Bitcoin’s halving earlier this year was an anti-climatic event for many in the crypto space. In fact, the price of the leading cryptocurrency crashed after the halving, as investors presumably thought it was a “sell the news” event. In the meantime, however, Bitcoin has recovered massively. As Michael Goldstein points out, the leading cryptocurrency has gained around 44% against the dollar since the fabled event.
Analysts: BTC has great upside potentialCoincident Capital, a cryptocentric hedge fund, believes there is little risk of resistance until $ 13,800. The fund is led by Bryce Gilleland, Wen Hou and Sunil Shah, who all have experience in trading and analyzing cryptocurrencies as well as in various corporate functions.
“There really isn’t much overhead resistance above 12k #bitcoin. The next reading is at 13.8K, the top of the previous high, then ATH. “
Galaxy Digital’s Mike Novogratz is also targeting the region around $ 14,000. The former Goldman Sachs partner and Wall Street veteran believes Bitcoin will likely move to this level because of central banks’ “liquidity pumps”.
More Money= Higher Bitcoin price?
Novogratz believes that printing money increases the interest and value of BTC. On the macro level, there are still analysts looking to move towards the all-time high of $ 20,000 and then beyond (probably in the six digits). Take, for example, the pseudonymous analyst “PlanB” – one of the biggest proponents of halving. Its controversial stock-to-flow model predicts the price of Bitcoin will reach $ 100,000 by the end of December 2021. An increase to this level from the current price of $ 12,400 would represent a movement of 700%.