03.03.202112:55 Forex Analysis & Reviews: Will Bitcoin's new target of $ 100,000 turn into a reality?

Long-term review

Exchange Rates 03.03.2021 analysis

There is a continuous hype around the leading digital currency, which is caused by its sharp growth and no less deafening decline. In view of this, analysts expect Bitcoin to break more records, namely up to the level of $ 100,000.

The rising volatility in the cryptomarket keeps investors and traders in focus. Last night, Bitcoin broke through the level of $ 50,000 for the first time in the last five days. And now, it is recovering after the 25% correction during the previous week, which is believed to be the largest since March 2020. On Wednesday morning, Bitcoin is trading in the range of $ 49,750- $ 49,825, trying to further rise towards new peaks.

Exchange Rates 03.03.2021 analysis

It should be noted that BTC's sharp growth was due to huge investors' increased attention to it. As an example, MicroStrategy announced that it will add $ 15 million investment in Bitcoin. Goldman Sachs, largest investment bank, was also planning to continue trading Bitcoin futures. However, the hype in the cryptomarket began to decline, which negatively affected the dynamics of the main crypto currency.

Recently, Bitcoin has regained some of its lost positions amid the growth of the US stock market, but the correction that happened during the previous week changed the current balance of power. According to analysts, a downward trend can now be expected. In this case, the main virtual asset is expected to remain in the range of $ 43,000 - $ 52,500 in the near future. Its price rising to the upper level of $ 52,500 will be very important for the further dynamics of the crypto asset this month.

There are quite optimistic forecasts for the indicated cryptocurrency. Institutional traders expect it to rise to $ 75,000 and above. At the same time, LMAX digital currency strategist Joel Kruger, says that Bitcoin can only decline if the US and global stock markets plunge. And although they are currently rising, the situation may change any time soon.

The most inspiring scenario was mentioned by Mike Novogratz, CEO of asset management company Galaxy Digital. He has repeatedly improved his previous forecast for Bitcoin. According to him, the leading digital coin may rise to an impressive level of $ 100,000 by the end of 2021. The CEO drew attention to the growing interest of large and institutional investors in the first cryptocurrency. He said that the widespread use of the flagship crypto asset, including by large financial institutions, suggests that BTC will reach $ 100,000 by the end of this year.

The position of the head of Galaxy Digital inspired a lot of market participants. Investors and traders are wondering: if Bitcoin successfully reached the high of $50,000, then why not double it? What will prevent the leading cryptocurrency from surging to $100,000? As time goes on, such ambitious forecasts often become a reality, striking with their boldness. Experts highlighted that this is extremely significant relative to the main digital asset.

Larisa Kolesnikova,
Analytical expert
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