Next stop $85K for Bitcoin as analysts predict ‘explosive’ Q4 for BTC price action

New research shows that Bitcoin (BTC), which is expected to reach $85,000 by Q4 of this year, could surpass $100,000.

Decentrader, a trading platform, released its Friday market update. It revealed a bullish mid-term BTC price forecast.

Next stop $85,000 BTC/USD

Analysts remain bullish on Bitcoin price action despite BTC/USD remaining below $50,000 this week.

Filbfilb, Decentrader analyst, is no exception. He forecasts not only a match of all-time highs, but also a breach of $100,000 prior to the years end.

He concluded that “So, with bullish signals in near term we could now set up for a major Run that first takes $BTC towards $85,000 before breaking through to the psychological barrier at $100,000.”

“Making for an explosive quarter of 2021.”

Cointelegraph reported that Bitcoins price performance is playing catch-up to its underlying network fundamentals for a while.

This process should be concluded by a squeeze upward. It is similar to 2020. However, Bitcoins value in US dollars should be an order-of-magnitude higher this time.

Filbfilb wrote, “If price rallies in the manner we expect it to in the coming weeks then our first major goal is a level which front-runs 1.618 fib level at $85,900.”

“We dont think this will be a major cycle high, but it may provide a point for resistance before a possible parabolic run that takes me beyond $100,000.”

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
Ltcoins do not share optimism

Bitcoin was at $47,000 as of Fridays writing. There has been little movement in the market.

Similar: Ethereum options data indicates that the fight for $4K Ethereum is less than a week away

Altcoins suffered with some exceptions like Shiba Inu, (SHIB), however overall traders were disappointed as the top 10 cryptocurrency outperformed Bitcoin in daily losses.

Ether (ETH), which lost 5.2%, was outperformed by Solana (SOL) who lost 12% within 24 hours.

BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView

https://cointelegraph.com/news/next-stop-85k-for-bitcoin-as-analysts-predict-explosive-q4-for-btc-price-action