Analysts are giving the bitcoin price prediction of $100,000. bitcoin has had its fastest 21-day price advancement since February.
Bitcoin went above $46,000 on Wednesday. Despite the Tax infrastructure bill looming around in the US, bitcoin is soaring. The currency has hit significant highs since May this year. The belief of investors in crypto has grown with the market moving upward in uncertain times.
2021 saw bitcoin’s first round of bull run with coin touching $30K in January. The coming months brought more good news as institutions got involved in bitcoin buy-ins. The most important bitcoin purchase was made by Elon Musk’s company Tesla. Tesla included 1.5 billion dollars worth of bitcoin on its Balance sheet. Many other corporate giants followed the suit of Tesla and got their hands dirty with crypto.
Bitcoin Price Prediction:
Bloomberg Intelligence’s Mike McGlone said in a Television Interview that bitcoin could cross $100,000 if it follows the price movement of Ethereum. “It’s still got plenty of room to get the old high,” he said.
Tom Lee from Fundstrat Global Advisor is also positive about bitcoin’s potential to reach $100,000 by the end of the year.
There are not many factors in the favour of bitcoin price movement. China banned cryptocurrency back in May and is curbing the mining activity as well. However, this rather bleak news has little impact on bitcoin which shows that digital currencies are no longer dependent on countries.
The possible tax reporting requirements for crypto are about to come in the US. Nevertheless, the bitcoin price has not received any impact from the discussions in congress. So far, it has peaked at the highest since mid-May.
Altcoins are also on the road to recovery with money inflows. ETH has crossed the $3,200 threshold. Whereas, XRP is closing in on $1.