus demonstrating threefold growth)

According to new data from blockchain firm Chainalysis, the Bitcoin whales with account roughly $50 million or more worth of bitcoin have jumped back into the market. They have steadily increased their buying since the end of June.

The Chainalysis research also found that until late February larger investors were a “driving force” in the market. These investors were able to influence the market greatly. As they brought more assets prices increased but when they sold prices fell.

As per the data, when the price of Bitcoin started falling even the Whales started selling their digital assets and the selling was a peak in around April. From late June the Whales have started buying more added to it the larger investors also tend to be long-term holders. As per Chainalysis the Whales are trying to retain 75% of their holdings on an average.

Bitcoin Price Prediction 2021: Latest Bitcoin Forecast news

Bitcoin Price Prediction Daily: 2021 Predictions

Target for December 2021Date When Predicted
Celsius$ 160,000 by December 202126th June 2021
Bloomberg$ 100,0004th June 2021
On YahooMin $ 70,00026th May 2021

Can Bitcoin Ever Reach $1 Million?

Bitcoin, a sheer pioneer by performance has been growing in leaps and bounds. Bitcoin is already rising over 400 percent in the last 12 months and recently, set a new all-time high of $62,839.52 today.

According to experts and analysts for Bitcoin price prediction, the BTC price will reach a new high above $1 Million soon. The price has been steadily moving up after the pandemic. In spite of the escalation in its value, analysts are cautiously looking at the cryptocurrency’s outlook. The Bitcoin Fear & Greed Index is also flashing “extreme greed,” which usually means a correction is due.

The good news is that this correction shall abate after the year-end as soon as the value touches the $24,000 level again. Nostalgia seeps into the trends, whenever the price of bitcoin marked a sudden increase, history repeats as it followed by a correction of 20 to 30%. The world’s largest cryptocurrency, Bitcoin has more than doubled its price this year. A wild rally that’s reminiscent of its tremendous price surge in 2021 that saw it narrow in on the $60k mark.

Governments worldwide are taking measures to restore the economies and it is set to have an influential impact on Bitcoin too. This should make Bitcoin an active and safe haven for investors and industry experts. According to CNBC International, some crypto fans say it’s down to the unprecedented wave of stimulus from governments and central banks around the world aimed at tackling the coronavirus crisis. Such measures, they say, devalue fiat currencies, making bitcoin an attractive alternative.

Twists & Turns in Bitcoin Saga

Bitcoin has had a historic voyage throughout and that could be the main reason for its popularity too. The historic voyage actually began way back in 2013 when it actually showed prominent signs on the crypto exchanges. Bitcoin began trading at $13.50.

After a brief rally, the price had reached a peak of well above $220 in early April, before correcting down around $70 by mid-April. Bitcoin prices began to trade upwards in October and November of 2013. To everyone’s surprise and among all hopes, BTC price traded around $100 at the beginning of October and reached a high of $195 by the end of the month. In the next month, the currency went from around $200 to over $1,075 by the end of November. This tremendous price movement was caused by new exchanges and miners in China entering the crypto marketplace.

As known to all cryptocurrency sentiments, the price for Bitcoin too began to get volatile after scaling these peaks. It came to a point that people were facing withdrawal issues from the exchange. The BTC price reached a high of $1,079 at the beginning of December 2013. Later, the BTC price fell and reached around $760 by the end of the first week with a drop of 29%. This showed a real loss of faith and downward spiraling of a trend.

Even though there was stability achieved in trading to some degree to around $920 in January 2014, an enormous crash shook the entire community in early February, Bitcoin price was trading around $850 in the first week of February, but it fell and reached around $580 by the next week with a massive fall of 32%. This was the historic time when price continued to fall and it seemed there would be no hope of betterment for this currency. Middle of July 2014 the currency traded at $600 and eroded to around $315 at the beginning of 2015.

The summer of the year 2015 brought some relief with the price gradually stabilizing and early November 2015 saw stability in terms of price to some extent during mid-2015. However, early November saw another massive spike. Certain specific exchanges posted around $275 on October 23 to a brief close of about $460 on November 4. Bitcoin continued to be traded at around $360 at the end of November 2015 breaking the $1000 mark in early 2017.

There has been almost no looking back as crossing the $1000 mark was an Epic in the history of Bitcoin with investor confidence slowly restoring and pulling new investors. October 2017 saw the price reaching $5000 and November witnessed a doubling to $10,000. The Bubble talk began around this time when on December 17, the price of Bitcoin scaled $19,783.

However, it was too short-timed and the rise was not sustained. Bitcoin crashed rapidly to below $7,000 by April 2018 and below $3,500 by November 2018. A Renaissance phase is observed by many experts for Bitcoin prices starting the year 2019. This resurgence was seen both in price as well as the volume when it broke all bounds bursting to around $10,000 by June 2019. Once again the tremors of Bitcoin were felt, sinking the price to around $7,000 by the end of the year 2019.

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