Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst
12 October 2021 - 10:00AM
NEWSBTC
Bitcoin has made a number of marked recoveries in its price lately.
The most notable of this recovery has been the break above $57,000.
This effectively set a new four-month high, hitting price points
that have not been reached since the market had peaked in May. It
is no doubt that the bulls currently have control of the market and
investors’ sentiment is very positive with this. But CrossTower
research analyst Martin Gaspar thinks this may only be the
beginning of the rally. It would seem the analyst is in the camp of
investors who expect the digital asset’s price to hit $100,000,
which Gaspar says could very well happen in the three months left
of 2021. Related Reading | Why A Parabolic Move Is Expected
For Bitcoin, Billionaire Mike Novogratz Market Holding Steady The
CoinMarketRecap podcast hosted CrossTower research analyst Martin
Gaspar on its latest episode to talk about the future trajectory of
the top cryptocurrency. Gaspar, who took a bullish stance on the
digital asset, emphasized the asset’s growing scarcity as a good
thing for its value going forward. Bitcoin’s scarcity is partly
attributed to the increase in long-term holders of the asset. A
reported 81% of the entirety of bitcoin’s supply is currently held
in wallets that are holding for the long-term, also referred to as
diamond hands. And this has put significant buy pressure on the
market as bitcoin heads into a historic supply squeeze. Gaspar also
commented that the expected 200,000 BTC coming into the market from
the Mt. Gox settlement will not lead to a mass sell-off. The
analyst believes that the investors who are finally getting their
bitcoins back after years of fighting for it are most likely just
going to hold the coins given the growth of the asset in the past
few years. “I don’t think we’re going to see as much selling
pressure from these sorts of investors. Bitcoin has continued to
outperform all other assets during this timeframe, so I think a lot
of them will feel it may just be safer to hold on to their Bitcoin.
Bitcoin Hitting $100K By Year-End Martin Gaspar outlined factors
that influence bitcoin price towards the end of the year. The
analyst explains that the time-crunch of the year running out
usually has traders putting money into the market to squeeze out
more gains before the year runs out. Also, Gaspar says, that
traders are coming out from the slow months of summer, and this
resumption in activities can boost the market. Related Reading
| CEO Of Soros Fund Management Confirms That The Family Office
Is Invested In Bitcoin Even with the recent gains in the market,
Gaspar sees the market trending higher for the rest of 2021 and
well into the first quarter of 2022. With this trend, the analyst
puts the price at the end of the year above $100,000, perhaps even
trending as high as $150,000. But Gaspar believes investors will
hold through this point. Only seeing some sell-off around the
$200,000 mark. Featured image from BlockPublisher, chart from
TradingView.com
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