Tag: Bitcoin Prediction

Cathie Wood’s ARK Invest Puts Bitcoin At $1 Million By 2030

by NEWSBTC

Investment firm ARK Invest has revealed its bullish outlook for bitcoin. It is not the first time that the company would be taking such a bullish stand on the digital asset. But it is the first time that it is putting the price of the cryptocurrency at such a high price point. This comes following the recent market crash that saw bitcoin lose about 50% of its all-time high value but this has done nothing to deter the firm from seeing a largely successful future for the digital asset.

Bitcoin At $1 Million

The latest prediction from the investment firm came in a recently published report that held a particularly promising outlook for the blockchain and the technologies that surround it. This included the application of public blockchains, of which the report put forward that bitcoin was the “most profound application” of this.

Related Reading | Bitcoin Inflows Suggest Institutional Investors Are Moving Back Into The Market

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For the value of bitcoin itself, the points expressed in the report held closely to that of its leading figure, Cathie Wood. Wood had earlier said that she believed that the price of bitcoin would hit the $500,000 mark in the next five years, propelled forward by institutional investors moving just 5% of their portfolios into the digital asset. The report suggested that they believed this number would double in the following half a decade, putting its price at $1 million by 2030.

Bitcoin price chart from TradingView.com

BTC resumes another downtrend | Source: BTCUSD on TradingView.com

Citing market research carried out by the firm, it put the growth rate of bitcoin in the next decade at 25-fold, saying that the digital asset possessed significant appreciation potential over this time period.

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“According to our research, Bitcoin’s market capitalization could scale more than 25-fold in the next decade, with each exceeding $1 million in value,” the report read.

Where Does Ethereum End Up?

Bitcoin was not the only digital asset that received much praise and positive outlook in this report. As stated above, the report’s stance on the market, in general, was gleaming and Ethereal was no different in this regard.

Ethereum which has been one of the fastest-growing crypto projects has been put forward as being a valuable investment option going forward and ARK Invest does not disagree. It put the second-largest cryptocurrency by market cap at a whopping $20 trillion market cap by 2030.

Related Reading | Goldman Sachs: Mainstream Adoption Won’t Boost Bitcoin Price

Given that this time frame is less than a decade away, it means that the digital asset would have to grow at least 7,000 times from the current market value to hit this valuation. However, ARK Invest remains confident in the digital asset’s ability to appreciate due to its dominance on financial services existing on the blockchain.

If ethereum does reach the $20 trillion market cap, then the asset’s value would rise to around $170,000-$180,000 apiece. Still less than half of bitcoin’s expected valuation by the firm, but a growth rate that would rival even the best of the best in any financial market.

Featured image from Blockchain News, chart from TradingView.com

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Struggling Prices Beats Bitcoin Expectations Down From $100K To $50K

by NEWSBTC

At the height of the bitcoin rally, end-of-year predictions had flown around with abandon. Most had placed the price of the digital asset at $100,000 before 2021 ran out. With the movement of the asset at that point, one could easily look at those predictions and see how it could be a possibility. However, the crypto market has proved again that there is really no telling what might happen with it.

Bitcoin had ridden the wave up to $69,000 but that would prove to be the top of that rally as a crash sent the price back towards $40,000 not too long after. Now, the price of bitcoin is struggling to regain its footing above $50,000.

Related Reading | Investors Take Refuge In Bitcoin As Inflation Rises

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Hoping To Finish At $50,000

Craig Erlam, a market analyst at Oanda, has given thoughts on bitcoin in a recent client note. The analyst noted that although many had been hoping for the price of bitcoin to finish the year above $100,000, market momentum had dashed those hopes and now a finish above $50,000 for the year is what is being hoped for.

Another analyst at Oanda, Edward Moya, notes that the digital asset had taken a beating alongside big techs which had sent its price towards its current levels. Nevertheless, the analyst added that despite this, the market continues to face a medium to long-term bullish outlook.

“The cryptocurrency space is seeing a lot of repositioning and that is leading to some unwanted selling pressure, but the medium to long-term outlook remains strong,” said Moya.

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Bitcoin price chart from TradingView.com

BTC holding steady above $47,000 | Source: BTCUSD on TradingView.com

How Is Bitcoin Ending 2021?

Analyst Craig Erlam notes that bitcoin has had another chaotic week of trading. This has been the case since the first market crash rocked the market at the beginning of December, sending the market straight into the red. However, bitcoin has managed to pick up support at $47,000, which the analyst said means that the digital asset is unlikely to give up this price.

