A favorable macro environment, strong on-chain fundamentals and the approval of new futures-based exchange-traded funds (ETFs) in the United States are set to launch Bitcoin (BTC) to new all-time highs this quarter, according to a survey of fintech industry specialists commissioned by Finder.
The 50-person industry panel expects Bitcoin to peak just above $80,000 this quarter before ending the year at around $71,400. The flagship digital currency is trading at $62,600 on Tuesday, according to Cointelegraph Markets Pro. An $80,000 target represents 28% more upside for BTC in the coming months.
Finder’s panel includes Cypherpunk Holdings chief operating officer Daniel Cawrey, Bitcoin Reserve CEO Nik Oraevskiy, Kraken director Jonathon Miller, Arcane research analyst Vetle Lunde and Ki Young Ju, the CEO of CryptoQuant. Seven university professors from across Asia, Europe and Australia also gave their insights.
Although the consensus target puts Bitcoin on track for a bullish quarter, it’s well below the coveted six-figure price level many analysts believe is not only possible but likely. Forecasts from Standard Chartered and Bloomberg suggest $100,000 Bitcoin could become reality this year due to a combination of technical, fundamental and adoption-based factors.
Aside from the psychological milestone, a $100,000 BTC price target isn’t nearly as important as determining when the current market cycle will peak, assuming it hasn’t already. Institutional involvement in Bitcoin has accelerated over the past five weeks, offering a compelling sign that the bull market has resumed following the summer drawdown. According to on-chain analyst Willy Woo, the next phase of the Bitcoin market will be “more volatile” than the previous bull periods, which implies a longer time horizon for the current cycle.