Six-Figure Bitcoin By The End Of 2021 Is Still Possible, Says Analyst Gaspar
Out of all Bitcoin’s recoveries, the most notable has been the recent break above $57,000. This effectively set a new four-month high, as BTC price touched price points that have not been reached since the market peaked in May.
Bulls currently have control of the market and investors’ sentiment is very positive. However, according to CrossTower research analyst Martin Gaspar this may only be the beginning of the rally. Gaspar says that Bitcoin well reach six-figure price remainder of of 2021.
Market Holding Steady
Gaspar was a guest at the latest episode of CoinMarketCap podcast, where CrossTower research analyst shared his views on the future price path of Bitcoin. Gaspar revealed his bullish stance on the leading crypto, and stressed that the asset’s growing scarcity as a good thing for its value going forward.
Bitcoin’s scarcity is partly attributed to the increase in long-term holders of the asset. A reported 81% of the entirety of bitcoin’s supply is currently held in wallets that are holding for the long-term, AKA diamond hands. And this has put significant buy pressure on the market as bitcoin heads into a historic supply squeeze.
Regarding the expected 200,000 BTC coming into the market from the Mt. Gox settlement, the analyst doesn’t believe it will not lead to a mass sell-off. Gaspar foresees that the investors who are finally getting their bitcoins back after years of fighting for it are most likely just going to hold the coins given the growth of the asset in the past few years. He explained:
“I don’t think we’re going to see as much selling pressure from these sorts of investors. Bitcoin has continued to outperform all other assets during this timeframe, so I think a lot of them will feel it may just be safer to hold on to their Bitcoin.”
BTC To Reach $100K By End Of 2021
Gaspar outlined influence factors on bitcoin price as the year is closing to an end. He explained that the time-crunch of the year running out usually has traders putting money into the market to squeeze out more gains before the year runs out. Likewise, traders are coming out from the slow months of summer, and this resumption in activities can boost the market, he argued.
Even with the recent gains in the market, Gaspar sees the market trending higher for the rest of 2021 and well into the first quarter of 2022. With this trend, the analyst puts the price at the end of the year above $100,000, perhaps even trending as high as $150,000. But Gaspar believes investors will hold through this point. Only seeing some sell-off around the $200,000 mark.