Related Reading | WikiLeaks And Bitcoin: A Crypto Love Story?

On the other hand, crypto bulls are also trying to pull bitcoin out of the current trend. The holidays have already begun, signaling the end of the year, and the bulls would prefer to end what has been a “stellar year” on a positive note. “Many were hoping for six figures by year-end, now they may be crossing their fingers and hoping for half that,” said Erlam.

Finishing at $50,000 is not necessarily a bad finishing point for bitcoin. Compared to the beginning of the year, it would mark an at least $20,000 higher close.

Featured image from CNBC, chart from TradingView.com

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Market Analysts Explain Why This Correction Is Good For Bitcoin

by NEWSBTC

The recent bitcoin correction down from its all-time high has had the market in a panic in the past week. However, not everyone has seen it as a bad omen. The digital asset’s price had gone down below $60,000 causing investors to believe the bear market had arrived. Mostly, small-time investors had been hit the most by panic as sell-offs happened through the space.

Nevertheless, the correction was bound to happen following the incredible run that bitcoin had. Market corrections are always normal and expected after a bull rally but market analysts have pointed out that this particular correction could have some positive implications for the digital asset going forward.

Related Reading | Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years

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Be Grateful For The Slump

Analysts at BOOX Research recently released their analysis of the market and shared thoughts surrounding current market conditions. The analysts explained that the correction was good for the digital asset. This type of slump is important for a “healthy” market and bulls should be grateful for it, the analysts said.

The recent sell-off has not been bad for the market and although bears believe that bitcoin had already seen its top, this is not true. BOOX Research analysts further explained that the market is nowhere near the “crypto winter” despite its 20% downward retracement. Further stating that the fact that the digital asset had held above $50,000, which is an important psychological level for bitcoin, shows that it is still going strong.

Bitcoin price chart from TradingView.com

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BTC dip continues | Source: BTCUSD on TradingView.com

The analysts pointed out that a major pullback would have been witnessed if the price had broken below $50,000, leading to a $30,000 retest. However, it would take something impactful, like an “unforeseen major regulatory setback” for the asset to break below this level.

Bitcoin Headed For $100,000

Analysts at BOOX Research have echoed a widely held prediction in the crypto space. That is, bitcoin at $100,000. The analysts put the digital asset at this price point in 2022 but not without a bit of a hurdle. In their report, they state that the digital asset would have to first break above $60,000, which would set it up for an all-time high retest. Additionally, the asset is expected to accelerate towards $75,000 until it touches $100,000 next year.

“Bitcoin has made several key pivots around $50,000 going back to February of this year. We expect the bulls to put up a strong fight and hold that line if it gets down there, which could be a good spot to add to positions.”

Related Reading | JPMorgan Lists Ethereum As A Better Investment Than Bitcoin

For the pioneer digital asset, the pullback has done for good for it. Prices have stabilized somewhat – as stable as they can be for the highly volatile crypto market – setting the asset up for another bounce above $60,000. Bitcoin had recovered back up to $59,000 on Thursday and indicators point to a continuation of the bull rally.

Featured image from Republic World, chart from TradingView.com

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Institutional Buys Will Put Bitcoin At $500,000 In Five Years, Cathie Wood

by NEWSBTC

Cathie Wood is no longer a hardly recognizable name in the bitcoin space. The CEO of ARK Invest has become one of the most prominent proponents of the digital asset. Wood had pitched her tent with bitcoin a long time ago and has not looked back since then. In fact, she has proven to be one of the most bullish in the space with her predicted value of bitcoin at $500,000.

Wood had previously placed the asset at the exact value at different times in the past and she seems unshaken in her resolve after reiterating her stance on the matter. Once again, the CEO has come to defend her belief in the exact. For the long-term, she sees the asset rising above $500,000, putting the time frame at only five years.

Related Reading | Famed Psychologist Jordan Peterson Says “Inflation Be Damned” As He Buys More Bitcoin

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What Will Drive Bitcoin To $500,000?

ARK Invest CEO Cathie Wood appeared on Barron’s on Wednesday. In the interview, the CEO opened up about her expectations for bitcoin and what she believed would drive the digital asset there. The first thing was institutional buy-ins into the asset.

