Over the past year and a half, Bitcoin has risen in price by eight times. Experts predict that the flagship cryptocurrency is looking at an even more radical upturn, and there are clear indicators of that possibility. But how long such a triumphant ascent will last, one can only guess.
Earlier this year, the American financial holding JPMorgan announced a bold forecast for the price of Bitcoin for the autumn-winter period. JPMorgan predicted that the first cryptocurrency could grow to $146,000 as it competes with gold as an alternative currency: “a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year,” the strategists at JPMorgan explained.
Analyst Willie Woo claims that the next explosive rise in the Bitcoin exchange rate will happen between October and November. He explains this with the fact that long-term holders continue to accumulate cryptocurrency. When the accumulation reaches its peak, there will be an impulse that will make the prices of digital assets skyrocket, Woo predicts.
A similar opinion is shared by Latvian entrepreneur, investor, and financier Reinis Tumovs. He believes that September will be a significant milestone for anyone engaging in the crypto market: “Investors and large funds will come out of hibernation. The moment of accumulation of positions will come, and we will all witness an increase in the price of Bitcoin.”
Even during last year’s depreciation, the President of the Russian Association of the Crypto industry and Blockchain (RACIB) Yuri Pripachkin commented on the situation optimistically, suggesting that Bitcoin would approach $100,000 this autumn.
“As long as the price of Bitcoin remains within the $43,000-52,000 range, there is no cause for concern,” – says Nikita Zuborev, senior analyst at Bestchange.ru. Zuborev believes that Bitcoin may experience several pullbacks and eventually break the top mark. He claims that this will raise the bar for the potential of the cryptocurrency to the level of $65,000. The analyst draws attention to the fact that this forecastа aligns with the s2f model, which suggests that at the beginning of autumn 2021, Bitcoin will be worth more than $100,000. However, he also has a less optimistic forecast, according to which the BTC price could fix below $46,000.
The creator of the S2F PlanB model is also rather optimistic. According to him, the autumn months will be key for the price of the flagship cryptocurrency, and by the end of this year, it is more than likely to reach $100,000.
“The trajectory of Bitcoin in recent years has been repeating itself almost all the time, and if you compare it with last year, then the situation is likely to develop like this: Bitcoin can quite realistically overcome the past record marks of over $64,000 per coin,” says Artem Deev, head of the analytical department at AMarkets. According to him, the charts clearly show an upward trend that could last until spring.
Vladimir Smetanin, General Director of the Swiss financial company Newcent, predicts this autumn to be the most lucrative time of the year for any digital assets. He also believes that Bitcoin will reach the $100k mark in the coming months.
As you can see, according to experts, there are no reasons for any serious decline in the price of Bitcoin. And, in the absence of any negative news, its price could rise to new heights. As recent events show, the market has grown tired of stagnation, and even the Chinese mining ban news has run its course. So at this point, the only way to go is forward.