Bitcoin’s price has recently experienced a number of significant recoveries. The break above $57,000 has been the most striking aspect of this recovery. This essentially marked a new four-month high, hitting price levels not seen since the market peaked in May.
There is no doubt that the bulls are currently in control of the market, and investor sentiment is highly optimistic as a result. However, CrossTower research analyst Martin Gaspar believes that this is merely the beginning of the surge. The expert appears to be in the camp of investors who believe the digital asset’s price will reach $100,000 in the three months remaining in 2021, which Gaspar believes is quite likely.
On the most recent episode of the CoinMarketRecap podcast, CrossTower research researcher Martin Gaspar discussed the future trajectory of the top cryptocurrency. Gaspar, who is bullish on the digital asset, stressed the asset’s increasing scarcity as a positive for its future worth.
Bitcoin’s scarcity can be linked in part to an increase in long-term holders of the asset. A reported 81 % of the whole bitcoin supply is currently held in long-term holding wallets, often known as diamond hands. As a result, the market has seen tremendous buy pressure as bitcoin enters a historic supply squeeze.
Gaspar also stated that the projected 200,000 BTC from the Mt. Gox settlement will not result in a mass sell-off. Given the asset’s increase in recent years, the expert believes that investors who are now receiving their bitcoins back after years of fighting for them will most likely just hold the coins.
Martin Gaspar detailed the elements that will influence the price of bitcoin at the end of the year. According to the analyst, the time-crunch of the year coming to an end normally has traders throwing money into the market in order to wring out additional gains before the year ends. Also, according to Gaspar, traders are returning from the sluggish months of summer, and this resumption of activity can help the market.
Despite recent market gains, Gaspar believes the market will continue to rise through the rest of 2021 and into the first quarter of 2022. With this tendency, the expert predicts that the price will be above $100,000 by the end of the year, possibly even rising as high as $150,000. However, Gaspar believes that investors will persevere at this stage. We’re only seeing a few sales around the $200,000 area.