Experts predict BTC to break $100K barrier in 2021

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The world's most valuable digital coin is on the way to new record highs. Experts predict that BTC can even reach $100K.

The top cryptocurrency does not stop to surprise crypto market participants. In fact, the token's surge to the level of $100K no longer seems impossible. A fairy tale becomes a true story, and fantasy becomes reality. Last Sunday, bitcoin hit another all-time high, settling at $61,800. In early trading on Monday, the main digital coin partially recouped its recent losses. At the end of the previous week, the cryptocurrency temporarily dropped to $59K and then soared over $60K.

Early on Monday, March 15, bitcoin was trading close to $59,280, losing 2.5% for a day. For the week to March 12, the world's first cryptocurrency advanced by $10K, or 20%. The virtual asset skyrocketed amid relatively low market volatility.

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According to the team of analysts at Stack Funds, bitcoin's rally was triggered by the actions of miners. Earlier, many mining pools reduced the volume of long positions and even started to close their deals. This led to a shortage of bitcoins, experts noted. After a mass January sell-off, the outflow of BTC from trading floors increased. Last time, similar events took place in 2015 and then the token started its long-term rally.

Numerous crypto market participants assume that BTC can reach $100K by the end of April 2021. Experts give a likelihood of 8% to such a scenario and 20% that the digital asset will hit the target by the end of December. They suggest that a stellar rally is triggered by such factors as the adopted American Rescue Plan, Elon Musk's attention to BTC, surrendering short-sellers, and low weekend liquidity.

"This cocktail of factors pushed bitcoin above the $60,000 mark," said crypto analyst Al Moya. Bitcoin has shown its strength again and nobody wants to go against this trend. It became the green light for bitcoin and paved the way for new record highs.

The material has been provided by InstaForex Company - www.instaforex.com

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