Market Analyst Sees Bitcoin Peaking At $100,000 By Year-End
Bitcoin has been subject to a number of predictions as it nears the fourth quarter of the year. The price of the digital asset is still up at this point, and investors are expecting the run to continue. While it is still not sure when the coin might break its previous all-time high again, experts are expecting the digital asset to 2X or more from this point. Among the analysts that believe bitcoin is destined for $100,000 by end of the year is market analyst Kevin Wadsworth.
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Wadsworth is the co-founder of Northstar & Badcharts, a company that provides technical analysis to its customers. The co-founder was on Kitco News to talk about cryptocurrencies with news anchor David Lin. Here, Wadsworth gave predictions for what he saw for both the short term and long term for bitcoin.
A Dip Before The Climb
Analyst Kevin Wadsworth explained that while the bull market is not over, it is going to run out before the end of the year. Wadsworth’s prediction was that bitcoin would most likely fall before continuing the bull run. Putting the floor of this dip at $40,000 before beginning another run. But this time, the run would lead to new all-time high records for the digital asset.
“I think the crypto bull market will conclude before the end of the year. All the crypto charts I’ve been drawing and looking at vary a little bit in timing between the third week of September and some of them perhaps into mid-October or even late October. So there’s this sort of four-week window there between late September and late October where I’d be looking for the crypto bull market to reach its peak.”
BTC price still trading less than $50,000 | Source: BTCUSD on TradingView.com
Wadsworth puts the price of bitcoin at $100,000 by the time it reaches its peak. Adding that going up above $100,000 would be a bonus generally for the market. In addition to BTC hitting this price, he predicted that the rest of the altcoin market is most likely to follow with significant gains.
Bullish On Bitcoin Long Term
Kevin Wadsworth made an interesting revelation with regards to bitcoin in five years. Wadsworth explained that his company’s analysis of the digital assets leads them to believe that the price of BTC is set to surge to $1 million in the next fours years. He puts the year for achieving this price at 202 for bitcoin. While adding that his company’s analysis possesses a success rate of 90%-95% with such predictions.
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Wadsworth added that while he was bullish, he was also cautious. Referring to his stand as “cautiously bullish.” And with bitcoin’s movement, the co-founder expects altcoins to also surge. “If we get to $100K, I expect the altcoins, Ethereum and the rest, to triple and quadruple,” said Wadsworth.
Featured image from Financial Times, chart from TradingView.com