Bitcoin On Track To $ 85,000 As Analysts Predict ‘Explosive’ Q4 For BTC Price Action

There is nothing that can trigger a Bitcoin crash except a “significant bad news event,” analyst Filbfilb says as the market awaits a rally. The price of Bitcoin (BTC) is heading for at least $ 85,000 in the fourth quarter of this year and could well break the $ 100,000 mark, according to new research.

In its latest market update on Friday, trading platform Decentrader revealed a medium-term BTC price forecast with no bullish complexes.

The next stop for the BTC / USD pair is $ 85,000

Despite the BTC / USD pair holding below $ 50,000 this week, on-chain metrics have led analysts to remain firmly bullish on Bitcoin’s price action. Decentrader Filbfilb analyst is no exception, forecasting not only a rematch of all-time highs, but also a $ 100,000 breakout before the end of the year.

“So with bullish signals in the near term, we could now be gearing up for a major run that first drives $ BTC to $ 85,000 before breaking the $ 100,000 psychological barrier,” he concluded. “Making an explosive fourth quarter of 2021”.

Just as Cointelegraph reported, Bitcoin’s price performance has played a game of catching up with the fundamentals of the underlying network and on-chain data for some time. As a logical conclusion to this process, an upward contraction should characterize the rest of this year, similar to the events of 2020. This time, however, the price of Bitcoin in US dollar terms should be an order of magnitude higher.

“If the price recovers in the way we expect it to in the coming weeks, then our first major target is a level that breaks above the 1,618 fib retracement level at $ 85,900,” Filbfilb wrote.

“We don’t think this is the main cycle high, but it may present a point of resistance before a possible parabolic trend that takes us beyond $ 100,000.” Altcoins don’t share optimism

Bitcoin was circulating around $ 47,000 at the time of this writing on Friday, with a lack of up or down trajectory that characterizes the market. Altcoins suffered, with a few exceptions like Shiba Inu (SHIB), but overall, traders disappointed as the top 10 cryptocurrencies outperformed Bitcoin in daily losses.

Ether (ETH) lost 5.2%, while the worst performer in the group, Solana (SOL), lost 12% in 24 hours.

Reference: es.cointelegraph.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin

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