After breaking through its key resistance of $10,000, analysts expect the Bitcoin (BTC) to reach much higher levels. For example, Anthony Pompliano, co-founder of Morgan Creek Digital, said Bitcoin may hit $100,000 by the end of next year on low supply and high demand.
“Bitcoin just hit $10,000. However, I still think that Bitcoin will hit $100,000 by end of December 2021. Fixed supply. Increasing demand. Time will tell.”
Today, the cryptocurrency has moved up, breaking through the psychological level of $10,000; its highest since 1 October 2019.
In addition, BTC, the world’s largest cryptocurrency with market cap reaching $183.75 billion, recorded gains of 40% year-to-date.
The rise came despite worries about the unexpected breakout of coronavirus in China and its continuing expansion in the region.
The epidemic affected some cryptocurrency-related activities such as the delay of TOKEN2049; a major crypto-event held every year in Hong Kong.
Thus, TOKEN2049 was rescheduled from mid-March to 7-8 October 2020.
According to Coinbase data, BTC surpassed the 10,000 level – its highest level in four months – after rising 5% since the beginning of February.
However, crypto enthusiast Michaël van de Poppe said on his twitter account that BTC has reached a temporary high, and then would decline in some point:
“Still, I think we’re going to top out for a bit here and just make a sideways range. Identical, the best would be $8,750-9,000 as long entries. Doubt we’ll get it…breakthrough here and targeting $10,400-10,900.”
BTC rose 2.76% to $10,083.02 over the last 24 hours.
Most importantly, the flagship cryptocurrency has been upgraded to “A-” by Weiss Ratings on bullish performance.
Weiss said on its twitter account:
“The Weiss Crypto Rating for #BTC is now A- (excellent), thanks to improving fundamentals and positive price action ahead of Bitcoin’s next halving.”