- Institutional fund flows to Bitcoin increased last month.
- Both predict that bitcoin will hit $100,000 by the end of Q4.
Kraken is the largest global digital asset
According to certain technical indicators, bitcoin might reach $100,000 before the end of the year, as per the exchange giant, Kraken. This quarter’s uptrend could see Bitcoin reach roughly $ 96,000, according to the prominent exchange’s “October 2021 Market Recap & Outlook.”
Kraken also detailed recent developments in the crypto industry, particularly those concerning bitcoin. The rebound of prices to levels not seen since April, the desire of investors to possess BTC, which they call digital gold, and the approval of the first BTC Futures ETF in the US are some of the industry’s most important achievements, according to the exchange.
Institutional fund flows to Bitcoin increased last month. If the pattern continues, the asset will be a top performer in the future as per the exchange. In contrast, Ethereum, the second-largest cryptocurrency project, lags far behind.
Kraken predicted the price of bitcoin using two prominent technical indicators: RSI and Bollinger Bands. Both predict that bitcoin will hit $100,000 by the end of Q4. At 71.7, the RSI has an opportunity to expand following the spot market’s price activity. The statistic underlies some of the strongest price forecasts for this cycle.
Popular Analyst’s Views
Like Kraken, many cryptocurrency analysts and experts estimate bitcoin to exceed $100,000 before the end of 2021. According to expert Willy Woo, the $50,000-$60,000 range is a rigid place to find support.
Contour map of every bitcoin at the price they last changed hands between investors. Huge price validation between $50k-$60k.#Bitcoin as a $1T asset class IMO is now cemented; hard to see it dropping below this zone.
This data is @glassnode’s URPD visualised. pic.twitter.com/pHBlXrk1hs
— Willy Woo (@woonomic) November 8, 2021
Adam Back, CEO of Blockstream, is also one of them. In August, when BTC was worth roughly $50,000, he predicted a $100K price tag by the end of the year. He also linked bitcoin to gold, claiming the former is superior.
Anthony Scaramucci, CEO of Skybridge Capital, also agrees. Earlier this year, he said:
“I do think we see $100,000 in this coin before year-end.”
Notably, the stock-to-flow model developed by the pseudonymous “PlanB” was even more bullish. The research predicts BTC will hit $135,000 by December, as per the analyst.