According to analysts who spoke to Bloomberg, Bitcoin Price rally may start. The coin was trading at $29,000 on Sunday, a few points below the crucial resistance point of $30,000 and a little lower than the year-to-date high of $31,000.
bitcoin price path to $100k and beyond
Last week, I wrote that a Standard Chartered analyst was predicting that bitcoin could soar to $100k in the next few months. He was not alone. Another Bloomberg analyst said that increased enthusiasm for the halving would see BTC reach $50,000.
Now, Bloomberg has revealed more bitcoin price predictions. In a report, the company said that bitcoin could jump up to $105k. The analyst took note of the fact that BTC has now soared over the past four months. What happened last time led to an increase of 260%. As a result, if this happens today, it would mean that the coin will reach $105k.
Some analysts believe that the price of bitcoin could go much higher than this. For example, one analyst at BCA said that BTC could jump to $160,000 if the market capitalization of BTC reaches 25% of that of gold. especially, bloomberg intelligence Jamie Douglas said bitcoin could jump to $185,000 if just 1% of the global bond market cap moved to the coin. Although it is highly unlikely for now.
Bullish Catalyst for Bitcoin
There are several bullish catalysts for BTC price. First, there are signs that the banking crisis is still here as First Republic Bank nears its collapse. And with many regional banks carrying loads of commercial real estate exposure, further collapse is likely. In a statement to the FT, Charlie Munger Said,
“It’s not nearly as bad as it was in 2008. But trouble in banking is like trouble everywhere. In good times you fall into bad habits. , , They lose a lot when bad times come.”
Second, analysts are citing the rarity of bitcoin as its supply cap is 21 million coins and most of them have been mined. Third, he noted that it is a good alternative to gold, which is widely seen as a hedge against inflation. Ultimately, bitcoin seems to be in a cycle ahead of next year’s halving. In a note, one analyst said:
“Crypto markets also have cycles, only these were driven primarily by crypto-specific factors in the past. Not anymore – there are multiple drivers in the crypto market now, further complicating the narrative while opening up the market to new investment groups.
If these analysts are accurate, it means that other altcoins have a long runway for growth due to the correlation that exists. This is a positive for Solana, Ethereum, Stellar, Cardano, and Litecoin.
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