Bitcoin New All-Time Cleared, $100,000 Straight Ahead?
22 October 2021 - 4:00AM
NEWSBTC
Bitcoin has now set a new all-time high above $67K, a price range
that one would have thought impossible when the market slowed to a
crawl in September. Investors across the market are back in the
green after enduring a brutal month and sentiment could not be more
positive. This has translated to more faith in the market as more
money flows into crypto. However, hitting a new all-time high does
not mean that the market stops moving. If anything, times like
these are crucial for the digital asset in the long term as the
market could go either way. With this in mind, Coindesk talked to
market analysts to get a feel for where they see the price of the
digital asset going from here. The responses were insightful, as
well as bullish all around for the cryptocurrency. Full Speed
Straight Ahead The market analysts told Coindesk that they expected
the rally to continue. With bitcoin being so high, they did not see
any reason why it should slow down now. It has long been speculated
that the price of the digital asset is going hit the $100K mark by
the end of the year and the analysts have echoed this sentiment.
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Bitcoin To Its Balance Sheet Market analyst Ben Caselin said that
the digital asset will touch this price point by the end of the
year. However, he also believes that bitcoin will surge past this
point given the volume of the retail money that will be pumped into
the market. “All eyes are set on the $100K mark,” Caselin said.
“But when retail does rush in and more funds open up to bitcoin,
including physically backed ETFs, $100K is unlikely to be the end
of it.” BTC recovers after flash crash | Source: BTCUSD on
TradingView.com Price forecasts for the leading cryptocurrency have
not tapered off. The break of the new all-time high has instead
fueled further predictions for the asset. CEO of Fundstrat Tom Lee
told CNBC that bitcoin could go as high as $168K by the end of
2021. Other Analysts Chime In On Bitcoin While the majority of the
analysts showed a bullish stance on bitcoin, some have gone the
opposite direction. BTC’s energy usage has been a cause for concern
in the market and Edward Moya, Senior Market Analyst at Oanda, says
that soaring oil & gas prices could see Bitcoin’s energy usage
brought under increased scrutiny over the next few months.
“Governments might take harsh stances if this winter leads to
shortfalls in energy across several countries and that could mess
with the hashrate,” said Moya. This stance makes sense when we take
a look at where the majority of the hashrate comes from presently.
Related Reading | Bitcoin Leads Charge Of Large Cap Altcoin
Dominance In October Data shows that North America now has the
highest hashrate after miners were forced to exit out of China
during the crackdown. With winter approaching and the populace
requiring more power for heating, BTC’s energy usage will likely be
queried. But given states’ stance on crypto over the last couple of
months, this will not be much of a problem for the crypto. Featured
image from Finextra Research, chart from TradingView.com
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