Bitcoin

Top Reason Why Bitcoin (BTC) Price Will Not Hit $100k This Season!

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Dec 10, 2021

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Highlights

    Ripple co-founder Chris Larsen suggests Bitcoin miners a move that could take Bitcoin to greater highs.

    BTC price takes a plunge to bottoms at levels around $47,400, that takes a toll on Bitcoiners.

The winters have been harsh for the crypto town, as a consequence of which crypto assets have fallen numb on the charts. December is currently showing little to no signs of Bullcember, which merchants from the space have been waiting for. Wherefore, the star crypto has fallen prey to the claws of bears.

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The price of Bitcoin had earlier plunged to levels around $47,440.57, which has taken a toll on Bitcoiners. The hope for a $100,000 price tag is beginning to peter out. Meanwhile, The Co-founder and executive chairman of Ripple advocates Bitcoin to transit from Proof-of-Work to address energy consumption in the long run. 

Will This Be The Key To Bitcoin’s Undisputed Supremacy?

Sections from the industry have been pondering over the possibility of Bitcoin losing out on its supremacy for a sizable timeframe. One of the major setbacks for Bitcoin is it is an energy guzzler. The space has seen Tesla expressing environmental concerns with Bitcoin mining.

Consecutively, Ripple Co-founder and executive chairman Chris Larsen advocates Bitcoin to transit from Proof-of-Work to address energy consumption in the long run. He mentions that while Bitcoin makes use of the energy of approximately 12 million U.S homes per year. Alternative methods could drive that to fewer than 100 U.S homes. 

Chris Larsen suggests the least disruptive method to take a snapshot of the current hash rate of existing miners. And then reward them on a pro-rata hash power basis through 2140. Which would result in an equitable distribution of the 900 Bitcoins which are distributed per day. And the additional 2.1 million Bitcoins that are ought to be distributed through the year 2140.

This Is Where Bitcoin Is Going On-Chain!

According to Glass Node, BTC balances on exchanges have been plummeting. Which translates to the lack of supply to cater to the demand. This hints at a bullish spike at prices with a shift in market trend. 

Bitcoin’s open interest is on a steady fall, as it hits a 1-year low of $370,871,712.77 on Bitmex. Which translates to the lack of interest in new players to get in. The long contracts liquidations have an upper hand over short contracts liquidations. This means the market has begun backing merchants in favor of the fall. 

Also Read Bitcoin Dumping Hard, Alt-Season May Be Delayed To Q2/Q3 2022

Bitcoin (BTC) Price

The price of BTC at press time is trading at $49,021.6, while scripting dips of 0.8%. The market cap of the star crypto is hovering at about $926,358,026,974. While the volume of trades around the clock is at $28,347,708,085

BTC price has been trading in the bandwidth from the lows of $47,440.57 to the highs of $49,532. Bitcoin price tracing to levels of $47,000 did take a toll on investors and traders, wherefore, folks from the industry are now dubious of BTC reclaiming its ATH this December. However, BTC has seen numerous accumulations in the dip, which could propel the price towards the ATH.

Collectively, the transit from Proof-of-Work to Proof-of-Stake could bring fortunes to Bitcoin. As it would help the network adhere to environmental concerns. Which could help the network scale higher in terms of adoptions by institutions and countries.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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