After remaining lower in the last few days, Bitcoin has recovered itself and made its place above $38,000 again. A quick price recovery has made crypto analysts amazed who are now extremely bullish.
Josh Rager, the crypto analyst and the advisor, said the value could reach six-figure by the start of the next year. The top digital currency’s current quick pace makes him think $100k is not a long-term dream. In his tweet, Rager explained that the top-ranked digital currency would go famous “at the next peak high.” He further added that people, who first criticized Bitcoin, may accept it with an open heart-a significant achievement.
$50,000 by the End of January
Lark Davis, the famous crypto analyst and YouTuber, is another personality who predicts $100k for the top digital asset. But Davis says it could happen by the end of 2021. Davis even goes further and claims the value may attain $50,000 by the end of January due to the rush on cryptocurrency exchanges. Over the recent few weeks, the crypto trading platforms have witnessed a record number of crypto buyers. For instance, prominent crypto exchange eToro has informed the users’ community that trading will remain limited on the weekends because it faced many technical issues due to traders’ bustle.
Even small exchanges are facing the issues of BTC supply. The decreasing supply over exchanges shows people are storing BTC in their wallets for a long period as they expect big price tags from it in the future.
Correlation between Bitcoin and the US Dollar
Founder of Quantum Economic, Mati Greenspan, pointed out from the Coinmetrics’s data that the correlation between the US dollar and the top digital asset has reached its lowest level- at around -0.15. Greenspan, a famous crypto analyst, thinks Bitcoin is going up while the US dollar is sinking.
Billionaires are also stuffing BTC in their portfolios as hedge managers are recommending it. Famed macro investor Dan Tapiero recently posted a tweet telling his daughter has finally bought Bitcoin via PayPal’s app. He told his daughter not to sell it because Bitcoin could go 10x in the five years. He is not the only veteran investor who endorsed investment in the top-ranked cryptocurrency, but there are now many personalities.
Currently, the price value of the Bitcoin is standing at $38,400. At the end of the day, we can see it around $40,000.