Bitcoin Price Forecast, Prediction: $100,000 In Play As Bitwise Sees New Record

The Bitcoin price is back above $80,000, with Bitwise seeing a path to new records while analysts say $83,000 could unlock a run towards $100,000.

The Bitcoin to US Dollar (BTC/USD) exchange rate climbed to around $80,074 late on Thursday, up 1.2% on the session and almost 26% in August.

BTC has now hit $81,142 this week, significantly altering the market outlook following a decline below $63,000 last month.

Bitwise CIO Matt Hougan believes the US Treasury’s intervention in long-dated bonds has “created conditions that put bitcoin on a path to a new all-time high.”

He argues that efforts to suppress long-term rates strengthen the hard-asset case because “there is nothing bitcoin likes more than a little financial repression.”

Bitwise links the rally directly to debt, yields and renewed debasement concerns.

Bitcoin is now above its major floor and holder cost-basis models but remains well below previous cycle ceilings.

“The implication is that capitulation is over,” Galaxy said, adding that “the price has room to run.”

Bitcoin Forecast: $83,000 Could Open $100,000

CryptoQuant’s Julio Moreno said: “A decisive break above $83,000 would confirm the new bull market”, although short-term profit-taking risks are elevated after the surge.

Glassnode sees an even broader resistance band.

“Every overhead structure we track now sits between $81K and $86K; that band is where the recovery’s demand meets its test.”

That resistance is being challenged with much stronger underlying demand.

US spot Bitcoin ETFs have attracted more than $2.8bn over eight consecutive inflow sessions, while coins have simultaneously been leaving exchanges.

Hashdex CIO Samir Kerbage thinks some digestion would actually improve the setup: “Some consolidation between $75k and $83k would be healthy to build a base.”

His wider analysis puts $100,000 in play after a sustained $83,000 breakout, helped by unusually thin historical trading between $80,000 and $90,000.

BlackRock’s Robbie Mitchnick offers the longer-term explanation for why fresh buyers may keep appearing.

“I think in the long run, that’s the narrative to bet on around bitcoin,” he said of Bitcoin’s renewed risk-off and scarce-asset role.

That is a different story from the short squeeze we covered in our previous Bitcoin forecast.

Failure around $81,000-$83,000 leaves room for a $75,000 consolidation, while a convincing break turns $90,000 and then $100,000 into the next realistic targets.

Source: www.exchangerates.org.uk