Bitcoin has made some significant recoveries in its price lately. The most notable of these recoveries is the break above $ 57,000. It effectively set a new four-month high, hitting price points that did not reach the market in May.
There is no doubt that the bull market is currently under control and the attitude of investors is very positive with it. But Cross Tower research analyst Martin Gaspar thinks it might be the start of the rally. It would seem that analysts are in the camp of investors who expect the value of digital assets to exceed $ 100,000, which Gaspar says could be very good in the remaining three months of 2021.
Related Reading | Why expect a parabolic move for Bitcoin, billionaire Mike Novogratz
Market Holding Study
CoinMarketRecap hosted the podcast Cross Tower research analyst Martin Gaspar in his recent episode to talk about the future trajectory of the top cryptocurrencies. Gaspar, who took a sharp stance on digital assets, emphasized the growing scarcity of resources as a good thing to advance its value.
The lack of bitcoin is partly responsible for the growth of long-term holders of assets. The ty1% report of the supply of bitcoin is currently in the wallet which has long-term hold, also called diamond hand. And it has caused significant buying pressure in the market as Bitcoin has shrunk to a historic historical supply.
Gaspar further commented that the expected 200,000 BTC coming to market from the Mount Gox settlement would not result in massive sales. Analysts believe that investors who have struggled year after year to finally get their bitcoins back will probably hold on to currencies due to the increase in wealth over the past few years.
“I don’t think we see selling pressure from such investors. Bitcoin has surpassed all other assets in this period, so I think many of them will think it might be safe to hold their Bitcoin.
Bitcoin is hitting 100K by the end of the year
Martin Gaspar outlines the factors that affect the value of Bitcoin towards the end of the year. Analysts explain that as the crisis ends during the year, traders usually put money in the market before the end of the year to make more money. Also, Gaspar says traders are coming out of the slow summer months, and this resumption in activity could boost the market.
Related Reading | The CEO of Soros Fund Management has confirmed that the family office has been invested in Bitcoin
Even with the recent gains in the market, Gaspar is seeing a higher trend in the market for the rest of 2021 and towards the first quarter of 2022. With this trend, analysts put the price above বছরের 100,000 at the end of the year, possibly the trending maximum of $ 150,000. But Gaspar believes investors will hold on to this point. Only saw some sales close to the $ 200,000 mark.
Featured image from BlockPublisher, chart from TradingView.com