{"id":339093,"date":"2021-09-14T16:43:57","date_gmt":"2021-09-14T13:43:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/are-strong-technicals-enough-to-bring-bitcoin-price-to-100k-in-2021\/"},"modified":"2021-09-14T16:43:57","modified_gmt":"2021-09-14T13:43:57","slug":"are-strong-technicals-enough-to-bring-bitcoin-price-to-100k-in-2021","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/are-strong-technicals-enough-to-bring-bitcoin-price-to-100k-in-2021\/","title":{"rendered":"# Are strong technicals enough to bring Bitcoin price to $100K in 2021?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3befb8c17da\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3befb8c17da\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/are-strong-technicals-enough-to-bring-bitcoin-price-to-100k-in-2021\/#Contributing_factors\" >Contributing factors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/are-strong-technicals-enough-to-bring-bitcoin-price-to-100k-in-2021\/#Some_doubts_for_100000\" >Some doubts for $100,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/are-strong-technicals-enough-to-bring-bitcoin-price-to-100k-in-2021\/#Bitcoins_technicals_look_strong\" >Bitcoin\u2019s technicals look strong\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/are-strong-technicals-enough-to-bring-bitcoin-price-to-100k-in-2021\/#Looking_ahead\" >Looking ahead<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Are strong technicals enough to bring Bitcoin price to $100K in 2021? <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvNjczMTNhNmQtNzNmMC00Yjc4LWJjYmEtZjAyMmE4NTQ1NjkyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>After scaling up to a relative high of around $53,000 just over two weeks ago, it seemed as though Bitcoin (BTC) was well on its way to reclaiming its former all-time highs. However, the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of events that unfolded over the past week has seen the world\u2019s largest cryptocurrency by total market capitalization lose nearly 13% of its value, with a single BTC currently trading near $45,800.<\/p>\n<p>That said, the aforementioned volatility seems to have left Standard Chartered\u2019s cryptocurrency research unit completely unfazed, with the analysts referring to Bitcoin\u2019s most recent plunge as being a \u201cfalse dip\u201d while reiterating that a year-end target of $100,000 per BTC is still quite achievable for the flagship cryptocurrency.<\/p>\n<p>The banking behemoth believes that Bitcoin will have hit $100,000 by \u201clate 2021 or early 2022,\u201d a move that will be accompanied by a huge spike in the value of Ether (ETH) as well. In fact, the research team <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/standard-chartered-sees-bitcoin-hitting-100000-by-early-next-year-2021-09-08\/\">pointed out<\/a> that Ether is \u201cstructurally\u201d valued at a year-end price point between $26,000 and $35,000, however, in order for that to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en, BTC must scale up to $175,000.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Contributing_factors\"><\/span>Contributing factors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To get a better idea of whether a year-end projection of $100,000 per BTC is still feasible, Cointelegraph reached out to Ben Caselin, head of research and strategy at cryptocurrency exchange AAX. In his view, last Tuesday\u2019s sell-off was a classic \u201csell the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>\u201d move, adding that he believes that an elaborate \u201cbear trap\u201d may have been at play. Caselin told Cointelegraph:<\/p>\n<blockquote><p>\u201cI do expect $100K is still in play for Bitcoin this year \u2014 if anything, $100K would be underwhelming. In fact, if we follow PlanB\u2019s stock-to-flow, we are still moving in the lower band, tracing \u2018worst-case-scenario prices,\u2019 which stood at $47K last month, $43K in September, and no less than $135K at the end of the year.\u201d<\/p><\/blockquote>\n<p>He added that when it comes to Bitcoin, there is more value in looking at on-chain data rather than price technicals alone, as it allows users to gain a more high-resolution view of what\u2019s actually happening across the network in real-time.\u00a0<\/p>\n<p>Similarly, Tommy Schreiner, senior research analyst at crypto data provider TheTIE, told Cointelegraph that there is still a healthy chance that Bitcoin can reach $100,000 by the close of 2021:<\/p>\n<blockquote><p>\u201c$100K seems as ridiculous perhaps as $50K did last year, but there are factors in play that don\u2019t completely out-rule that scenario. The recent pullback was mostly a de-levering of the market, as a large percentage of leveraged open interest got wiped out and effectively reset all the bullish traders who were going YOLO.\u201d<\/p><\/blockquote>\n<p>Schreiner further emphasized that despite all the economic turmoil across the globe, the United States Federal Reserve has shown no signs of stopping the money printer, something he believes to be a good sign for relatively riskier assets such as cryptocurrencies.\u00a0<\/p>\n<p>Furthermore, he highlighted that layer-one solutions such as Solana, Terra, Avalanche, Polygon and Fantom have continued to bring in new money into the global digital asset ecosystem in recent months, something that may also help spur BTC\u2019s value.\u00a0<\/p>\n<p>\u201cNFTs [nonfungible tokens] are burning a huge amount of Ethereum every day, despite pricing out a lot of retail users. So if $100K seems ridiculous, perhaps look at how far crypto has come in just a year,\u201d Schreiner said.