Why Bitcoin Could Still Hit $100K This Year

Bitcoin has had a miserable couple of months since hitting a new all-time high this year. The asset recently broke the $30K resistance level last week and fell down to $28K. Before promptly recovering back up over $30K and trending upwards towards $34K.

This is a critical resistance point for bitcoin. Breaking this price could be the beginning of a bear market. Speculations are that Bitcoin could go as low as $10K if the price breaks $30K.

Related Reading | Crypto Isn’t Money, Annual Economic Report On Bitcoin

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But what if it never breaks that and stays upwards of $30K? Well, then Bitcoin could be in for another massive rally that could take the asset all the way up to $100K.

Bitcoin Price Movements

Historically, there has always been a big dip before Bitcoin rallies. The price usually stays within a certain price range for a period of time. Fluctuating slightly between up and down. But never making any substantial movement. After that, the ensuing rally takes the coin usually to a new all-time high.

Bitcoin has now spent 17 days trading within the $20K to $30K range. While not a high number, it is the first time that this has happened. This means that there is an air pocket below the $30K line. It explains why traders have been battling to keep the price above $30K.

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Bitcoin chart from TradingView.com

Bitcoin chart from TradingView.com

Bitcoin trading in the $30K range | Source: BTCUSD on TradingView.com

If the price can hold this line for the next month, then it is likely that we will see $100K per bitcoin by year-end. Holding at a critical point means that there is still faith in the market. People are buying back in because they believe that the coin has hit its new bottom. And that might just be true.

Bitcoin has lost over 50% of its all-time high value. A number that usually spells the beginning of a bear market for an asset. But it has not been down long enough for it to be officially called a bear.

Nevertheless, if the calls that Bitcoin has hit its new bottom are true, then there is nowhere to go but up.

More Likely To Go Up Than Down

According to a Bloomberg report earlier this year, Bitcoin price will likely hit $100K in 2021. The Bloomberg Crypto Index claims that Bitcoin is in a resting bull-cap market. So while it might look like a bear market, the asset is just taking a break before its next rally.

Vinny Lingham is a well-known name in the crypto space. He is famed for having correctly predicted price movements of coins like Bitcoin, Ethereum, and FIL. Due to this, his predictions carry much weight in the market.

Lingham recently posted on Twitter that if Bitcoin could hold the $30K price range, then we could see $100K this year.

Related Reading | Here’s The Level Bitcoin Bulls Must Reclaim For Setup To $49K

Other users chimed in with their opinions under the tweet. With one user even predicting as high as over $150k by Christmas.

One user pointed out the lack of momentum in the market. With there not being a lot of buy pressure at $40K, driving down the price of the coin into the $30K range. But the buying pressure is high at $30K. This prevents the coin from falling below this critical threshold.

The lack of momentum in the market has surely been a cause for concern. But sometimes that is a good thing. With no momentum, investors might believe the market has hit its bottom. Then buying back in to not miss this bottom will be the momentum need to drive up the price.

Featured image from U.Today, chart from TradingView.com


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Crypto Newcomer Backed by Coinbase Soars 50% in One Week, Defying Bitcoin and Altcoin Markets

One small-cap crypto newcomer is defying the widespread downturn that’s hammered Bitcoin and the altcoin markets at large.

The global payments infrastructure platform Celo (CELO) has soared more than 50% in the past week, as larger assets like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and Cardano (ADA) remain in the red on their weekly charts.



The platform’s governance and utility asset is ranked 122nd by market cap and is trading at $3.52 at time of writing, according to CoinGecko.

Celo’s backers include big names in the crypto space like Coinbase, Polychain Capital, and Andreessen Horowitz.

The project, which bills itself as the “platform for mobile DeFi,” is also backed by two huge figures in the social media world – LinkedIn founder Reid Hoffman and Twitter founder Jack Dorsey. Telecommunications giant Deutsche Telekom has also invested in the Celo network.

One potential reason for the asset’s price surge is that Telekom and Andreesen Horowitz both announced last week that they had partnered to stake CELO tokens on Celo’s public blockchain network. Staking allows a user on the network to generate rewards on their crypto assets by depositing coins into the protocol to validate network transactions.

Explains Katie Haun, general partner at Andreessen Horowitz,

“We partnered with Deutsche Telekom because their incentives align with Celo’s vision of building a global payment platform that can be used by anyone with just a mobile phone.”

Although it has significantly outperformed the markets in the past week, CELO is down more than 50% from its all-time high of $7.32, which it reached on May 18th amid a market-wide rally.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Yuganov Konstantin


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Bears back off, but Bitcoin price still wavers below $35K

Although bulls made a show of force in the morning trading hours, Bitcoin (BTC) price is still pinned under the $35,000 resistance and unable to flip the 20-day moving average to support or secure a daily close above the level. 

Data from Cointelegraph Markets Pro and TradingView since rallying to $35,400 on June 28, Bitcoin has traded in a range between $33,850 and $35,000 as the fallout from China’s crackdown on BTC mining continues to reverberate across the market.

BTC/USDT 4-hour chart. Source: TradingView

In addition to turning the Bitcoin mining ecosystem on its head, China’s government also turned the screw on local cryptocurrency exchanges, resulting in the closure of BTCChina. China has also effectively banned crypto derivatives trading for Huobi exchange users.

Bitfinex BTC flows come into focus while the selling continues

According to data from Glassnode, the downside price action over the past week “appears to have created a panic” for both long and short term holders “as demonstrated by the volatility in LTH-SOPR, and deep capitulation in STH-SOPR.”

Bitcoin short- and long-term holder SOPR. Source: Glassnode

Glassnode said:

“STHs have realized losses only slightly less than in the March 2020 capitulation event. LTHs were willing to spend coins with an average cost basis fluctuating between $9.2k and $16.3k this week, suggesting a high degree of uncertainty.”

Further insight into the current market conditions offered by CryptoQuant highlighted Bitcoin inflows and outflows at Bitfinex as a possible gauge for market developments.

According to CryptoQuant’s analysis, the market has seen a “relatively high derivative to spot BTC flow,” a change that usually “implies a turning point” in the market.

CryptoQuant highlighted that the recent increase seen in the Bitcoin all exchange inflow mean (MA7) “indicates that the large deposits that caused the decline are coming to an end,” an observation that was further supported by Bitcoin outflows from Bitfinex, “which was considered the main culprit of the recent downtrend.”

The increasingly risky situation the bears now find themselves in was highlighted by crypto Twitter analyst, William Clemente III, who posted the following tweet pointing to 11 straight days of negative funding.

Bitcoin rally brings relief to the altcoins

Most altcoins saw a turnaround in prices as Bitcoin showed signs of life above $34,000, including a 15.7% gain in Ether (ETH) price that briefly lifted the top altcoin back above $2,100.

Daily cryptocurrency market performance. Source: Coin360

The best performance of the day was posted by Populous (PPT), which surged 100% to an intraday high at $2.67, while IoTeX (IOTX), Kusama (KSM) and Compound (COMP) all registered 33%.

The overall cryptocurrency market cap now stands at $1.402 trillion and Bitcoin’s dominance rate is 46.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.