A favorable macroeconomic environment, strong online fundamentals, and approval of new ETFs in the US should push Bitcoin (BTC) to new highs sometime in the quarter, according to the survey. Specializing in the financial technology industry on behalf of Finder.

An industry group of $50 expects bitcoin to peak at $80,000 this quarter before ending the year at around $71,400. The main digital currency is trading at $62,600 on Tuesday, according to Cointelegraph Markets Pro. The $80,000 target represents 28% more room for BTC to grow in the coming months.

The Cypherpunk Holdings COO Finder panel includes Daniel Kouri, Bitcoin Reserve CEO Nick Oraevsky, Kraken CEO Jonathon Miller, Arcane Analyst Vetle Lunde, and CryptoQuant CEO Ki Young Joo. Seven university professors from Asia, Europe and Australia also shared their ideas.

Although the consensus target allows Bitcoin to enter a bullish quarter, it is well below the six-figure required price level, which many analysts believe is not only possible but also probable. Standard Chartered and Bloomberg forecasts that the $100,000 bitcoin could become a reality this year through a combination of technical, fundamental and acceptance-based factors.

Related Topics: Buying Reputation… Buying News? BTC price exceeds $63,000 after the launch of the US Bitcoin ETF

Psychological milestone aside, the $100,000 bitcoin price is nowhere near as important as determining when the current market cycle will peak if you haven’t already. Institutional participation in Bitcoin has accelerated in the past five weeks, a strong signal that the beef market is resuming after this summer’s slump. According to network analyst Willie Wu, the next phase of the Bitcoin market will be “more volatile” than the previous bullish periods, indicating a longer time horizon for the current cycle.

Source: CoinTelegraph

LEAVE A REPLY