Bitcoin has now set a new all-time high above $67K, a price range that one would have thought impossible when the market slowed to a crawl in September. Investors across the market are back in the green after enduring a brutal month and sentiment could not be more positive. This has translated to more faith in the market as more money flows into crypto.
However, hitting a new all-time high does not mean that the market stops moving. If anything, times like these are crucial for the digital asset in the long term as the market could go either way. With this in mind, Coindesk talked to market analysts to get a feel for where they see the price of the digital asset going from here. The responses were insightful, as well as bullish all around for the cryptocurrency.
Full Speed Straight Ahead
The market analysts told Coindesk that they expected the rally to continue. With bitcoin being so high, they did not see any reason why it should slow down now. It has long been speculated that the price of the digital asset is going hit the $100K mark by the end of the year and the analysts have echoed this sentiment.
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Market analyst Ben Caselin said that the digital asset will touch this price point by the end of the year. However, he also believes that bitcoin will surge past this point given the volume of the retail money that will be pumped into the market. “All eyes are set on the $100K mark,” Caselin said. “But when retail does rush in and more funds open up to bitcoin, including physically backed ETFs, $100K is unlikely to be the end of it.”
BTC recovers after flash crash | Source: BTCUSD on TradingView.com
Price forecasts for the leading cryptocurrency have not tapered off. The break of the new all-time high has instead fueled further predictions for the asset. CEO of Fundstrat Tom Lee told CNBC that bitcoin could go as high as $168K by the end of 2021.
Other Analysts Chime In On Bitcoin
While the majority of the analysts showed a bullish stance on bitcoin, some have gone the opposite direction. BTC’s energy usage has been a cause for concern in the market and Edward Moya, Senior Market Analyst at Oanda, says that soaring oil & gas prices could see Bitcoin’s energy usage brought under increased scrutiny over the next few months.
“Governments might take harsh stances if this winter leads to shortfalls in energy across several countries and that could mess with the hashrate,” said Moya. This stance makes sense when we take a look at where the majority of the hashrate comes from presently.
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Data shows that North America now has the highest hashrate after miners were forced to exit out of China during the crackdown. With winter approaching and the populace requiring more power for heating, BTC’s energy usage will likely be queried. But given states’ stance on crypto over the last couple of months, this will not be much of a problem for the crypto.
Featured image from Finextra Research, chart from TradingView.com
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