Bitcoin At $100,000: Over 50% Of Traders Expect Extreme Growth In Flagship Crypto
Bitcoin price predictions whip up attention of not only beginners but also avid players on the crypto market. Could Satoshi have thought that Bitcoin would someday be worth $ 100K? When will “Too the moon” happen?
Is Bitcoin for $100k?
A crypto analyst under the pseudonym Plan B conducted a study among cryptocurrency market participants in August, asking them the main question: how high the price of Bitcoin could rise? According to the results, 51% of people surveyed believe that the price of Bitcoin can grow almost 100 times and reach the $100,000 mark by the end of 2021.
This is far from the first survey to be conducted by Plan B, but the results of this study confirm the improvement in Bitcoin’s reputation in just a few months. The result of the previous poll was not so optimistic: only 23% of the audience supported the belief in the rise in the price of Bitcoin to $100,000.
Some crypto enthusiasts have gone even further in their predictions: 22% of participants believe that Bitcoin can overcome the $80,000 level and gain a foothold in the $300,000 price region.
Bitcoin holds the trump card in its hand
Cryptanalysts draw a parallel with the behavior of the flagship cryptocurrency in previous bullish phases as a defense of bold predictions about the price of Bitcoin soaring. Willie Wu notes that on the monthly time frame chart, Bitcoin’s price is above the main moving averages. This pattern was also recorded in the fourth quarter of 2016 when Bitcoin entered a bullish rally phase. Bitcoin’s rise coincided with the US presidential election and the victory of Donald Trump.
In 2020, the presidential elections in the United States are also due. Traders expect with trepidation that this event will once again have a positive impact on the state of the crypto market and contribute to an increase in the influx of investors. The previous time after the presidential election, Bitcoin reached a local peak of $17,000.
Crypto analyst Dan Tapiero is convinced that Bitcoin has the technical potential for explosive growth and will surpass the 2017 record at times. He expects the Bitcoin price to be in a consolidation phase over the next 2.5 years, with the logical conclusion of the BTC price soaring to $300,000.
Traders’ appetite is also spurred on by the global macroeconomic situation. Crypto industry proponents are convinced that the US dollar is in danger of depreciating due to the policy of “printing helicopter money” in 2020. They are confident that Bitcoin against the background of a weakening dollar will look more attractive to investors due to the limited emission.
Thus, most traders agree that Bitcoin is at the beginning of a cycle of explosive growth and a parabolic rally is ahead of the crypto market. Only time will tell whether these forecasts are justified or not.