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Bullish Bitcoin May Still Be Able to Hit $100,000 This Year

Bitcoin (BTC) has turned around in a big way, climbing 5.88% since yesterday and hitting $66,203 (BTC/USD).

This is the first time in three weeks that Bitcoin has managed to go as high as $66,000, and this event gives hope to all of those predictions from industry analysts that Bitcoin will reach $100,000 by the end of the year.

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Bitcoin has been down for weeks, quickly losing any gains it makes. Today marks the first time in a while that Bitcoin has surged so high. We did see a similar price increase near the beginning of the month, but that was a price correction after the coin dipped extremely low.

Today could mark the beginning of a bullish run, but at the very least, it is encouraging to investors to see Bitcoin get above that key $65,000 level and not quickly turn around afterwards.

Bitcoin Price Prediction

This was Bitcoin’s best single-day gain in two months, which many analysts have said marks the beginning of a new season for cryptocurrency. They should be wary of investors who have been holding out for a profit suddenly seeing the chance to sell off their Bitcoin tokens, though. Those who have been waiting week after week and growing despondent about the cryptocurrency market may just call it quits now that the price has surged.

What helped push Bitcoin over the hump, though, was the CPI report, which showed that the price of goods increased less than expected. That demonstrates some minor cooling on inflation, which is really all that Bitcoin needed to go bullish.

This could very well be the start of a long bullish trend and lay the groundwork for a new support level for the coin. If that is what happens here, then Bitcoin could reach $70,000 in the next couple of days and go on to $100,000 before the end of the year.

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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