Technical are more commonly employed with stocks, but they are also far more manipulated by giant hedge funds and large corporations for THEIR gains, leaving everyone else carrying the bag. I believe that in Crypto, everyone has a much higher chance of winning or losing fairly. I also recognize that high volatility isn’t something everyone can handle daily. A slew of different things might influence BTC’s price.
Sfgate.com contacted Ben Caselin, chief scientist and development at bitcoin exchange AAX, to get a clearer sense of whether a year-end estimate of $100,000 per BTC is still achievable. Last Tuesday’s sell-off, in his opinion, was a classic “sell the news” move, and he believes an intricate “bear trap” was in play.
He made the argument that when it pertains to Bitcoin, checking at on-chain information rather than just price technicals is more beneficial since it gives users an elevated perspective of what’s going on across the network in real-time. Similarly, Tommy Schreiner, a lead postdoctoral fellow at bitcoin data source the TIE, believes Bitcoin has a good possibility of reaching $100,000 by the end of 2021.
According to Igneus Ter renus, head of communications at bitcoin exchange by bit, the establishment of a Bitcoin marketplace fund (ETF) in the United States is the most compelling justification for Bitcoin’s price exceeding $100,000 this year. This, he believes, will assist in expanding the BTC market to include new players such as retirement funds and financial mechanisms.
Despite recent volatility, Bitcoin’s underpinnings appear to be quite strong at the moment. In this connection, Charles Edwards, the creator of Hash Ribbons, a well-known Bitcoin measure, recently claimed that the headline cryptocurrency would continue in the green as long as it can stay above the $42,000 barrier zone.