Trader explains Bitcoin’s expectations for the remainder of 2021, noting $ 100,000

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Bitcoin’s price action in 2021 shows parallels to 2013, based on price data and commentary from a … [+] Trader.

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Bitcoin (BTC) was the subject of much conversation in 2021. The asset had some good first months of the year, but its price peaked in April. The digital asset then suffered a dramatic drop, followed by a shift in prices. In recent weeks, however, the pioneering crypto asset has rallied around. Tone Vays, a trader and YouTuber, sees similarities between BTC price activity in 2021 and 2013, and expects the price of bitcoin to trade around the $ 100,000 level by the end of 2021 .

Twenty-one was very similar to 2013 where we peaked in April, bottomed in July, and are now starting to approach the previous high, Vays told me via chat correspondence on September 14, 2021.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

During the first half of 2021, bitcoin saw a strong rally, taking the asset from just under $ 65,000 to around $ 64,835 in April 2021, based on the BraveNewCoins Bitcoin Liquid Index price chart. on TradingView.com. The price of the digital coin then fell dramatically during the month of May, hitting very close to the $ 30,000 range. The price of Bitcoin then rebounded for about nine weeks, trading sideways between $ 30,000 and $ 40,000 for the most part, hitting a low of nearly $ 28,900 in June and a slightly higher low near $ 29,300. in July, with weeks of side price action separating the colon.

Bitcoin exhibited similar price chart behavior in 2013, as pointed out by Vays. The asset posted a record price of around $ 268 per coin in April 2013, then fell nearly $ 50 in the same month. BTC then began trading in a range for the following months, posting a slightly higher low around $ 65 in July 2013. Assets hit new highs of nearly $ 1,200 in November of the same year.

So just like in 2013, I expect a $ 60,000 hiatus in October and the year to close around $ 100,000, Vays said.

Bitcoin has changed its price from that higher low price in July 2021, showing upward pressure on prices during part of July and most of August. September saw some price turmoil after breaking out to nearly $ 53,000 on September 6, according to TradingView.com’s Bitcoin Coinbase chart. In the days and weeks that followed, BTC fell to around $ 42,800, came back to almost $ 49,000, and then fell back to around $ 39,600. At the time of going to press, BTC is currently trading at a price of $ 43,445.

Although the price of bitcoin has performed well over the past year, some people have expressed skepticism about the asset, such as Elon Musk, who polled Bitcoin earlier in 2021, saying the process of d extracting parts required too much energy.

Disclaimer: I actively trade cryptocurrencies and hold a small amount of BTC, ETH, LTC, ZEC, BCH, LINK, SOL, CNFI, and AVAX.

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