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 hardest-hit currencies and few other large-cap currencies. The major currency reached an ATH of $68,000 in November 2021 and has now dropped 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 increase comes amid the falling value of the pound and equities, where there is speculation that the pound may fall below dollar parity. The UK is currently going through a period of slow growth and rising inflation, due to rising asset prices due to government debts during the coronavirus pandemic, supply chain gaps with China and conflicts in Ukraine.
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 about to grow by 13.18% from its current trading, 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 predicted, the price of bitcoin will soon experience another downtrend.
