Bitcoin Bounces Over 50%, $100,000 Next?

The recent rally sent Bitcoin’s (BTC) price back to trading around $45k-$46k. This means BTC bounced back by over 50% from the recent lows.

Since then, Bitcoin is up four weeks straight and is on pace for its second monthly rise. Regarding this, Meltem Demirors, chief strategy officer at crypto fund provider CoinShares, said, “It’s roaring back,” adding that despite new regulatory scrutiny,

Many investors perceive this as positive news and a positive catalyst because it’s clearing up a lot of the confusion or some of the uncertainty. And I think what’s being demonstrated as well as the crypto community is no longer some esoteric corner of finance.

Despite that regulators promise a tougher crackdown on the crypto industry, crypto experts and analysts bring out soaring price targets.

During a television interview, Bloomberg Intelligence’s Mike McGlone said, “It’s still got plenty as room to get the old high. And guess what? If it just follows Ethereum, it goes to $100,000.”

Moreover, Fundstrat Global Advisors’ Tom Lee also said that he sees BTC reach $100,000 by the end of 2021. More so, the company’s co-founder and head of research urges investors to follow a simple rule.

The rule is when Bitcoin spans above its average price over the last 200 days — a long-term momentum step, then it’s time to buy. “With Bitcoin crossing above its 200D, we think Bitcoin will rally strongly into year-end,” he added.