Bitcoin price has surpassed $10,000 on Feb. 9, breaking its key psychological level and in doing and then reached its highest point since October last year.

Only to many, $x,000 is just the starting time before the top cryptocurrency reaches a much higher level. Anthony Pompliano, co-founder & partner at Morgan Creek Digital believes that Bitcoin's price can hit $100,000 at the end of 2022 due to express supply and increased demand:

"Bitcoin simply hit $x,000. I still recollect that Bitcoin will hit $100,000 by finish of December 2022.

Stock-still supply. Increasing need. Time will tell."

This has been significant news to the Bitcoin holders as crypto analyst Willy Woo commented earlier today on Twitter:

"This breakout is the real deal. Fundamental investment activity is backing this $10k breakout."

Source: charts.woobull.com

Arthur Hayes, Co-Founder & CEO of BitMEX also holds a bullish view regarding the future toll of the Bitcoin. He commented on twitter:

"Nothing tin can stop me, I'm all the way upwards! Slow and steady wins the race. Let'due south take the staircase upward to #bitcoin $20k."

Bitcoin fixed supply nature and its increased need

Bitcoin has numerous attributes that are vital to its success. It'due south deflationary budgetary policy; certain and predictable with a hard cap. In many means it can also be compared to gold, since Bitcoin must exist mined via digital ways and also has a limited and finite supply.

There are only 21 meg Bitcoin in total that can be mined. Almost 18 million Bitcoin take been extracted already. Bitcoin halving is going to happen in May this yr where its supply will be reduced even further to a rate of around one.7% per annum.

Since 2022, Bitcoin has shown high price volatility, spurring a contend regarding the underlying reasons that atomic number 82 economic agents to need it. About of the public, in the short term, have seen Bitcoin as an asset for speculation. Bitcoin price also surged at the beginning of a U.S.-China trade state of war earlier last year.

Many people take turned their stocks; fiat currency and avails to Bitcoin while looking for a safe haven. In the long term, the need might be driven by Bitcoin's near future expectations as a medium of exchange.

Cointelegraph contributor Michaël van de Poppe tweeted that Bitcoin toll has reached a temporary high and expected to have a pull back in some point:

"Withal, I call up we're going to tiptop out for a bit here and just make a sideways range. Identical, the best would be $8,750-9,000 equally long entries. Doubt we'll get it...breakthrough here and targeting $ten,400-10,900."