It is no secret that institutional investors have ramped up their stakes in the digital asset market. Inflows for the year broke the record set in 2020 with two months still left to go in the year. Total asset under management for bitcoin quickly rose and is now sitting at a record high of $56 billion, according to the last CoinShares report. This increased momentum, says Wood, is what would drive bitcoin towards $500,000.

Bitcoin price chart from TradingView.com

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BTC price recovers from dip | Source: BTCUSD on TradingView.com

Despite the rapid rate of investment among institutional investors, it is still estimated that less than 5% are allocated to bitcoin. However, the trend is growing among big money and Wood explained that if “institutional investors move into bitcoin and allocate 5% of their portfolios,” then bitcoin would hit $560,000.

The CEO expects this to happen but puts the timeline in five years. This means that Wood sees the price of bitcoin touching above $500,000 by 2026 given current investment trends.

The Evidence Is In The Data

One thing that also backs up the CEO’s strong resolve in this prediction is the data recorded on the bitcoin blockchain. Blockchain technology makes it so that every transaction carried out is public information and she explained that this data helps to see how money is changing hands in the space. “We can tell it’s happening because of on-chain analysis,” Wood said.

Related Reading | Mt Gox Gets Approval To Return 141,686 To Victims Affected In 2014 Hack

Although bullish on institutional money coming into the digital asset, Wood had expressed surprise over the recent move by companies such as Square, Tesla, and MicroStrategy diversifying their balance sheets using bitcoin. However, the market expected this given that all of these companies have Bitcoin Maximalists at the helm.

Bitcoin’s low correlation with other cryptos may also be a convincing factor for institutional investors who are looking to invest in the space. “The correlation is very low,” said Wood, and since the correlation of returns by investing is low, then institutions may well be raising their returns and risking less over time, she added.

Featured image from PageOne.ng, chart from TradingView.com

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Analyst Puts Bitcoin Bottom At $50,000, Here’s Why

by NEWSBTC

With bitcoin rallying, all the focus has been on predicting where the price of the asset will be by the end of the year. The digital asset is undoubtedly going to enter a period where various crashes will send the price down, popularly known as a bear market. Not a lot of attention has been paid to where the price of the asset might bottom out when the market inevitably goes into another bear market.

This usually long stretch of low momentum has seen bitcoin lose 94%, 87%, and 84% of its peak value respectively in the last three bear markets. One recurring theme of the bear markets has been the diminishing percentages of total value lost. At this rate, it is expected that BTC will see between 75% and 80% loss from its peak this cycle. Market analyst Justin Bennett uses this to predict where BTC will bottom out next.

The Next Bitcoin Bottom

Bennett put the next bitcoin bottom at $50,000 after analyzing the possible price movements of the digital asset. With the current cycle, the analyst sees the price of bitcoin hitting $200,000 before the bull run is over, hence a 75% to 80% pullback in a bear market will see the bottom of the asset land around the $50,000 range.

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Related Reading | Bitcoin Leads Charge Of Large Cap Altcoin Dominance In October

This bottom is solely based on the cryptocurrency hitting the price range that Bennett expects the asset to peak at by the end of the rally. If BTC does not hit this price point before the bull rally is over then we might see a BTC bottom land at a much lower price range.

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com


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BTC goes into the red ahead of Friday opening | Source: BTCUSD on TradingView.com

Bennett’s pullback analysis has a lot of credit given that markets are historically known to see lower pullbacks as assets mature. So the 75% to 80% mark does resonate with what the market is known to do. However, if the price of BTC falls short of Bennett’s prediction or doesn’t move the needle much from its current price point, then the BTC bottom may land in the $10,000 to $15,000 range using the pullback analysis.

The Peak Before The Fall

Bennett’s analysis did not focus solely on the crash of the digital asset. He put forward his argument for the price of BTC at $200,000 using technical analysis of the market. The analyst points to Fibonacci extensions as indicators of where the price of bitcoin may peak during this cycle.

For the Fibonacci extensions, comparisons between the 2.272 and 2.414 extensions from previous cycles have both given a target area which the asset had hit both times. Going by this, Bennett sees the asset peaking between $207,000 and $270,000 before the current cycle is over.

Related Reading | Bitcoin New All-Time Cleared, $100,000 Straight Ahead?

Moving forward, the analyst plans to use the monthly RSI to time market exits “Notice how BTC tends to end cycles when the monthly RSI reaches above 90,” Bennett says. “It’s also exhibited a double top pattern each cycle, which leads me to believe it happens again.”

