Don’t rule out the possibility that Bitcoin will hit $ 100,000 by the end of this year

Throughout 2021, there are some who say they expect Bitcoin to hit $ 100,000 or even $ 150,000 by the end of the year. Lately, the six-digit Bitcoin price prediction has continued as people are now claiming it doesn’t seem too far-fetched.

BTC price 4-hour chart | Source: Tradingview

Bitcoin to hit $ 100,000 by the end of this year?

The investment.com portal recently discussed whether the BTC price could reach six figures. Meanwhile, Javier David, a market and economics editor, stated on October 21 that “a bitcoin that hits $ 100,000 is suddenly not that far away.” David said, “Bitcoin holders are like incredible oracles today,” and regarding BTC which has hit the $ 100,000 mark, the editor pointed out, “don’t rule it out.”

“The explosion in new ETF adoption is undeniably an important milestone in increasing Bitcoin adoption. Is $ 100k or higher the next stop? Don’t rule that out. “

On the other hand, the official Twitter account of the Youtube channel Mmcrypto called on October 23:

“Bitcoin is more likely to hit $ 100,000 this year than $ 40,000.”

On October 27th, Twitter user Dennis Porter tweets:

“I can’t believe it, but Bitcoin is being sold today. The price is 12% discount from ATH. Could be the last chance at these prices before $ 100,000. “

As Bitcoin Magazine reported this week, the creator of the Bitcoin Stock-to-Flow (S2F) model, Plan B, said that “the Bitcoin bull market has begun the second leg”.

In one interview At Blockworks, Wallstreetbets (WSB) founder Jaime Rogozinski said Jordan Belfort asked him last March about the price of BTC for the end of 2021.

“I told him $ 100,000 by the end of the year.”

It seems that some crypto enthusiasts are listing a six-digit price range for BTC. On October 23, the popular Unchained podcast presenter Laura Shin discussed six-figure prices with PlanB. Founder of S2F speak with Shin “Forecast of the Bitcoin Lower Limit for November (98,000 USD) and December (135,000 USD)”.

Bitcoin to hit $ 150,000 in early 2022?

In Update In the most recent market on October 29th, the Decentrader exchange predicts Bitcoin will rise again after falling below its old ATH this week.

Analysts believe that while BTC’s sideways movement casts doubt on the market, there is still room for near-term gains.

While the area around the two highest levels this year – $ 63,900 and $ 67,100 – is the focus of discussion, the real point of contention lies well in the area of ​​pricing near $ 100,000.

“On a technical basis, market cycles and on-chain indicators, we continue to believe that the next critical area of ​​difficulty for BTC is when the price hits $ 85,000 to $ 90,000.”

This is partly due to a crossover between the 128-day and 200-day moving averages (MAs), which have caused “sustained” upward moves in the past.

Currently, Bitcoin’s 3-day chart (viewed by Decentrader as an exceptionally accurate price analysis tool) is currently showing bullish signals as opposed to bearish daily and neutral weekly setups.

If you look at the 3-day chart from 2018, you can see that price has created a channel capable of bringing BTC to $ 150,000 by early 2022.

BTC / USD chart with target of 150,000 USD | Source: Decenttrader

This is also supported by the current state of the entire Bitcoin supply – the currency reserves continue to decline, which shows the determination of traders to hold onto instead of sell.

“There are still indications that existing market participants remain optimistic. One data point to prove this is the ongoing Bitcoin withdrawals from exchanges when users choose to put their assets in a cold store.

The net effect of this is a decrease in short-term supply. Until the trend changes, it will continue to exert upward pressure as those looking to buy Bitcoin will have to accept higher prices from the limited supply available. “

Bitcoin Exchange Reserve Chart | Source: Bybt

The bull market is far from over

The asset manager ARK Invest also takes a broader look at the state of Bitcoin at the end of “bullish October”.

In newest part of the guide released this week, the well-known bullish company calculated the metrics to measure total profit.

The majority say the bull run is far from over, despite entering an area that previously signaled a cycle high.

“In our view, Bitcoin value is a function of economic utility, but also a function of supply and demand. In the short to medium term, we believe investors should measure buyer / seller behavior and use relative value metrics to proactively manage Bitcoin positions. “

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Minh Anh

According to AZCoin News

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