The broader crypto market has picked up from the hay as Bitcoin price is trading at $65,800 and ETH Price is above $4,700. Most of the top altcoins on the chart are trading in the green as they recover lost gains from yesterday. However, Shiba Inu has failed to pick up as it is still down by 3.8%.
BTC rose above its 9-day and 21-day moving averages as the market price recovered from the bearish momentum. At the time of writing, BTC is trading at $65,850 up by 1.4% in the last 24 hours.
The resistance on the upside can be found at $70,000 and $72,000 further. In case of an extended rally, $74,000 can come into play. However, if selling pressure rises below the moving averages, the Bitcoin price may be forced towards key supports of $58,000, $56,000, and $54,000.
BTC Price to $100,000 – overly optimistic
crypto analyst Nicholas Merten despite being positive on Bitcoin believes that estimates of BTC reaching $100,000 this year are likely overly optimistic.
Merten claims in a new strategy session that BTC’s very modest reaction to the launch of the Bitcoin futures-based exchange-traded fund (ETF) could be an indication that it will take much more than previously predicted to move the king crypto’s price.
“There’s no way we are going to a $100,000 or $150,000 in Q4 of this year or Q1 of next year….”
He wonders what macro event may truly motivate institutions to propel Bitcoin to multi-trillion-dollar status if not the launch of Bitcoin ETF.
Merten predicts that Bitcoin will end its bull market cycle around $200,000, but that it will take until late 2022 to reach that level, rather than a dramatic blow-off top in the coming months.