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Tuesday, October 19, 2021

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Bitcoin on its way to $ 85,000, as analysts predict “explosive” 4Q for BTC price action

The price of Bitcoin (BTC) is heading for at least $ 85,000 in the fourth quarter of this year and could well surpass the $ 100,000 mark., according to new research.

In its latest market update on Friday, trading platform Decentrader revealed a medium-term BTC price forecast with no bullish complexes.

The next stop for the BTC / USD pair is $ 85,000

Despite the BTC / USD pair holding below $ 50,000 this week, On-chain metrics have led analysts to remain firmly bullish on Bitcoin’s price action.

Decentrader Filbfilb analyst is no exception, forecasting not only a rematch of all-time highs, but also a $ 100,000 breakout before the end of the year.

“So with bullish signals in the near term, we could now be gearing up for a major run that first drives $ BTC to $ 85,000 before breaking the $ 100,000 psychological barrier,” he concluded.

“Making an explosive fourth quarter of 2021”.

Just as Cointelegraph reported, Bitcoin’s price performance has played a game of catching up with the fundamentals of the underlying network and on-chain data for some time.

As a logical conclusion to this process, an upward contraction should characterize the rest of this year, similar to the events of 2020. This time, however, the price of Bitcoin in US dollar terms should be an order of magnitude higher.

“If the price recovers in the way we expect it to in the next few weeks, then our first major target is a level above the 1,618 fib retracement level at $ 85,900,” Filbfilb wrote.

“We do not think this is the high of the main cycle, but it may present a point of resistance before a possible parabolic trend that takes us beyond $ 100,000.”

BTC / USD (Bitstamp) 1-day candlestick chart. Source: TradingView

Altcoins don’t share optimism

Bitcoin was circulating around $ 47,000 at the time of this writing on Friday, with a lack of up or down trajectory that characterizes the market.

Altcoins suffered, with a few exceptions like Shiba Inu (SHIB), but overall, traders disappointed as the top 10 cryptocurrencies outperformed Bitcoin in daily losses.

Ether (ETH) lost 5.2%, while the worst performer in the group, Solana (SOL), lost 12% in 24 hours.

ETH / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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