Bitcoin is yet to make a move to the upside after falling from a recent high of $52k. However, analysts are bullish on the top crypto asset as they have predicted an all-time high of $85k for it before the year ends. According to them, only a significant negative report can see BTC reach the bottom. Until then, an uptrend is most likely.
Interestingly, their analysis also foresees a breakout from $85k to $100k in Q4 as have been the speculations of most Bitcoin proponents. Crypto market data aggregator Decentrader in its latest market report predicted a bullish outcome for Bitcoin by the year’s end. Decentrader’s co-founder @filbfilb is anticipating a retest of recent all-time highs including $52k before BTC surges to graze $100k.
BTC/USD I-day Chart Source: TradingView
BTC’s Breakout From $85k Would Lead to $100k,
@filbfilb noted that there are bullish signals in the near term for BTC which would instigate a price rally to $85k before the psychological barrier of $100k is broken. BTC is trailing behind these predictions like its movements in 2020. Thus, an uptrend is most likely for the rest of the year.
According to filbfilb, if the predictions are anything to go by, the first port of call for Bitcoin in wake of a rally is at the fib retracement level of 1.618 which is also the $85,900 price mark. This is not the most likely all-time high for BTC but will act as a resistance point, preceding the wavy ride to $100k and beyond.
Altcoins Rebel Against BTC Sentiments
Bitcoin is currently ranging at the $47k zone, about 13% shy of its recent all-time high. Altcoins have remained non-committal to the assertions made by analysts on BTC with the largest altcoin by market cap, Ethereum losing 5% off of its price.
But ETH is not the only altcoin loser in Friday’s market. Self-acclaimed Ethereum Killer, Solana is one of the biggest losers despite its heroics as of last week. At the time, Solana had surged to an all-time high of $215 on the back of the NFT momentum that is still reigning supreme in the crypto ecosystem. Solana is looking to displace Ethereum as the hub of decentralized finance. Currently, Solana is down by 12%.
ETH/USD 24-hour Chart Source: TradingView
Meanwhile, some altcoins had taken an exception to the outlook of ETH Sol. Meme cryptocurrency, Shiba Inu registered an increase on account of its latest listing on Binance.US, the US subsidiary of Binance Global, one of the leading crypto exchanges globally. SHIB/USDT is up 16% as of press time.