Bitcoin (BTC) will reach at least $85,000 in the last quarter of this year and may exceed $100,000, according to new research.
In its latest market review on Friday, trading platform Decentrader announced an undeniably optimistic forecast for Bitcoin’s price in the medium term.
Next stop: $85,000 per Bitcoin / USD
Despite interest rates on BTC/USD staying below $50,000 this week, online accounts left analysts confidently optimistic about Bitcoin’s price movements.
Decentralized analyst Philbfilb is no exception, predicting not only a retaliation for record highs, but also a breakout of $100,000 by the end of the year.
“Therefore, with bullish signs in the near future, we can now prepare for a major launch that will first increase BTC to $85,000 before breaking the psychological barrier of $100,000,” he concluded.
“Explosives production in the fourth quarter of 2021”.
Bitcoin pricing has been catching up with network and chain data fundamentals for some time, according to a Cointelegraph report.
As a logical conclusion to this process, upward pressure should characterize the rest of the year, similar to the events of 2020. But this time, the bitcoin dollar price should be much higher.
“If the price actually rises as we expect in the coming weeks, our first major target level will be ahead of the 1.618 Fibonacci retracement level of $85,900,” wrote Philbfilb.
“We don’t think this will be the climax of a big cycle, but there could be resistance to a potential race on the parabola that will take us beyond $100,000.”
BTC/USD 1-day candlestick (Bitstamp). Source: TradingView
Cryptocurrencies do not share optimism
Bitcoin was at $47,000 at the time of writing on Friday, with no upward or downward path in the market.
Related: Ethereum options data shows a 4K ETH match for at least 1 week
Altcoins suffered, with a few exceptions such as Shiba Inu (SHIB), but in general, traders were disappointed when the top 10 cryptocurrencies surpassed Bitcoin in daily losses.
Ether (ETH) lost 5.2%, while the worst player in the group, Solana (SOL) lost 12% in 24 hours.