According to new research, Bitcoin (BTC) will reach at least $85,000 in the fourth quarter of this year and may even surpass $100,000.
Decentrader revealed an unapologetically bullish mid-term BTC price forecast in its most recent market update on September 17.
The next stop for BTC/USD is $85,000.
Despite the fact that BTC/USD has remained below $50,000 this week, on-chain metrics have led analysts to remain bullish on Bitcoin price action.
Analyst at Decentrader Filbfilb is no exception, predicting not only a rematch of all-time highs, but also a break through $100,000 before the end of the year.
“With bullish signals in the near term, we could now be setting up for a major run that takes $BTC up to $85,000 before breaking through the psychological barrier of $100,000,” he concluded.
“Preparing for an explosive fourth quarter of 2021.”
For some time, Bitcoin price performance has been playing catch-up with underlying network fundamentals and on-chain data, as we previously reported.
As a logical conclusion to this process, the remainder of this year should be characterized by a squeeze upwards, similar to events in 2020. However, the Bitcoin price in dollars should be an order of magnitude higher this time.
“If price rallies as we anticipate in the coming weeks, our first major target is a level that front-runs the 1.618 fib retracement level at $85,900,” Filbfilb wrote.
“We do not believe this will be the major cycle high, but it may serve as a barrier ahead of a potential parabolic run that takes us beyond $100,000.”
Altcoins do not share the same level of optimism.
Bitcoin was trading around $47,000 at the time of writing on Friday, with the market exhibiting no discernible upward or downward trend.
With a few exceptions, such as Shiba Inu (SHIB), altcoins suffered, but overall disappointed traders as the top ten cryptocurrencies outperformed Bitcoin on daily losses.
Solana (SOL), the group’s worst performer, lost 12 percent in 24 hours, while Ether (ETH) lost 5.2 percent.