A favorable macro environment, strong on-chain fundamentals, and the approval of new futures-based exchange-traded funds (ETFs) in the United States are set to launch Bitcoin (BTC) to new all-time highs this quarter, according to a survey of fintech industry specialists commissioned by Finder.
Industry panel of 50 people waiting Bitcoin peaked just above $ 80,000 this quarter before ending the year at around $ 71,400. The flagship digital currency is trading at $ 62,600 on Tuesday, according to Cointelegraph Markets Pro. A target of $ 80,000 represents 28% more potential for BTC in the coming months.
Finder's panel includes Cypherpunk Holdings COO Daniel Cawrey, Bitcoin Reserve CEO Nik Oraevskiy, Kraken CEO Jonathon Miller, Arcane Vetle Lunde Research Analyst, and Ki Young Ju, CEO of CryptoQuant. Seven university professors from across Asia, Europe and Australia also gave their opinion.
Although the consensus target puts Bitcoin on track for a bullish quarter, it is well below the coveted six-figure price level that many analysts believe is not only possible but probable. Standard Chartered Forecasts and Bloomberg suggest $ 100,000 Bitcoin could become a reality this year due to a combination of technical, fundamental and adoption-based factors.
Related: Buy the rumor ... Buy the news? BTC price surpasses $ 63K when the US Bitcoin ETF is launched.
Aside from the psychological milestone, a $ 100,000 BTC price target isn't nearly as important as determining when the current market cycle will peak, assuming you haven't already. Institutional participation in Bitcoin has accelerated in the last five weeks, offering a compelling signal that the bull market has resumed after the summer slump. According to online analyst Willy Woo, the next phase of the Bitcoin market will be "more volatile" than previous bullish periods, implying a Longest time horizon for the current cycle.
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