Bloomberg has reported that strategists of Fundstrat have shared the bullish path the flagship cryptocurrency is likely to take next.
They reckon this path may lead Bitcoin to testing the $89,000-$90,000 price mark.
Fundstrat : #Bitcoin 's initial upside target after exceeding $65,000 is around $72,500, and then $89,000.https://t.co/GOjenhzZjV
— 8BTCnews (@btcinchina) October 22, 2021
In its Wednesday report, Fundstrat said that after breaching the $65,000 level, Bitcoin is likely to test first $72,500 and then move on to testing $89,000.
Earlier this week, Bitcoin reached a new all-time high of $66,930. The rally took place on the anticipation of the BTC ETF launch, followed by its actual rollout by ProShares on the New York Stock Exchange. Besides, large crypto holders, widely known as whales on the market, have been purchasing Bitcoin and moving it off exchanges to their cold wallets for long-term storage.
Many experts are expecting Bitcoin to reach $100,000 by the end of 2021, including the new chief of BitMEX, Alexander Hoptner, who shared his take with Bloomberg TV earlier today.
Arman Shirinyan
Godfrey Benjamin