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Bitcoin’s next test seen as $90 000 after pause, strategists say

The digital currency is sitting in the low $60 000s as traders watch to see how the landscape shifts now that the first US Bitcoin futures exchange-traded fund are in play.
Image: Ozan Kose/AFP

Bitcoin has stalled out after reaching a record on Wednesday, but strategists are already setting out their stalls for how high the next rally will take it — $100 000 or only $90 000.

The digital currency is sitting in the low $60 000s as traders watch to see how the landscape shifts now that the first US Bitcoin futures exchange-traded fund are in play. The largest cryptocurrency was up 0.6% to $63 077 as of 12:25 p.m. in Hong Kong on Friday after peaking on Wednesday at nearly $67 000. The move into unprecedented territory had chartists looking for new target levels — not quite the $168 000 or $1 million seen by some enthusiasts, but still strongly bullish.

“Initial upside targets for Bitcoin above $65 000 lie near $72 500, then $89 000, and thought to be definitely within reach on this breakout of former peaks,” Fundstrat wrote in a report Wednesday. The last number would be a 100% extension of the rally up from last March’s lows, it said.

Bitcoin reached its record amid anticipation of the US ETFs, as well as continued institutional investment in crypto assets, and possible buying by bigger investors known as “whales.” There are plenty of people projecting a gain to $100 000 by the end of the year, including BitMEX Chief Executive Officer Alexander Hoptner, who suggested that level in an interview with Bloomberg Television on Friday.

Katie Stockton, the founder of Fairlead Strategies, said Monday — before the latest record — that a breakout to new highs provides a positive long-term trend that should see the digital currency target $89 800, based on a measured move projection.

© 2021 Bloomberg

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