Despite the current volatility found in the cryptocurrency markets, especially Bitcoin (BTC) bullish prospects are still quite strong. A recent analysis by Bloomberg, which also provides insight into Ethereum’s short-term performance, helped pinpoint the next key point for Bitcoin price at $100,000.
The analysis is bolstered by fundamentals and growing adoption of Bitcoin in the market, which places Bitcoin in a unique position to soar to new heights.
Bloomber Analysts Believe Next Key Level Will Be $100,000!
Bloomberg Intelligence, BitcoinHe has a prediction that the next key level to reach will probably be $100,000. A team of analysts led by Bloomberg senior commodity strategist Mike McGlone insists that Bitcoin’s market performance is indicative of the asset forming a ceiling and a bottom. Bitcoin traded in the $30,000 to $60,000 price range and hit lows and highs twice in 2021.
“The more likely scenario for Bitcoin to form a bottom rather than a ceiling is that traders who are used to $30,000-60,000 might be disappointed. Analysts note that since the start of 2021, there have been opportunities to sell twice near the lower end and double at the higher end, with the more tactically oriented.”
However, this trend may be ending according to their data. The analysis points to data showing that the most likely way to monitor Bitcoin price is to climb higher, and indicates that Bitcoin could find support around 30% below the 52-week moving average (a support level last reached in January 2020 was also noted).
This could be interpreted as Bitcoin price’s current ceiling of $60,000 is not as strong as it was in November 2021.
When Will Bloomberg’s $100,000 Bitcoin Price Prediction Happen?
Bitcoin (BTC) price It is currently trading around $41,300, up 9.12% over the past seven days. However, the market has been down for most of this year. Bloomberg did not commit to say how soon the $100,000 price target will be reached, but shared an estimate by listing the key factors that will play a role in the rise towards the target.
“These include increased demand and limited supply. They also point to increased regulatory clarity that will happen in 2022, noting that unlike China, the US will not ban cryptocurrencies.”
On the other hand, other analysts who predict that the Bitcoin price will reach $100,000 are talking about different time frames. For example, optimistic analysts such as Benjamin Cowen and El Salvadoran President Nayib Bukele believe that Bitcoin will hit the target before the end of 2022. But he has a longer-term perspective on this goal, including Anthony Scaramucci and Cathie Wood of Skybridge.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.