Bitcoin is short-term bearish, but long-term bullish, according to traders. Bitcoin is on its way to $90,000.
Bitcoin’s price is expected to rise dramatically in the coming weeks, according to market participants. They predict a continuous bull run over the next two months.
According to Bloomberg analysts, the next price targets for top bulls are $90,000 and $100,000. The CEO of BitMex, Alex Hoptner, is one of the many highly respected individuals within the cryptocurrency community presenting this bullish price forecast.
According to Hoptner, $100,000 should be the breaking point in December’s closing price, similar to Plan B, founder of S2F. Bitcoin’s all-time high of $66,930 has also contributed to sentiments pointing toward $90,000.
Anthony Pompliano, a Bitcoin proponent, noted the market impact of the price breakout:
“Bitcoin breaking the all-time high yesterday is an important milestone. Every institution in the world started paying attention again. They now have permission to start accumulating in major size. You can see it in the data & I hear it behind closed doors. Game on.”
Fairlead Strategies founder Katie Stockton called $89,000, while Todd Morakis, co-founder of JST Capital, lowered his expectations slightly to $72,000 to $75,000 as possible upside.
It’s important to note that the price predictions are not exclusive to December. In fact, analysts are predicting bitcoin will hit $90,000 or $100,000 by the end of November and maintain momentum until the end of the year and possibly beyond.
William Clemente, an on-chain analyst, recently shared one of the most bullish predictions yet. He estimates Bitcoin will close at a significant price,
“Delta top model starting to slope upwards, now above $117,000. IMO we still have a ways to go. Is based on the cost basis of investors and mean reversion, so will likely end up closer to $150k-175K towards the end of the year as prices moves higher, but that’s just an estimate.”
In addition, 2022 price predictions are even more bullish for bitcoin. Analysts predict that it could reach a price point of $150,000-$400,000 next year.
Initially published here.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
