Bitcoin resurgence revives US $ 100,000 forecast

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There’s still plenty of room to get the old high, Bloomberg Intelligences’ Mike McGlone said in a TV interview. And guess what? If it just follows Ethereum, it jumps to $ 100,000, he said, referring to bitcoin’s catching up, as a percentage, against the performance of the second token.

Fundstrat Global Advisors, Tom Lee, also sees it reaching $ 100,000 by the end of 2021. The co-founder and head of research recommends investors follow a simple rule: if bitcoin exceeds its average price over the years. Last 200 days, futures momentum measure then its time to buy. The coin has cleared this hurdle in recent days. With bitcoin rising above its 200D, we believe bitcoin will rally strongly until the end of the year, Lee wrote in a note.

Bitcoin slashed gains on Tuesday (US time) after hitting its highest level since mid-May. Still, Blockchain Associations Kristin Smith said she was surprised the coin moved forward during the infrastructure bill debate, she believed the opposite would have happened.

I don’t understand the prices. I thought prices would drop because of the foul language some suggested, she told Bloomberg’s QuickTake Stock streaming program on Monday before the provisions were blocked. People see the efficiency of the crypto community and the crypto industry in Washington. And I think there is confidence in finally being able to get the policies right.

Certainly, linking fundamental developments to one of the bitcoin movements has been a mistake, said David Donabedian, chief investment officer at CIBC Private Wealth Management.

What drives him is the momentum and the flow of money, as well as a bit of a general sense of risk in the markets, he said. Whatever you say or write about bitcoin you can still do a big percentage, it goes up 50%, yes, but it went down 50% from April to June, he said, adding that there was no credible way to assess it.

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But fans watching the showdown in Congress came to see it as an industry validation. On Twitter, some deduced that the community was a force strong enough to defeat Senators, while others feasted on its rally, reiterating it would go on and on.

Other negative news has also been ruled out for the time being. China had recently reiterated its call to restrict bitcoin mining and trading, but Ethan Vera of Viridi Funds said this has turned out to be a positive development for bitcoin.

They banned it, but the network has remained fairly stable, the firm’s co-founder and CFO said. It shows the resilience of the whole network and how much bigger it is than a single country.

Bloomberg

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