Bitcoin is rising towards its May peak after rising by more than 90% since the low it touched in July, while BTC traders are getting extremely greedy
According to a recent Bloomberg article quoting Vijay Ayyar, Asia-Pacific region manager at Barry Silbert-affiliated Luno Exchange in Singapore. The latter assumed that a rise in the Bitcoin price to $80,000 or even the $85,000 zone is quite possible.
Bitcoin exceeds $ 57,000, must hold $ 50,000 in the short term
On October 11, the flagship cryptocurrency finally managed to break through the $ 57,000 mark, reaching $ 57,900. By now, however, Bitcoin has rebounded a little, hitting $56,983, according to data provided by CoinMarketCap.
BTC demonstrated a massive rally of over 90% after hitting a low of $ 29,856 on July 20.
According to Vijay Ayyar from the Luno trading platform purchased by the Digital Currency Group founded by billionaire Barry Silber (also founder of Grayscale), the biggest crypto has good chances of hitting $80,000 or $85,000 provided that BTC remains above $50,000 in the short term.
Bitcoin Measured Goal – $ 79,000
Bloomberg shared charts that suggest the flagship cryptocurrency could significantly exceed its all-time high of $ 64,800 reached in May. An inverted Head and Shoulders pattern indicates a possibility of BTC rising to the $79,000 level.
An Ichimoku signal and an options market also suggest a potential rise to $ 80,000 by the end of this year, according to data shared by Bloomberg.
Growing U.S. debt is good for Bitcoin: Mike McGlone
Another Bloomberg expert expects Bitcoin to add significant gains in quarter four this year: chief commodity strategist Mike McGlone. As U.Today reported on Monday, he tweeted that growing US debt and tensions over a potential default could help Bitcoin enter a one-time price increase phase in the fourth quarter.
The likely year-end price target for Bitcoin, which McGlone voiced earlier this year, is a whopping $100,000 per coin.
At the time of writing, Bitcoin has recovered to $ 57,140. Besides, traders are growing extremely greedy toward BTC as the Fear & Greed Index now shows 78, which stands for “extreme greed.”
Bitcoin is growing, despite the recent statement by JPMorgan CEO Jamie Dimon that Bitcoin is worthless and Chinese authorities looking for ways to legalize the ban on crypto transactions and mining they announced in September.
