Despite the current volatility of the crypto market, strong bullish sentiments still exist, especially for Bitcoin. A recent analysis by Bloomberg, which also gives insight to Ethereum’s near term performance, is calling $100,000 as the next key threshold for Bitcoin price. The analysis is supported by the fundamentals and growing adoption of Bitcoin in the market that has placed Bitcoin in a unique position to surge to new highs. Meanwhile, the price of Bitcoin has been recovering from the dip in the last few days.
Bitcoin’s next key price level is $100,000: Bloomberg analysts
Bloomberg Intelligence has predicted that the next key price Bitcoin will reach is likely to be $100,000. The team of analysts led by Bloomberg’s senior commodity strategist, Mike McGlone, argue that the market performance of Bitcoin is indicative of the asset forming marking a bottom price rather than a ceiling. Bitcoin has traded in the price range of $30,000 to $60,000, reaching the bottom and top twice in 2021.
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.
However, this trend may be coming to an end going by their data. The analysis points to data that indicates that the most likely path for Bitcoin’s price to follow is to go higher, stating that Bitcoin is likely to find support at about 30% below the 52-week moving average – a support level Bitcoin happened to reach for the first this January after last reaching it in 2020.
This can be interpreted to mean that the current $60,000 ceiling of Bitcoin’s price is not as strong as it was in November 2021 the report adds.
When will Bloomberg’s $100,000 Bitcoin price prediction happen?
Bitcoin (BTC) price is currently trading at around $41,300, up 9.12% in the last seven days. However, the market had been in a dip for much of this year and is currently down 10.8% year to date. Bloomberg does not commit itself to say how soon the $100,000 price target will be reached. However, it names the key fundamentals that will play a role in the surge to the target.
These include growing demand and limited supply. They also point out increasing regulatory clarity that will take place in 2022, noting that, unlike China, the US was not going to ban cryptocurrencies.
Meanwhile, other analysts that have projected for the price of Bitcoin to reach $100,000 have adopted different timeframes. Some of the more optimistic analysts like crypto YouTuber Benjamin Cowen and El Salvador’s president Nayib Bukele predict that Bitcoin will clinch the target before 2022 runs out. However, others including Skybridge’s Anthony Scaramucci and Cathie Wood’s ARK Invest have more long-term outlooks.
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