One analyst sees Bitcoin at $200,000 before the end of the year. However, two factors need to be met for that to happen.
Bitcoin remains bullish. Overnight, the cryptocurrency posted a minimal price loss of 1.34 percent, but on a weekly basis, the digital store of value can hardly be stopped. BTC is nearly 15 percent above its trading level compared to seven days ago. At press time, Bitcoin is trading at $45,121. Additionally, the strong performance in the altcoin sector ensures that the total market capitalization of the crypto space is on the verge of recapturing the $2 trillion range.
The Bitcoin as a candle chart in weekly view, source: Yellow Rocket Agency
Bitcoin: $200,000 before the end of the year?
After months of drought, the bulls have now re-entered the digital trading floor and continue to drive Bitcoin forward. Just yesterday, the digital store of value set a new high since the flash crash in mid-May at $46,735. Prior to the price correction, many were predicting a Bitcoin price of $100,000 by the end of the year. This forecast seemed to have receded into the distance in the meantime, but thanks to the recent rally, analysts are regaining hope, including Justin Bennet. Via his Twitter account, the crypto specialist drew a possible scenario in which Bitcoin could even break through the 200,000 mark this year.
However, two factors are crucial for this to happen. On the one hand, the 47,000 mark, which the digital store of value must first conquer in the long term before the actual showdown can take place. The area around 65,000 US dollars – the zone around the current all-time high – would also point the way, says Bennet. According to the crypto analyst, if Bitcoin manages to break through this mark, it will set in motion a FOMO wave of unprecedented proportions that will ultimately push the BTC price to 200,000 US dollars.S dollar, he said.
Bennet, however, urges caution. Bitcoin still has a lot of work to do to break the old resistances in and up to the 60,000 area.
Yellow Rocket Agency analyst Stefan Lübeck also sees the 47,000 and 48,000 levels as eminent resistances in his price analysis to drive Bitcoin further north. In the short term, he predicts, the digital store of value will have to break through these areas to reach its interim target at $50,000.
Ripple on the rise
Meanwhile, among the top 10 coins, Ripple is crowning itself the day’s winner. XRP gained nearly 12 percent overnight and even recaptured the US$1 mark in the meantime. At press time, the cryptocurrency is trading at $0.99.
The rally was preceded by bullish news from South Korea. GME Remittance, one of the country’s largest non-bank remittance service providers, announced it would be joining RippleNet. The company says this is intended to speed up and simplify transactions between South Korea and Thailand. It is also working with Thailand’s Siam Commercial Bank (SCB) to do so. A total of 184,000 Thais are expected to benefit from the partnership.