empty
07.12.2021 11:36 PM
Bitcoin: digital gold will cost $100,000, but now with a shifted schedule, and not in 2022, but in 2023

This image is no longer relevant

Bitcoin bull and InTheMoneyStocks chief market strategist Gareth Soloway predicted that bitcoin would still hit the $100,000 milestone, but said it could reach that level in 2023.

The analyst stated that bitcoin is still ready for a further pullback, after which the price will enter an even more difficult period, which may last until 2023.

According to Gareth, back in August, he predicted that the price of bitcoin would fall to $20,000, indicating an "unconditional" rise in bitcoin.

"One of the things I was talking about is that bitcoin will eventually reach the $18-20,000 mark. I really have no questions," he said. He also warned people against buying before the April highs in October, citing this as a possible landmine.

Be that as it may, the crypto community is coming to terms with its failed bitcoin price forecast after almost all of their bullish quarter forecasts continue to fade into oblivion.

Their forecast was broken after the market went into a frenzy of short selling on Saturday morning, causing bitcoin to fall below $43,000, which nevertheless became its biggest sell-off in more than four months.

Willy Woo temporarily postponed his forecasts that the asset will reach $100,000 by the end of the year, citing many factors, including Omicron's fear and possible whale counterfeiting on major exchanges.

Bitcoin fell almost 5% on Monday as the start of the week gave no respite to the world's largest cryptocurrency after a tiring weekend when at one point it lost more than one-fifth of its value.

As a result of the debacle, the bitcoin price and the amount invested in bitcoin futures returned to where they were at the beginning of October, before a massive price spike occurred on November 10, as a result of which the token reached an all-time high of $69,000.

Traders said the weekend's drop was due to a broad shift away from riskier assets in traditional markets due to concerns about the Omicron coronavirus variant combined with lower trading liquidity, which tends to hit cryptocurrencies over the weekend.

"The leverage markets have been completely reset, and the open interest in the leverage markets has been completely reset."

Over the weekend, when prices fell, investors who bought bitcoins by margin saw exchanges close their positions, which caused a cascade of sales. According to Coinglass, on Saturday, a number of retail-focused exchanges closed long positions on bitcoin worth more than $2 billion.

Ether, the second largest cryptocurrency in the world, was also affected on Saturday, although not as much. However, it fell 5.5% to $3,965 on Monday, compared with a November 10 high of $4,868, although it rose compared to a larger competitor.

Vitaly Kolesnikov,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin and Ethereum show signs of revival

Bitcoin and Ethereum are back in recovery mode after traders took a pause over the weekend. While the latest movement hints at a return of bullish sentiment, it is still

Jakub Novak 12:27 2025-03-24 UTC+2

Wave analysis of BTC/USD on March 24. Bitcoin going on with its correction

The BTC/USD pair has managed to halt its recent decline. The current wave pattern now suggests a potential short-term upside for the world's leading cryptocurrency. Wave structure signals a correction

Chin Zhao 10:01 2025-03-24 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 24

Bitcoin and Ethereum experienced a notable increase today after a relatively sluggish weekend, indicating a growing investor risk appetite even during these uncertain times. Recent data on inflows into spot

Miroslaw Bawulski 08:54 2025-03-24 UTC+2

Pressure Returns to Bitcoin and Ethereum

Following Trump's speech at the crypto summit yesterday, pressure on Bitcoin and Ethereum has returned. Another factor contributing to this was a renewed sell-off in risk assets on the U.S

Jakub Novak 10:22 2025-03-21 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 21

Bitcoin and Ethereum once again struggled to overcome key resistance levels, preventing a short-term upward trend in these assets. Their inability to even hold near weekly highs also points

Miroslaw Bawulski 08:16 2025-03-21 UTC+2

Technical Analysis of Intraday Price Movement of Bitcoin Cryptocurrency, Friday March 21, 2025.

With the appearance of Divergence between Bitcoin price movements with the Stochastic Oscillator indicator and the Bullish 123 pattern followed by the Bullish Ross Hook (RH)), in the near future

Arief Makmur 06:18 2025-03-21 UTC+2

Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday March 21, 2025.

If we look at the 4-hour chart of the Ripple cryptocurrency, there appears to be a Divergence between the Ripple price movement and the Stochastic Oscillator indicator and the appearance

Arief Makmur 06:18 2025-03-21 UTC+2

Bitcoin aims to hit $90,000

Following yesterday's Federal Reserve meeting, where the central bank ran out of strong arguments to keep interest rates high, Bitcoin and Ethereum have resumed their bullish movement. Despite the Fed's

Jakub Novak 09:32 2025-03-20 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 20

Bitcoin and Ethereum have experienced a rebound following yesterday's Federal Reserve meeting, which indicated that interest rates may need to be lowered. Regardless of how long the Fed intends

Miroslaw Bawulski 08:22 2025-03-20 UTC+2

Bitcoin Targets $85,000

Interest in Bitcoin remains strong, as any normal downward movement is quickly bought up by large players. The fact that U.S. spot Bitcoin ETFs have resumed recording net inflows also

Jakub Novak 10:49 2025-03-19 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.