Plenty of strategists are predicting a Bitcoin rally as high as $100,000 by the end of the year, according to an article in Bloomberg. With the first U.S. Bitcoin ETFs now in play, the cryptocurrency reached almost $67,000, and traders are watching to see how the landscape is going to shift.
In the wake of the U.S. ETF launch, the largest cryptocurrency peaked on Wednesday at $63,077, up 0.6%. Institutional investment in crypto assets continued, and the peak fueled the possibility of “whales” buying in, the article continued.
While some analysts predict a rally as high as $100,000, others peg the next target above $65,000 closer to $72,500, then $89,000. Whatever number the next rally hits, this new breakout gives Bitcoin a positive long-term trend and continues to make it a constructive market.