Bitcoin will hit $100,000 by the summer and could reach $200,000 or $300,000 by year-end before dipping, said Bobby Lee, founder, and CEO of Ballet. He added this is a “big” bull market cycle.
In the bitcoin bear market in 2018, he predicted that if history repeated itself, the next bull market rally would start near the end of 2020 and peak in December 2021 at $333,000, and crash back to $41,000 in January 2023. Whether he is right is hard to say.
Bulls and bears are equally powerful
According to available data, 50.74% of open positions on bitcoin are long, while 49.26% are short across the market. Bexplus’ quarterly contracts have 51.25% of open contracts in long positions, and 48.75% in short. Coinbase’s long ratio was 51.11%, while BitMEX’s contracts show 48.82% of traders are long while 51.18% are short.
It seems that there is no clear direction in the market, and the strength of both the bulls and bears is equal. CryptoQuant, an on-chain data provider, said on Twitter that the Velocity on the BTC chain has recently reached a yearly high, but it remains at a very low level compared to the previous bull market.
Can Bitcoin’s bull run continue?
Bitcoin’s price has gone up for more than two years. In January 2019, it was $3,200. In January 2020, it was $9,000. In January 2021, it was $35,000. Now, One Bitcoin worth $56,000. Bitcoin’s price can go a lot higher according to some experts, but it needs to land and refuel. Otherwise, it will crash.
A brief pullback does not mean the decline of the Bitcoin market. Rather, it symbolizes a new accumulation of energy for the next stage. If you are optimistic about the cryptocurrency market, holding BTC for a long time may be the way to go.
Rich Bitcoin holders don’t care if the price goes up by the end of the year, as they believe BTC will change the world in the future. Elon Musk has said BTC is now being accepted as a payment method for Tesla’s electric cars, which further bolstered the bull run.
How to earn whether BTC goes up or down?
Experienced traders can earn regardless of the price direction.
Bexplus is a digital currency futures trading platform that provides futures contracts in various major digital currencies. It allows traders to use 100x leverage and trade perpetual contracts so they can be successful in trading digital assets.
Compared with similar platforms, Bexplus has the largest fault tolerance mechanism: when your account margin rate is equal to or lower than 30, your position will be automatically liquidated. Bexplus provides you with unlimited profitable opportunities.
Bexplus offers its users a 100% deposit bonus for their users. New users and existing ones are both eligible to apply for the bonus, which can go up to 10 BTC. On top of that, Bexplus offers:
- 100x leverage on BTC, ETH, LTC, XRP, EOS contracts
- Option to long and short cryptoassets
- Demo account with 10 free BTC
- Easy registration with No KYC
- 100% deposit bonus .(10BTC maximum)
- Up to 21% annualized interest rate on BTC savings
Please note that CFDs are a complex investment tool. Due to the use of leverage, you can have a high return in a short period of time, and of course there is also a risk of loss. While other trading platforms let beginners invest before they understand how to use techniques to trade and how things work, Bexplus does things differently. Before traders learn, they are likely to lose money.
Bexplus provides new users with the opportunity to simulate trading for free, allowing them to improve their trading skills and familiarize themselves with the trading platform. After traders become experienced they can make more money by reducing risk and exposure. This is one of the reasons why you should choose Bexplus.
Important information: please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.
Featured image via Pexels.