There’s nothing that can spark Bitcoin downside except a “significant bad news event,” says analyst Filbfilb as the market awaits upside.
Bitcoin (BTC) is heading for at least $85,000 in Q4 this year and could well surpass the $100,000 mark, new research says.
In its latest market update on Friday, trading platform Decentrader revealed an unapologetically bullish mid-term BTC price forecast.
Despite BTC/USD being kept below $50,000 this week, on-chain metrics have led analysts to stay firmly bullish on Bitcoin price action.
Decentrader analyst Filbfilb is no exception, forecasting not only a rematch of all-time highs but a breach of $100,000 before the year is out.
“So with bullish signals in the near term we could now be setting up for a major run that first takes $BTC up towards $85,000 before breaking through the psychological barrier of $100,000,” he concluded.
“If price does rally in the way we expect it might in the coming weeks, then our first major target is a level that front-runs the 1.618 fib retracement level at $85,900,” Filbfilb wrote.
“We do not think this will be the major cycle high but may present a point of resistance ahead of a potential parabolic run that takes us beyond $100,000.”