The political developments around crypto currencies have not been optimal recently – nevertheless the prices for Bitcoin and Co. are rising again. Many experts say: the next rally begins.
After the negative news about crypto currencies such as Bitcoin, Ether and Co recently rolled over, the experts now see many reasons for optimism again.
Tom Lee, analyst at Fundstrat Global Advisors, expects a steep rise in his technical analysis for the largest cryptocurrency Bitcoin. The bitcoin price last broke the 200-day line – now Lee sees the coin on the best way to crack the $ 100,000 mark by the end of the year.
By March 2022, crypto analyst Lee even considers a rate of 130,000 US dollars for a Bitcoin to be realistic. This would more than double the price compared to the previous all-time high of just under $ 63,000 in April of this year. The price is currently at $ 47,000.
Some experts support Lee’s thesis
However, Lee is also known for his optimistic forecasts, and the technical analysis of shares and crypto values is controversial. However, other experts also see Bitcoin and other crypto currencies on the road to success again.
“It roars back,” said Meltem Demirors, chief strategist at the crypto fund provider Coinshares, the Bloomberg news agency. Bitcoin has seen a sharp surge for the past three weeks, commemorating February of this year – the start of the rally that drove Bitcoin to its new all-time high.
And other experts support Lee’s thesis, but without a time horizon. Mike McGlone of Bloomberg Intelligence also assumes that Bitcoin will exceed the $ 100,000 mark, but he doesn’t say when.
Lee assumes euphoria for relief
Crypto expert Timo Emden also sees a lack of negative news from China as a reassuring signal for the market. “No news means good news at the moment. The latest bad news from the Middle Kingdom is out of the sight and therefore out of the mind of stockbrokers,” said the expert.
Analyst Lee, on the other hand, cites the economic upswing in the second year as an indicator of an upward trend in cryptocurrencies. The American assumes that a decline in the number of infections in industrialized countries will have a positive effect on the stock market.
There is already a steep upward trend on the stock market, most recently the Dax cracked a new all-time high of 16,000 points. Lee is convinced that a kind of “euphoria of relief” will occur in the event of an economic upswing, which will also drive cryptocurrencies to new heights.
Also Ethereum, Cardano and Solana on the winning side
In a rally, Bitcoin is unlikely to be the only winner. Ethereum (you can find an explanatory piece here) has seen a huge rise in the past few weeks and could double to $ 5,000 per ether by the end of the year. This is what the expert Lyn Alden from the analysis house of the same name predicts.
Most recently, the large crypto exchange Coinbase announced that Ethereum had already overtaken Bitcoin in one category: In the second quarter of 2021, Ethereum was the most traded currency on the crypto exchange for the first time. Overall, the crypto market was again worth more than two trillion dollars in August.
The currencies Cardano (Read more about it here) and Solana could be on the winning side. Cardano rose 23 percent last week, Solana 62 percent. With their concept, both form a competing currency to the number two of the crypto currencies, Ethereum.