In the very unstable market that we currently see Bitcoin in, Bitcoin investors and proponents have not backed down on price predictions. In fact, during bear markets, it is almost traditional that many proponents come up with some of the most bullish price predictions, mainly centered around where they see the assets in the long term.
$100k-$200,000, but in the long term
Last year, although many bitcoin investors and proponents envisioned a significant price surge in the future, not many saw the asset hitting the levels that it did back in February.
One of the few analysts who accurately predicted that Bitcoin was headed for $60,000, also noted that Bitcoin would shave off $30,000 of that price. Both of Harry Hurst’s predictions have been recorded so far.
I think we’ll see $60k Bitcoin this week, but I also think we’ll see $30k Bitcoin again this year. Both of these things make me happy.
— Harry Hurst (@harryhurst) February 21, 2021
However, the latter price prediction, which could be considered bearish for some, seems to excite Hurst for reasons that are made clear in a more recent tweet.
While the majority predict that Bitcoin will hit $100,000 before the end of 2021, Hurst, who did not invalidate the possibility of that, is instead leaning towards the latter part of next year, which is when he believes that Bitcoin will comfortably land on $100,000. Come the next halving in 2024, he expects that Bitcoin doubles that price.
His tweet reads :
“I think we’ll see $100k Bitcoin by next summer and $200k Bitcoin after the next halving in 24/25. What happens in between is anyone’s guess.”
Meanwhile, in the short term, traders are more focused on the steps bitcoin can take to bounce back as soon as possible.
Above $34k remains crucial for Bitcoin to make a speedy recovery
Analyst “Rekt Capital” asserts that unless bitcoin stays above $32,000, it could fail to maintain the bullish momentum that has been spotted in the $29,000 levels. He adds that it would be even more promising if bitcoin closes this week above $34000.
#BTC needs to Weekly Close above at least ~$32000 to sustain the bull-side momentum that originated in the ~$29000 area
It would be even better if this Weekly Close took place above the ~$34000 level as that would mean $BTC successfully reclaimed its Weekly Higher Low#Bitcoin
— Rekt Capital (@rektcapital) June 27, 2021
On the other hand, Glassnode’s on-chain analyst “Checkmatey” is still analyzing the potential cost of Bitcoin’s major dip to its current price level. Asserting that the demand needed to see Bitcoin through $60,000 was not met, again reinforcing other analysts’ sentiments that Bitcoin may have hit $60,000 too quickly.
“So many explanations for why the Bitcoin price fell….Nobody points to the obvious.
Higher prices need more capital inflows.
We didn’t get more capital inflows.
Simply a lack of demand to support $50k-$60k.”
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