While Bitcoin continues to float around $ 100,000, experts debate how high this cycle can go. Hadley Stern from Marinade Finance recently shared his thoughts and said that he is tired of the constant hype around $ 100k and believes it is time for Bitcoin to break by forever.
On the Milkroad podcast, Stern said that this cycle could see Bitcoin climb up to $ 160,000 before he finally turned around $ 120,000. Although some people see this as a conservative estimate, given other predictions ranging from $ 150k to $ 250k, and even extreme calls from $ 500k to $ 1 million, Stern believes that it is a realistic target.
“I still think that $ 160k would be an excellent top for this cycle,” he explained, pointing out that the market tends to be stuck at psychological price levels such as $ 100,000, just as it did at $ 10,000 years ago.
He also said that with the growing institutional involvement, especially by Bitcoin ETFs and company buyers such as MicroSstratey, there is a strong buying pressure in the market. About 6% of Bitcoin’s total range is now held by ETFs, which could help to push prices higher.
Although he admits that there is always room for surprises and acknowledges that some traders bet on $ 200k or higher, Stern regards his purpose of $ 160k as a balanced estimate.
Bitcoin price in the short term prediction
Bitcoin has steadily exchanged in a price range and the situation has not changed much in recent days. The cryptocurrency is Still moving within an emerging trend channel, With the upper limit that acts as a resistance.
Bitcoin is currently above $ 107,9000. If it succeeds in pushing a little higher, it could test the $ 130,000 region within this cycle. However, traders must be prepared for a possible dip to the $ 100,000 – $ 104,000 support zone in the upcoming sessions. If Bitcoin remains above this area during a withdrawal, this would be a positive sign for a new rally.
A deeper decrease to $ 91,000 – $ 95,000 is still possible, but not necessary unless Bitcoin does not have its current reach.
Credit : coinpedia.org
