There are still significant bullish feelings for Bitcoin, notwithstanding the recent market turbulence. The price of Bitcoin is expected to hit $100,000 in the near future, according to Bloomberg’s recent study, which also provides insight into Ethereum’s near-term performance. As the fundamentals and increasing market acceptance of Bitcoin show, it is in a unique position to soar to new highs. In the meantime, Bitcoin’s value has risen after a brief decline.
According to Bloomberg’s analysts, Bitcoin’s next significant price level might be $100,000.
According to Bloomberg Intelligence, the next significant price point for Bitcoin is anticipated to be $100,000. According to Bloomberg’s senior commodity strategist, Mike McGlone, Bitcoin’s market performance is evidence that the asset is establishing a bottom price rather than a ceiling. In 2021, the price of bitcoin fluctuated between $30,000 and $60,000, with lows and highs recorded on both ends of the spectrum.
“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.”
But according to their statistics, this tendency may be nearing its end. Bitcoin’s price is expected to find support at about 30% below the 52-week moving average, according to the analysis, which shows that the most likely path for the cryptocurrency’s price to follow is up. This is a support level that Bitcoin finally reached this January for the first time since it was last reached in 2020.
According to the analysis, the present $60,000 Bitcoin price barrier is weaker than it was in November 2021.
Do you have any idea when Bloomberg’s forecast of a $100,000 Bitcoin price will come to pass?
BTC is currently trading at $41,300, an increase of 9.12 percent in the last week. This year has been a rough one for the stock market, which has lost 10.8 percent of its value thus far. According to Bloomberg, the $100,000 price target is not a timetable for when it will be achieved. But it identifies some of the most important factors that will help propel the company toward its goal. There is an increasing need, yet there is a finite supply. In addition, they note that, unlike China, the United States will not outright ban cryptocurrencies until 2022.
Analysts who have predicted that the price of Bitcoin will hit $100,000 on a different timetable have also predicted this. More bullish observers such as crypto YouTuber Benjamin Cowen and El Salvador’s president are predicting that Bitcoin will meet the target before the year 2022 ends. Others, such as Anthony Scaramucci of Skybridge and Cathie Wood of ARK Invest, have a longer time horizon.