According to Bloomberg News, the surge manifested by Bitcoin tapered off after it reached an all-time high Wednesday. However, according to a few strategists, it is quite likely the next high that Bitcoin will manifest is $100,000 by the end of this year.
Traders have seen how Bitcoin moved to $67,000 and how the landscape is likely to shift now that the Bitcoin ETFs or the Bitcoin Exchange Traded Funds have become functional or are in play.
Many people are anticipating a gain of $100,000 by the year-end and that also includes the Chief Executive Officer of BitMEX, Alexander Hoptner who was the one to suggest this level while appearing for an interview on Bloomberg Television Friday.
One of the largest cryptocurrencies, Bitcoin was up 0.6% registering at $63,077 as of 12:25 pm in Hong Kong Friday. It reached $63,077 after attaining a peak of $67,000. The cryptocurrency attained the record high Wednesday when US ETF has launched aside from the fact that there have been continuous institutional investments in such assets. Another reason could be possible buying by the so-called “Whales” that are the bigger investors in these crypto assets.
Many analysts see that the next high will be at around $90,000. The upside targets initially for Bitcoin that is over $65,000 usually lie close to $72,000, followed by $89,000, and is being thoughts to be positive within the reach once it breaks out of the earlier peaks.
The founder of Fairlead Strategies, Katie Stockton said Monday that a breakout to the new highs oftentimes offers a positive outlook for a long-term trend that must witness the digital currency reach a target of $89,000 based on move projection that has been measured, reports Bloomberg News.
Many believe that it is a constructive market and for some are viewing a projection between &72,000 and &75,000 if seen on the upside.
