Bitcoin News, Cryptocurrency Forecast, Market Analysis

Bitcoin Can Reach $100,000 This Year – Whales & Institutional Investors Are Buying.

After reaching a new high on Friday, though the price of Bitcoin (BTC) has slowed now, some analysts strongly believe that the next rally might push it above $100,000 by the end of the year.

With the introduction of the first U.S. Bitcoin futures exchange-traded funds this week, traders are watching to see how the landscape shifts.

Many people are forecasting a gain of $100,000 by the end of the year, including BitMEX Chief Executive Officer Alexander Hoptner, who indicated that figure in a Bloomberg Television interview on Friday.

After peaking at nearly $67,000 on Wednesday, the largest cryptocurrency was up 1.65 percent to $62,003 USD, today Monday. Following the launch of the U.S. ETF, as well as continued institutional investment in crypto-assets and possible buying by “whales,” bitcoin reached a new high.

Bitcoin Can Reach $100,000 This Year - Whales & Institutional Investors Are Buying.

Bitcoin Price Chart – Source: Coinmarketcap

According to some observers, the next test will cost around $90,000. “Initial upside targets for Bitcoin above $65,000 lie near $72,500, then $89,000, and are deemed to be clearly within reach on this breakthrough of the previous high,” according to research published by Fundstrat on Friday.

Based on a measured move estimate, Katie Stockton, the founder of Fairlead Strategies, stated Monday — before the current record — that a breakthrough to new highs gives a bullish long-term trend that should see the digital currency approach $89,800.

Overall, the market is still positive,” said Todd Morakis, co-founder of JST Capital. In an email Friday, he said he’s waiting for a possible further downturn, but he’s also looking for levels around $72,000 to $75,000 on the upside.

Leave a Comment

Your email address will not be published. Required fields are marked *