Is a $100,000 Price Target Possible for Bitcoin?


Although Bitcoin has not made a big move recently, the market’s bullish expectation on the coin continues. Bitcoin worth $100,000 by the end of the year is a highly anticipated move by the market. Entering the last quarter of this year, Bitcoin is expected to move towards this major psychological hurdle. However, although Bitcoin has made a solid recovery from the May crash, for now, the effects of the September 7 flash crash are not entirely over.

However, as BTC is gaining around 3% daily and trading at $48,500 at the time of writing, the market is once again anticipating that BTC will make some big moves. But before Bitcoin really makes a move towards $100,000, its final stop could be at $85,000. At least that’s what trading platform Decentrader thinks.

The observation in question is part of a market report by Decentrader, the trading platform for BTC, which is giving bullish signals in the near term. Decentrader analyst Filbfilb summed up his expectations as, “Positive signals in the short term may be laying the groundwork for a rise that will carry the coin above $85,000 and then above the psychologically significant $100,000.”

Despite BTC trading below $50,000 throughout the week, on-chain data has had analysts bullish on Bitcoin price action. The aforementioned report stated that the ever-decreasing supply of BTC in exchanges is putting upward pressure on the price in the medium term. As supply decreases and demand increases, the price will increase.

Also, the report pointed to SOPR as another factor contributing to Bitcoin’s medium-term bullish trajectory, which presents a similar trend to the months following the covid collapse in March.

“SOPR shows whether participants in the chain are selling at a loss (green) or profit (red) on a given day. Selling at a loss creates a green candle because it can signal ‘buy to the bottom’ opportunities in a bull market. We are now in a situation similar to the months following the March covid accident. After the summer slump where SOPR was heavily green candles, we are now seeing some minor selling on this pullback at $50,000 with a loss on-chain. This is a potential buy-bottom opportunity as final sellers clear before we go higher, as we saw in Q4 2020.”

Source: DecenTrader

Considering other developments, the report offered a hyper-bullish possibility for Bitcoin to reach $85K by the end of Q4. “If the price starts to rally as we expect in the coming weeks, our first target will be the 1.618 Fibonacci retracement level of $85,900,” Filbfilb said.

“We don’t think this will be the peak of the cycle, but it could create parabolic bullish pre-resistance that will push the coin beyond $100,000.”

Is $100,000 too far?

This target is not far off. This is because Bitcoin has recorded almost 75% gains from its July domestic low of around $30,000 to reach the recent price of over $52,000. In particular, another 75% price increase from the current consolidation prices could send Bitcoin to $85k. Therefore, such a rally in the next three months will not come as a big surprise.

While BTC consolidates, the target is hardly impossible if an upward squeeze characterizes the rest of this year, similar to events from 2020.

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.