Experts weigh the timing and likelihood of Bitcoin reaching $100,000

This week Bitcoin reached a new all-time high at above $67,000. The uptrend had persisted over the past several weeks. However, the strongest catalyst for the coin was the U.S. Securities and Exchange Commission’s approval of the first Bitcoin futures ETF in the United States from ProShares.

At the time of writing, Bitcoin was trading at $61,795, according to CoinGecko.

ForkLog asked experts to forecast Bitcoin’s price trajectory and identify the factors on which it would depend.

Yanis Kivkulis, Exante’s lead strategist:

The first Bitcoin futures ETF fund kicked off the rally in the crypto market and pushed to new all-time highs. It is also worth noting the broader rise in risk appetite among investors over the past six weeks.

U.S. stocks recovered quickly from the September slump and are now near historical highs, Chinese tech names are also pulling back from local lows. Against this backdrop, Bitcoin looks like a modern global indicator of demand for risk, enjoying optimism bordering on euphoria, having added more than 60% to the lows from late September.

Gleb Kostarev, Binance director for Eastern Europe:

For the crypto industry, the launch of the Bitcoin ETF is one of the main events of 2021. I think in the near term we will see a large inflow of retail and institutional investors who previously shied away from investing in Bitcoin because of not entirely transparent sector regulation and entry hurdles. Thanks to the Bitcoin ETF, these concerns will cease to be a barrier to inflows into the crypto industry.

Currently, several other Bitcoin ETF applications are under SEC review, including from the Grayscale fund. It is not ruled out that their approval would provide another impulse for Bitcoin.

Speaking of potential all-time highs for the cryptocurrency, Binance remains positive about further development and market growth; we are ready for new ATHs.

Mikhail Chobanian, founder of Kuna:

[The market] is volatile and moving, and that’s great. It’s bad when it doesn’t move.

Anton Kravchenko, CEO Xena Financial Systems:

Bitcoin is in a range of all-time highs and is aiming to break through. A rise above $65,000 could trigger a wave of buying, with the price confidently moving to $78,000 and then, with corrections, toward $90,000. The market is strong, participants are optimistic.

It is also interesting that traders who recently joined the market and actively buy growth stocks or hype names, such as Tesla, will also flip from equities to crypto in the event of a stock-market downturn, which is expected by late 2021 or early 2022. Therefore, cryptocurrencies until the new year are a growth market, but one should remember that after growth significant declines often follow.

Nikita Soshnikov, Alfacash director:

The launch of the Bitcoin futures ETF from ProShares remains the main growth driver for Bitcoin. Volumes demonstrated in the first days of trading confirm demand for such an instrument in the traditional financial instruments market.

Other positive factors include news about investments by the Texas pension fund firefighters in Bitcoin and Ether, and the appearance of crypto ATMs in Walmart. While these news did not provoke so much as simply support the overall enthusiasm of traders.

If Bitcoin manages to firmly hold above $67,000, it has every chance to surpass $70,000 in the coming week. Perhaps not immediately, but after several local breakouts with subsequent correction below $70,000.

The further scenario could unfold explosively: if Bitcoin holds above $70,000, then there is a high probability of speculative demand. And then the price could easily breach $75,000 and $80,000 within a few days. But further growth seems unlikely to me.

Most likely, after breaking above $80,000 Bitcoin will hit a ceiling of sell orders from profit-taking investors and pull back below this level.

To consolidate above $80,000 and grow to $100,000 will require new impulses, for example, approval of a Bitcoin ETF tied directly to the cryptocurrency, not to futures.

Earlier, JPMorgan named the main factor of Bitcoin’s current rally.

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