Bitcoin (BTC) – the king of the market – had crashed brutally in the market correction after the 2021 bull run. The sentiment, although largely bearish in the short term, is still unclear. It is expected of the cryptocurrency to reach towards the high if not more, observed during the bull run. On the other hand, the prolonged bearish momentum has also led to doubts about the future of cryptocurrency.
At the time of writing, BTC coin stands at a price level of $30,616. The price has declined by 3% in the daily timeframe – marked by decreased volatility – while the trading volume has gone down by 7%. The market dominance of the king of cryptocurrency stands at 46%.
The market outlook for Bitcoin continues to be bearish given the dominance of the bears. Out of the total technical indicators, fifteen are giving out a signal of sell with nine indicators standing at a neutral position and only two indicators at a buy position. The oscillators are neutral while the moving averages suggest a strong sell.
Bitcoin (BTC) price prediction – To $100,000?
According to a poll issued by Santiment – the crypto data analytics firm – on Twitter, users are bullish on Bitcoin. Thirty percent of the poll respondents think that Bitcoin will cross $100,000 during 2021 while eleven percent voted that BTC will never cross $100,000. Is it possible for Bitcoin to cross $100,000 that too in 2021? Per the estimates of Wallet investor, Bitcoin’s one-year forecast places the cryptocurrency at $58,136 while the five-year projection suggests a price of $163,008. Digital Coin Price predicts Bitcoin will end the year with a price level of $47,478 and the $100,000 mark will be crossed in 2026.
For many, the question of $100,000 for Bitcoin remains a “when” and not an “if”. While the cryptocurrency may be bearish in the short-term, it has been established as a digital asset and a store of value; hence, it is expected to only rise in value.