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Rally comeback? Analyst sees Bitcoin price at $ 100,000 by the end of the year

Bitcoin price in an upward trend. (Image: Visual Generation / Shutterstock)

With Bitcoin, things have recently been uphill again. Is a new rally starting now? In any case, a US analyst expects a Bitcoin rate of 100,000 US dollars for the end of 2021.

Just three weeks ago, the Bitcoin price was below $ 30,000. Then it suddenly went uphill again. Bitcoin – and with it most of the altcoins – rose sharply – by over 50 percent within a few days. On Wednesday, Bitcoin’s price was just under $ 47,000 before it lost a few percent on Thursday. Fundstrat Global Advisors’ US analyst Tom Lee predicts Bitcoin will return to spring rally mode. Bitcoin should be in the six digits by the end of the year.

Bitcoin price: Analyst sees extremely bullish signal

The basis for the optimistic assumption is that Bitcoin has risen above its twelve-month average price, as the Handelsblatt reports. Lee interprets this as an extremely bullish signal, even if the Bitcoin is only just above this level. According to the analyst, the cryptocurrency has risen by an average of 193 percent over a six-month period. Therefore, Lee expects an exchange rate of $ 100,000 by the end of 2021. But that should only be the beginning. By March it would even be $ 130,000 in it, according to Lee.

Mike McGlone of Bloomberg Intelligence also expects the $ 100,000 mark to be reached. McGlone, however, does not name a period. According to Bloomberg, Meltem Demirors, chief strategist at the crypto fund provider Coinshares, is at least very optimistic. It is going up again, they say. The upward price of the past three weeks can be roughly compared with that of February. At the time, Bitcoin had risen to almost $ 65,000.

Tesla boss Elon Musk boosts Bitcoin course

Admittedly, not all market observers rate the possible development of the Bitcoin exchange rate as positively as Lee, McGlone or Demirors. The cryptoanalyst Timo Emden, for example, sees only “positive momentum” in exceeding the twelve-month average price. Elon Musk has made a significant contribution to the current development. He had repeatedly promised that Tesla would again accept Bitcoin as a means of payment under certain conditions. In any case, there is currently no longer any talk of the possible price setbacks to $ 20,000.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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