- Bitcoin has seen a price recoup over the weekend, moving from below $40K to around $42K at press time.
- Bloomberg analysts are now forecasting a $100K price hit, citing adoption, fundamentals, and regulatory reasons.
Friday and the weekend have seen a notable recuperation in the price of Bitcoin (BTC) and altcoins. On Friday, Bitcoin (BTC) saw a rise in trading activity on major exchanges, leading its price back above the $40,000 mark. The crypto asset then saw the largest daily gains (10 percent) on Saturday since the October rally. At writing time, BTC trades at $42,763, having gained 3.0 and 12.6 percent in the past day and week, respectively.
The $100,000 mark has been a key threshold expectation of many Bitcoin enthusiasts, from Kraken exchange, crypto analyst PlanB, and Salvadoran President Nayib Bukele. Bloomberg analysts have also given the same prediction in the past, even when the crypto asset was trading just around $10,000. The analysts have once again expressed the same presumption at the current $40K level.
Bitcoin to $100,000
According to Bloomberg Intelligence, Bitcoin is bound for higher highs based on fundamentals, in addition to its increased adoption. Led by senior commodity strategist Mike McGlone, the company’s analyst argues that the crypto asset’s recent market performance is indicative of a price bottom, rather than a ceiling.
Bitcoin is more likely forming a floor than a ceiling, which means range traders accustomed to $30,000-$60,000 may be disappointed. Since the start of 2021, the more tactically oriented had opportunities near the lower end twice and to sell for double around the upper end, the analysts note.
Bitcoin has recently traded in the $30,000-$60,000 range, hitting both the top and the bottom twice in 2021. This trend is likely to come to an end soon, the analysts’ data shows. Their conviction is that Bitcoin’s price is bound for an uptrend, with support at roughly 30 percent below the 52-week moving average. The crypto king last achieved this support last month, after reaching it in 2020. Additionally, the $60K price ceiling is not as strong as it was in Nov. 2021, which means the digital asset is likely to break past it in the future.
When is the Forecast Due?
But exactly when is this ‘future’ prediction going to happen? Bloomberg does not commit a timeline for its prediction, but it names key players that will lead the surge to the target. One of them is the growing demand and supply of digital assets. Another is the expectation of increased regulatory activity on US grounds this 2022. In the latter, unlike China, the US has clarified that it will not ban crypto.
As for the likes of crypto YouTuber Benjamin Cowen and Bukele, Bitcoin will clinch to $100,000 before the year ends. Others, such as Skybridge’s Anthony Scaramucci and Cathie Wood’s Ark Invest have preferred longer-term outlooks – like Bitcoin exceeding $1M by 2030.
Read More: To the moon! Cathie Wood’s ARK Invest says Bitcoin will exceed $1M by 2030, as BTC approaches $38K
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