Bennett plans to use a combination of net unrealized profit/loss (NUPL) and the monthly RSI to slowly exit the asset over the next couple of months.

Featured image from YouTube, chart from TradingView.com

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Wall Street Strategist Puts Bitcoin As High As $168,000 By Year-End

by NEWSBTC

Co-founder of Fundstrat and Wall Street Strategist Tom Lee has revealed his expectations for bitcoin before the year runs out. According to a Bloomberg report, Lee revealed that he had high expectations for the digital asset, which he believes would hit the $100,000 mark by the end of the year, and added that the asset could go as high as $168,000 before the year runs out.

Lee has always maintained a bullish stance on cryptocurrencies. He had earlier stated that he expected the asset to hit $100,000 this year. Now, Lee looks to be doubling down on this prediction which he had made back in May.

Related Reading | Strike Launches New Feature To Allow Users Convert Salaries To Bitcoin

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The asset’s volatility has never worried the Wall Street strategist who acknowledges the highly volatile nature of it. “I think bitcoin is hyper-volatile,” Lee told TechCheck in May. “That’s the nature of it, but that’s what creates the reward for people.”

ETFs Are The Driving Force Behind Prediction

The co-founder also explained the factors driving his price prediction for the digital asset. He drives the point back to the recent ETF approvals that bitcoin had seen recently. The first U.S. Bitcoin Futures ETF is scheduled to begin trading this week and Lee believes that the ETF approvals are the major reason behind the asset hitting the $100K price mark.

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com


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BTC price sits above $62,000 | Source: BTCUSD on TradingView.com

Adoption is the name of the game and the co-founder says that the Bitcoin Futures ETF will help to drive more adoption for the digital asset. The inflows which will come from this adoption will translate into a higher value for the asset.

With the newly approved Futures ETFs, Lee explains that the fund will allow more individuals to allocate a portion of their investment portfolios to crypto, and “this will drive significant new inflows.”

Getting Bitcoin Over The $100,000 Mark

Bitcoin at $100,000 is an increasingly popular prediction amongst top market participants. Although the asset had taken a significant beat-down in the market in September, most still maintained their predictions that the asset will hit $100,000 before the year runs out. The predictions have been attributed to a number of factors but the forecasts have always remained the same; the market will see BTC at $100K before the next bull market.

Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High

Not surprisingly, Lee is not the only prominent figure who has put the digital asset at this value in Q4 of 2021. Various market analysts have put the asset at the same value by year-end. Skybridge Capital CEO Anthony Scaramucci has also said the asset will hit this price point, pointing out that as adoption grows worldwide, so will the value of BTC grow with it.

Not everyone has jumped on the bitcoin at $100,000 bandwagon though. Fidelity analyst Jurrien Timmer told CNBC that BTC could be far from hitting $100,000. The analyst believes the price will eventually hit this point but puts it on a much longer time frame. “I will note that the next (and last) time my puppy-and-demand models intersect is at around $100K in 2023 or 2024,” Timmer said.

Featured image from The Cryptonomist, chart from TradingView.com

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Market Analyst Sees Bitcoin Peaking At $100,000 By Year-End

by NEWSBTC

Bitcoin has been subject to a number of predictions as it nears the fourth quarter of the year. The price of the digital asset is still up at this point, and investors are expecting the run to continue. While it is still not sure when the coin might break its previous all-time high again, experts are expecting the digital asset to 2X or more from this point. Among the analysts that believe bitcoin is destined for $100,000 by end of the year is market analyst Kevin Wadsworth.

Related Reading | Ex-Goldman Exec And Real Vision Founder Puts Ethereum Value At $20,000 By March 2022

Wadsworth is the co-founder of Northstar & Badcharts, a company that provides technical analysis to its customers. The co-founder was on Kitco News to talk about cryptocurrencies with news anchor David Lin. Here, Wadsworth gave predictions for what he saw for both the short term and long term for bitcoin.

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A Dip Before The Climb

Analyst Kevin Wadsworth explained that while the bull market is not over, it is going to run out before the end of the year. Wadsworth’s prediction was that bitcoin would most likely fall before continuing the bull run. Putting the floor of this dip at $40,000 before beginning another run. But this time, the run would lead to new all-time high records for the digital asset.