<\/p>\n<p>Nick Spanos, co-founder of Zap Protocol, believes that El Salvador\u2019s recent acceptance of Bitcoin as legal tender has the digital currency well on its way to hitting the $100,000 mark by the end of the year. \u201cEther is also looking to hit $10,000 by then,\u201d he said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Some_doubts_for_100000\"><\/span>Some doubts for $100,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Lennix Lai, financial markets director at cryptocurrency exchange OKEx, believes that while Bitcoin\u2019s future seems poised for good things, that doesn\u2019t necessarily mean the premier digital currency will close out the year at $100,000. He told Cointelegraph:<\/p>\n<blockquote><p>\u201cI think we would see a short-term correction considering the loom on upcoming tapering from the U.S. Bitcoin is still very sensitive to the global money supply. Yet at the same time, the cryptocurrency is becoming a legitimate alternative asset class and everyone is looking for certain portions of asset allocation.\u201d\u00a0<\/p><\/blockquote>\n<p>Lai did concede that if in the near-to-mid future even if 1% of the world\u2019s total wealth were to flow into Bitcoin, then a price target of $100,000 per BTC could quite easily be attained.<\/p>\n<p>Similarly, for Igneus Terrenus, head of communications at cryptocurrency exchange Bybit, the most compelling case for Bitcoin\u2019s price reaching $100,000 this year remains the approval of a Bitcoin exchange-traded fund (ETF) in the United States, which, in his opinion, will help open up the BTC market to new participants, such as retirement funds and wealth management products.\u00a0<\/p>\n<p>\u201cSEC punted the [BTC ETF] decision from Sept. 8 down to its new date of Nov. 14 \u2014 still within the calendar year of 2021. Anecdotal evidence shows that almost all wealth managers are asked by their clients about Bitcoin exposure. An ETF may just be the right vehicle for this to happen,\u201d he told Cointelegraph.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoins_technicals_look_strong\"><\/span>Bitcoin\u2019s technicals look strong\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In spite of recent volatility, Bitcoin\u2019s fundamentals seem to be quite strong at the moment. In this regard, Charles Edwards, creator of one of the world\u2019s most well-known Bitcoin metrics, Hash Ribbons, recently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/crypto-price-prediction-bitcoin-100k-hash-ribbons-metrics-charles-edwards-2021-9?IR=T\">claimed<\/a> that as long as the flagship cryptocurrency is able to hover above its all-important $42,000 resistance zone, it will continue to remain in the green.<\/p>\n<p>Late last year, Edwards <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.capriole.com\/2020-12-29-capriole-newsletter-issue-3\/\">predicted<\/a> that by the end of 2021, Bitcoin could be looking at a price target of between $100,000 and $200,000. He said he would be \u201cshocked\u201d if Bitcoin didn\u2019t hit $50,000 in 2021, a projection that came true after the currency reached its all-time high of $63,000 earlier this year.<\/p>\n<p>In Edward\u2019s view, one of the most important differences between this current rally and previous ones is the comparatively low level of retail interest that has been witnessed across the board. In fact, to reach a new all-time high this year, he believes Bitcoin will have to spend a considerable amount of time above the $50,000 range. \u201cI think that would reengage more retail interest,\u201d he said.<\/p>\n<p>Even though $100,000 may not be in the cards for Edwards, he believes the market is slowly but surely closing in on the price point. However, in order for that to happen anytime in the coming three to four months, he believes that either renewed retail interest needs to be generated or a significant number of purchases from leading S&amp;P 500 companies like Tesla need to take place.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_ahead\"><\/span>Looking ahead<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When compared with previous events, the monetary effects of the 2020 halving have been quite tame up until now, with Bitcoin having only experienced a 4x increase in its value. In comparison, we can see that in the years following the 2012 and 2016 halvings, BTC\u2019s value rose by 55x and 15x, respectively, thereby suggesting that a move to $100,000 could still be possible.<\/p>\n<p>It will be interesting to see how the coming few days play out for the cryptocurrency market at large, especially as regulators all over the world continue to tighten their grips on this still-nascent industry.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/are-strong-technicals-enough-to-bring-bitcoin-price-to-100k-in-2021\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Are strong technicals enough to bring Bitcoin price to $100K in 2021? &#8221; After scaling up to a relative high of around $53,000 just over two weeks ago, it seemed as though Bitcoin (BTC) was well on its way to reclaiming its former all-time highs. However, the series of events that unfolded over the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":339094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvNjczMTNhNmQtNzNmMC00Yjc4LWJjYmEtZjAyMmE4NTQ1NjkyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74863,74860,117,73711,71407],"class_list":["post-339093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-business","tag-investments","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/339093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=339093"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/339093\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/339094"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=339093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=339093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=339093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}