Recently, Bitcoin’s price has made several significant market recoveries. The most striking aspect of this resurgence has been the breaking of the $57,000 resistance. This essentially established a new four-month high, reaching levels not seen since May’s market peak. Without a doubt, bulls are in charge of the market now, and investor morale is quite bullish as a result. However, according to CrossTower research analyst Martin Gaspar, this might be the start of the rally. According to Gaspar, the expert anticipates the digital asset’s price reaching $100,000 in the final three months of 2021.
📈 Bitcoin Market Remains Stable
The CoinMarketRecap podcast interviewed CrossTower research researcher Martin Gaspar about the top cryptocurrency’s future trajectory on its most recent episode.
Gaspar, who is bullish on the digital asset, highlighted its increasing scarcity as a positive for its future worth.
The increasing number of long-term holders of bitcoin contributes to the asset’s scarcity.
Currently, 81 percent of bitcoin’s total supply is stored in long-term wallets, commonly known as diamond hands. And this has resulted in solid buying pressure on the market as bitcoin approaches a historic supply shortage.
Gaspar also stated that the projected influx of 200,000 BTC from the Mt. Gox settlement would not result in a widespread sell-off.
Given the asset’s recent increase, the analyst believes that investors who are now reclaiming their bitcoins amid years of fighting for them will most likely simply retain the coins.
“I believe we will see less selling pressure from these types of investors. Given that Bitcoin has managed to outperform all other assets throughout this period, I believe that many of them will believe it is just safer to hold on to the Bitcoin.”
💡 Bitcoin To Reach $100,000 By Year’s End
Martin Gaspar discussed the factors affecting bitcoin’s price near the end of the year.
The analyst adds that when the year is nearing its end, traders typically inject money into the market to squeeze out additional gains before the year ends.
Additionally, Gaspar notes that traders are emerging from the summer blues, and this resumption of activity can lift the market.
Despite recent market gains, Gaspar believes the market will continue to trend upward for the remainder of 2021 and far into the first quarter of 2022.
With this tendency, the analyst projects that the price will be above $100,000 by the end of the year, possibly even rising as high as $150,000.
However, Gaspar believes that investors will hold at this stage. There is only a slight sell-off around the $200,000 threshold.