“I think the crypto bull market will conclude before the end of the year. All the crypto charts I’ve been drawing and looking at vary a little bit in timing between the third week of September and some of them perhaps into mid-October or even late October. So there’s this sort of four-week window there between late September and late October where I’d be looking for the crypto bull market to reach its peak.”

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com


BTC price still trading less than $50,000 | Source: BTCUSD on TradingView.com

Wadsworth puts the price of bitcoin at $100,000 by the time it reaches its peak. Adding that going up above $100,000 would be a bonus generally for the market. In addition to BTC hitting this price, he predicted that the rest of the altcoin market is most likely to follow with significant gains.

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Bullish On Bitcoin Long Term

Kevin Wadsworth made an interesting revelation with regards to bitcoin in five years. Wadsworth explained that his company’s analysis of the digital assets leads them to believe that the price of BTC is set to surge to $1 million in the next fours years. He puts the year for achieving this price at 202 for bitcoin. While adding that his company’s analysis possesses a success rate of 90%-95% with such predictions.

Related Reading | Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is “Worthless”

Wadsworth added that while he was bullish, he was also cautious. Referring to his stand as “cautiously bullish.” And with bitcoin’s movement, the co-founder expects altcoins to also surge. “If we get to $100K, I expect the altcoins, Ethereum and the rest, to triple and quadruple,” said Wadsworth.

Featured image from Financial Times, chart from TradingView.com

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Bitcoin whales join ‘small fish’ in buying BTC as price holds above $47K

by Cointelegraph

Rich crypto investors are turning their attention back to Bitcoin (BTC) as its price continues to eye a breakout move above $50,000.

Crypto-focused newsletter Ecoinometrics reported positive changes in Bitcoin holdings for addresses controlling 1,000-10,000 BTC. So, based on their rising account balances throughout August, Ecoinometrics spotted a renewed accumulation sentiment among “whales,” hinting that wealthy investors consider the current Bitcoin price levels as attractive to place bullish bets.

Bitcoin accumulation trend versus price levels. Source: Ecoinometrics

The sentiment appeared the same among small fishes—Bitcoin investors that hold less than 1 BTC. Ecoinometrics reported that they have been accumulating Bitcoin since June and, during a period, have also absorbed the selling pressure coming from the whales’ side. Their buying sentiment coincided with a price rally to $50,000, a key psychological resistance level.

“Recently, there has been some on-chain divergence between small fish who are accumulating coins [and] whales who are offloading coins,” tweeted Ecoinometrics on Sunday.

“That’s not ideal [for supporting] Bitcoin’s price, but it looks like things are changing! Whales are ticking back up.”

Supportive data

Blockchain analytics platform Glassnode also reported a spike in buying sentiment among small fishes. In detail, the number of addresses holding at least 0.1 BTC reached a 3-month high of 3,231,069 on Monday, further validating the accumulation data above.

Bitcoin number of addresses holding over 0.1 BTC. Source: Glassnode 

Meanwhile, Glassnode’s unspent transaction output (UTXO) data alert presented the $45,000-$50,000 range, wherein whales capitulated the most recently, as a strong support area.

“Over 1.65M BTC now have an on-chain cost basis within the $45k to $50k range,” the platform tweeted Monday, adding:

“The $31k to $40k zone is also home to another 2.98M BTC, indicative of large accumulation demand.”

Bitcoin UTXO realized price distribution. Source: Glassnode

Bitcoin holds above the ‘green wave’

The whale and fish alert surfaces as the Bitcoin market await a clear breakout move above $50,000.

Related: Bitcoin accumulation accelerates among ‘whales’ and ‘fish,’ while BTC rallies to $40K

As it stands, the BTC/USD exchange rate has been consolidating under the said resistance level since Aug. 27. In doing so, the pair have also found interim support above $47,000, which, more or less, has been coinciding with a 20-day exponential moving average floor (20-day EMA; the green wave in the chart below).

BTC/USD daily price chart featuring the 20-day EMA support. Source: TradingView.com

Historically, a break below the 20-day EMA prompts traders to move their downside target to the 50-day EMA (currently near $43,500). Popular market analyst Rekt Capital also presented an outlook that highlighted the levels around $43,500 as Bitcoin’s next support range.

Small fishes have accumulated Bitcoin relentlessly in the $40,000-$50,000 range, with no signs of trend reversals in the previous 30 days. On the other hand, whales underwent a capitulation period when Bitcoin entered the $45,000-$50,000 range.

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.