One word that would not leave the mouth of experts and analysts at this time is the leading digital asset, Bitcoin. Bitcoin traded above the $38,000 mark today with small on-chain data showing that the digital asset could make another move upward.
With the digital asset making a declining run in the past few days, things are going back to normal as Bitcoin has registered a 0.7% surge in one day, which brings its total for the new year to 32.77%. Despite Bitcoin being plagued by shadows of bearish runs, a seasoned expert analyst has mentioned that he thinks otherwise.
Josh Rager says Bitcoin well placed to hit the figure before next year
According to seasoned crypto expert Josh Rager, Bitcoin is well placed to reach $100,000 before next year. Looking at several on-chain metrics, the blackroots co-founder and blockchain specialist mentions that even though he was not always triggered when it comes to price prediction, he sees Bitcoin going all the way to the top by the end of this year.
Taking to Twitter, Rager said that if Bitcoin underwent another massive bullish run like the last one, major stations and news outlets would air it simply because the price it will reach would be mind-blowing.
He mentioned that once this happened, those that initially scorned the digital assets would be made a believer, and they would have no other option than to accept it fully. Confirming the words of Rager, another expert in the digital asset field, Lark Davis says he thinks that Bitcoin could touch the predicted $100,000 price mark before the year comes to an end.
Backing up his points, Davis says that several options markets are allowing their users to bet on Bitcoin, touching $50,000 by the end of January. He notes that even though buyers are no longer in sight, he believes that the assets circulation cap would make it scarce as the days go by.
Trading platforms experiencing Bitcoin supply issues
He further noted that supply is not a big issue, and it has started to affect exchanges across the globe. A typical example is a trading platform, eToro, which has seen the number of Bitcoin purchases on its platform surge drastically.
The trading firm has further issued several warnings to its users that they will be limited trading during weekends. Due to the higher demand by users, the trading platform is finding it hard to meet their client’s target when selling Bitcoin.
As long as things like this continue to happen, crypto traders and investors are happy because it means that Bitcoin would continue to rise as it should. Davis also mentioned that another factor that has helped the digital assets is those that are hoarding them.
That process has been able to push the price this high and is predicted to take the asset’s price higher than this in the coming months. It is no news that various retailers are buying Bitcoin because they want to keep it, with various analysts mentioning that this generation would know what to do to drive the price higher.