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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst

Best Owie
Best Owie
1 year ago
3 mins read
Picture of a shadowy bull emerging from smoke with two gold bitcoins in front of it

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Bitcoin has made a number of marked recoveries in its price lately. The most notable of this recovery has been the break above $57,000. This effectively set a new four-month high, hitting price points that have not been reached since the market had peaked in May.

It is no doubt that the bulls currently have control of the market and investors’ sentiment is very positive with this. But CrossTower research analyst Martin Gaspar thinks this may only be the beginning of the rally. It would seem the analyst is in the camp of investors who expect the digital asset’s price to hit $100,000, which Gaspar says could very well happen in the three months left of 2021.

Related Reading | Why A Parabolic Move Is Expected For Bitcoin, Billionaire Mike Novogratz

Market Holding Steady

The CoinMarketRecap podcast hosted CrossTower research analyst Martin Gaspar on its latest episode to talk about the future trajectory of the top cryptocurrency. Gaspar, who took a bullish stance on the digital asset, emphasized the asset’s growing scarcity as a good thing for its value going forward.

Bitcoin’s scarcity is partly attributed to the increase in long-term holders of the asset. A reported 81% of the entirety of bitcoin’s supply is currently held in wallets that are holding for the long-term, also referred to as diamond hands. And this has put significant buy pressure on the market as bitcoin heads into a historic supply squeeze.

Bitcoin price chart from TradingView.com

Gaspar also commented that the expected 200,000 BTC coming into the market from the Mt. Gox settlement will not lead to a mass sell-off. The analyst believes that the investors who are finally getting their bitcoins back after years of fighting for it are most likely just going to hold the coins given the growth of the asset in the past few years.

“I don’t think we’re going to see as much selling pressure from these sorts of investors. Bitcoin has continued to outperform all other assets during this timeframe, so I think a lot of them will feel it may just be safer to hold on to their Bitcoin.

Bitcoin Hitting $100K By Year-End

Martin Gaspar outlined factors that influence bitcoin price towards the end of the year. The analyst explains that the time-crunch of the year running out usually has traders putting money into the market to squeeze out more gains before the year runs out. Also, Gaspar says, that traders are coming out from the slow months of summer, and this resumption in activities can boost the market.

Related Reading | CEO Of Soros Fund Management Confirms That The Family Office Is Invested In Bitcoin

Even with the recent gains in the market, Gaspar sees the market trending higher for the rest of 2021 and well into the first quarter of 2022. With this trend, the analyst puts the price at the end of the year above $100,000, perhaps even trending as high as $150,000. But Gaspar believes investors will hold through this point. Only seeing some sell-off around the $200,000 mark.

Featured image from BlockPublisher, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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