Bitcoin to Hit $100K Before Year-End: Technical Analysis Company Co-founder
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Co-founder of the technical analysis company Northstar & Badcharts, Kevin Wadsworth, recently noted that Bitcoin (BTC) would hit $100K before the end of the year, where he expects the current bull market to end. The Bitcoin enthusiast added that the benchmark cryptocurrency’s value could surpass $1 Million by 2025.
Wadsworth shared his optimistic outlook for Bitcoin and the rest of the crypto industry in an interview with Kitco News. The co-founder expects the rally to occur between September and November. Also expecting a bull run in altcoins, he noted that:
“My target with bitcoin is somewhere close to $100,000. Anything above that is a huge bonus. If we get to $100K, I expect the altcoins – Ethereum and the rest – to triple and quadruple.”
That said, the list of market big names predicting a $100K price tag for BTC continues to grow. Other personalities on the list include Jordan Belfort (alias The Wolf of Wall Street), Tom Lee (a Managing Partner at Fundstrat Global Advisors), and the CEO of Blockstream, Adam Back.
Also, Peter Schiff—a known adversary to BTC—also believes that the primary cryptocurrency could climb to the $100K mark. While maintaining an opposing stance to Bitcoin, Schiff admitted that he had made a “keen mistake” for not buying the coin when he first heard about it in 2011.
Key Bitcoin Levels to Watch — August 31
BTC began the week on a back foot as it recorded a fall below the $47K level. The price appears to be on a sharp correction, currently being driven by an aggressive rebound in the altcoin space. However, bulls seem to lack the ability to muster a sustained move above the $48K mark.
That said, the flagship cryptocurrency needs to break back into the $49.5K – $48.5K pivot Zone to negate the current bearish sentiment. Failure to return to this zone could stir the bearish pot and send BTC towards the lower-46K area.
Meanwhile, our resistance levels are at $48,000, $49,500, and $50,500, and our key support levels are at $47,000, $46,000, and $45,000.
Total Market Capitalization: $2.11 trillion
Bitcoin Market Capitalization: $901.9 billion
Bitcoin Dominance: 42.8%
Market Rank: #1
