Bitcoin has actually now set a new all-time high above $67K, a rate variety that a person would have believed difficult when the marketplace slowed to a crawl in September. Investors across the market are back in the green after enduring a brutal month and sentiment could not be more positive. This has actually equated to more faith in the market as more cash streams into crypto.
However, hitting a new all-time high does not mean that the market stops moving. If anything, times like these are vital for the digital possession in the long term as the marketplace might go in either case. With this in mind, Coindesk talked to market analysts to get a feel for where they see the price of the digital asset going from here. The responses were insightful, as well as bullish all around for the cryptocurrency.
Full Speed Straight Ahead
The market experts informed Coindesk that they anticipated the rally to continue. With bitcoin being so high, they did not see any reason why it should slow down now. It has actually long been hypothesized that the cost of the digital possession is going struck the $100K mark by the end of the year and the experts have actually echoed this belief.
Market analyst Ben Caselin said that the digital asset will touch this price point by the end of the year. However, he likewise thinks that bitcoin will rise past this point provided the volume of the retail cash that will be pumped into the marketplace. “All eyes are set on the $100K mark,” Caselin said. “But when retail does rush in and more funds open up to bitcoin, including physically backed ETFs, $100K is unlikely to be the end of it.”
Price projections for the leading cryptocurrency have actually not reduced. The break of the new all-time high has instead fueled further predictions for the asset. CEO of Fundstrat Tom Lee informed CNBC that bitcoin might go as high as $168K by the end of 2021.
Other Analysts Chime In On Bitcoin
While the majority of the analysts showed a bullish stance on bitcoin, some have gone the opposite direction. BTC’s energy use has actually been a cause for issue in the market and Edward Moya, Senior Market Analyst at Oanda, states that skyrocketing oil & gas costs might see Bitcoin’s energy use brought under increased analysis over the next couple of months.
“Governments might take harsh stances if this winter leads to shortfalls in energy across several countries and that could mess with the hashrate,” said Moya. This position makes good sense when we have a look at where most of the hashrate originates from currently.
Data shows that North America now has the highest hashrate after miners were forced to exit out of China during the crackdown. With winter season approaching and the people needing more power for heating, BTC’s energy use will likely be queried. But given states’ stance on crypto over the last couple of months, this will not be much of a problem for the crypto.
