Forex Analysis & Reviews: 07.12.2021 - Bitcoin: digital gold will...

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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

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.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.