Can Bitcoin Realize the Target of $100,000 Any Time Soon?
Why the price of Bitcoin Rally?
In the past three weeks, Bitcoin has recorded a positive trend, with the number of buyers increasing daily. Grey market woes have dropped, with previous predictions of Bitcoin collapse significantly decreasing. The evidence of this is the volume of Bitcoin available in the market today and its demand.
The manifestation of a notable change from the current instances of market decline has inspired a strong belief in the Bitcoin cryptocurrency. This has also motivated investors who had started doubtful that the BTC crypto would regain its bullish nature. With more participation from the investors, it has re-energized the cryptocurrency to become the driving force for propelling itself in the right direction.
The Bitcoin Price Target Set By Analysts
Tom Lee, a Fundstrat Global Advisors, predicts that Bitcoin is expected to reach its all-time high of $100,000 before the year ends. Standing as the biggest cryptocurrency in the world, Bitcoin is expected to regain its lost glory. The crypto has restored its value by 50% from the market's lows in the past months.
The spirits of investors and traders in the crypto industry have been re-energized, drawing more and more investors to put their money on the BTC. The increase in demand has caused the coin prices to go even higher, setting it on a rally that analysts predict will lead Bitcoin to the $100,000 target.
More predictions are being presented, with some suggesting that Bitcoin was in course to retest a $20,000 value target after proving wrong the negative headlines posted. The opinions of analysts, users and crypto enthusiasts all show support for the coin's potential to keep taking an upward trend towards attaining and even surpassing its all-time high.
So far, Bitcoin has not disappointed and has shown excellence to mark its bullish trend. For the past four weeks, Bitcoin has recorded an increasingly positive trend and is still showing a lot of promise even as we approach the next month. In fact, since its upset in February, this is the first time Bitcoin has displayed its fastest 3-week increase.
The Chief Strategy Officer at CoinShares, Meltem Demirors, is on record reporting the "roaring back" of Bitcoin. Even in the face of scrutiny and new regulations, many investors see this as promising news and enablers or positive influencers to the coin's value. The positive publicity that Bitcoin is developing is important because it eliminates all the uncertainty and fear that crypto enthusiasts had developed since the price decline that Bitcoin displayed.
Read Also: Bitcoin Price Prediction Forecast
Bitcoin Price Analysis
The promising trend shown by Bitcoin means that the cryptocurrency community, including investors, traders, and users in general, has grown from being an abstract finance space. Through the trend displayed by Bitcoin and its comeback, the crypto has been able to go against criticism about its poor performance and the threat it poses to the environment, advancing and increasing value relentlessly despite the crackdowns that crypto regulators do have launched.
An analysis of the price of Bitcoin's daily chart reveals that the crypto is fast approaching $46,604, which is the level of resistance. Going past this resistance will increase chances of achieving the iconic $50,000 mark, before it changes the pattern to align with the coming months. As we are almost at the resistance level, investors must be very keen to watch prices to identify the ideal entry position before staking their investment on Bitcoin. Volatility in Bitcoin prices can be very high given the rally we have just witnessed in recent months between $29295 and $46740, which translates to 59.5%.
Compared to June and July, where the crypto was consolidating, what we have now is notable growth in volume, indicating that investors have been more open in their buying and selling. Based on the price action, the reevaluation of BTC's low score on 4th August was enough evidence that investors were indeed buying, which is why Bitcoin approached the $50000 resistance level.
Therefore, we expect that Bitcoin will maintain the upward momentum in the next couple of months, first through the $60000 mark then beyond to the grand target. Nonetheless, the price momentum will entirely depend upon what investors do when the crypto is around the $50000 level.
For the target to be achievable, investors must follow a set hypothesis. Bitcoin hitting above the measured long term momentum calculation marks the ideal time to buy. This would be the point where it would have crossed the average price it has attained over the last 200 days.
Undoubtedly, Bitcoin has made significant uptrends in the recent market rebound, and the price of BTC is headed towards new highs, if buying support continues. A rally towards $100K will be possible upon more institutional and retail adoption.
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