Bitcoin is a good indicator of the crypto market in general because it’s the largest cryptocurrency by market cap and the rest of the market tends to follow its trends. 

Bitcoin’s price had a wild ride in 2021, and last November set another new all-time high price when it went over $68,000. But then it came crashing down in 2022.

Bitcoin and the broader crypto market have been sinking this year amid ongoing macroeconomic uncertainty that’s mostly been driven by surging inflation, a shaky stock market, rising interest rates, and recession fears. Bitcoin has lost more than two-thirds of its value since last November and dipped as low as $17,500 in recent weeks. Experts remain conflicted on whether bitcoin has bottomed out yet. Some say it already has, while others say bitcoin could fall as low as $10,000 in 2022.

This volatility is a big part of why experts recommend keeping your crypto investments to less than 5% of your portfolio to begin with. 

But how high will bitcoin go in the long term? While it’s been a rocky start to the year for bitcoin, experts still say it will hit $100,000 — and that it’s more a matter of when not if. Bitcoin’s past may provide some clues as to what to expect looking forward, according to Kiana Danial, author of “Cryptocurrency Investing for Dummies.”

Danial says there have been plenty of huge spikes followed by pullbacks in Bitcoin’s price since 2011. “What I expect from Bitcoin is volatility short-term and growth long-term.”