Friday, July 1

Could Bitcoin Hit $ 100,000 Before the End of the Year?

There were many forecasts about how far this 2021 could go Bitcoin and after recovering the 50,000 dollars the doors are opened to the possibility of reaching the $ 100,000 before the end of the year, according Shraddha Sharma en Ambcrypto.

The Ballet Crypto CEO Bobby Lee, recently told Bloomberg that the market is still in a bull cycle, adding:

“We are still at it and of course within the bull cycle we have corrections …”

In the future, he also predicted that it is unlikely to fall below $ 40,000 until it “reaches its Maximum point later in the bull market. “And the reason you think the current cycle has not reached a peak yet is the fact that the price has not doubled in a few days or even two weeks.

Lee blamed some “greedy Bitcoin traders” for the sharp correction.

“What they do is go long and short using high leverage on futures or margin contracts … That’s when the market goes down so bad,” Lee said.

He also opined that the hack at Bitmart $ 200 million also had a cascading effect on the market.

With that, the weakness of the market was also reflected in the CoinShares weekly flow report Posted on December 6. It showed that investments in digital assets were affected with $ 40 million worth of outflowsFriday night. Only Bitcoin registered Tickets totaling $ 145 million during the last week, but suffered $ 42 million outflows on Friday amid investor fears.

Matt Hougan, director de inversiones de Bitwise Asset Management, told Bloomberg that $ 100,000 is a difficult price prediction this year. However, he is optimistic at that level in 2022, considering the strong performance of cryptocurrencies so far. “I would be very surprised if we got to $ 100,000 now. It is worth mentioning that cryptocurrencies are still the best performing asset class in the world. This year, Bitcoin is still up more than 150%, “Hougan noted.

Kate Waltman, an industry professional, told Time that “educators in the space predict $ 100,000 per Bitcoin in the first quarter of 2022 or earlier“Having said that, some “conservative predictions” they keep $ 100,000 as a achievable goal by 2023 instead.

In addition, experts are also attentive to Federal Reserve announcements and inflation levels for the next quarter. However, Lee called himself a fan of Bitcoin due to its “limited issue” characteristics despite some other macro factors. “Bitcoin does not need to be able to be used as legal tender for Bitcoin to be valuable. So the investment thesis is not based on Bitcoin being an everyday currency, “added Lee.

Bitcoin remains at $ 50,000 in the early hours of this Wednesday and the Ei indicators are mostly bearish.

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