Bitcoin Price Rises As Analysts Predict Ridiculously Strong Fourth Quarter

[ad_1]

One analyst said the most important price point for bitcoin now is $ 60,000. (Reuters)

Bitcoin price was up on Friday morning and managed to hold above a key level of $ 50,000 (36,785), as analysts predict cryptocurrencies will soar in the last quarter of 2021.

At the time of writing, bitcoin (BTC-USD) was up 1.2% to trade at $ 55,224. Ethereum, the world’s second-largest crypto by market cap, rose 0.5% to trade at $ 3,600.

Bitcoin, Ethereum, and the broader crypto market are set to experience a ridiculously strong fourth quarter, and I predict we’ll see new all-time highs by 2022, said Nick Spanos, crypto investor and founder of Zap Protocol.

He said the two major cryptos are already approaching their all-time highs. Bitcoin hit $ 63,000 in April and predicts that bitcoin will cross the $ 100,000 mark by the end of the year, while Ethereum will hit $ 10,000 to $ 12,000.

According to Spanos, the market has already shown itself to be increasingly resistant to adverse market developments, such as China cracking down on crypto or Tesla (TSLA) Elon Musk reversing his pro-crypto stance.

Bitcoin was in place on Friday morning. Chart: Yahoo Finance France

He added, “This is crucial for the long-term success of cryptos, and I believe the market will become even more resilient as crypto investors get used to seeing cryptos bounce back better and stronger.”

This will result in less panic selling and as a result stock market declines and crashes will become much rarer.

His thoughts echo what Nigel Green, CEO and founder of financial advisory organization DeVere Group, said earlier: I’m confident that if the current price momentum continues, we could see the price of bitcoin hit. hitherto unknown highs of $ 100,000. “

In the shorter term, Naeem Aslam, chief market analyst at AvaTrade, said the most important price point for bitcoin is $ 60,000.

Bitcoin has tested the $ 50,000 price level a few times now, and if positive momentum continues to support price action, we may be looking at a healthy weekend for cryptos.

The story continues

As for Ethereum, he said: There’s a good chance the price could test the 4K price level, and that could open the door for price to retest its all-time high, which matters most.

Another crypto-investor is watching the Shiba Inu meme token (SHIB-USD).

It rose earlier this week after Musk tweeted a photo of his puppy, which is the same breed the token is named after. However, it was down almost 27% on Friday.

Watch: What are the risks of investing in cryptocurrency?

[ad_2]