Lark Davis explains why Bitcoin 2021 could still reach $ 100,000
Lark Davis explains why Bitcoin 2021 could still reach $ 100,000
- Davis explained that BTC institutional interest , p Ostitive market mood and the current trend of technical bitcoin analysis could drive the price to $ 100,000.
- Davis also explained that despite the recovery of $ 29,000, the Bitcoin price may not necessarily have reached the valley sole.
Bitcoin recently fell less than $ 30,000 after a mass sale was triggered by factors such as a decline in global markets. While many institutions predict a huge market crash, Lark Davis, a crypto influencer and YouTuber believes that Bitcoin still has the chance until the end of the year, $ 100,000. In his opinion, the catalysts who could make this possible are the institutional interest, the positive market mood and the current trend of the technical structure of Bitcoin.
Technical bitcoin analysis
According to Davis, the history of the crypto-assets could repeat itself with a massive attempt, followed by a long brutal correction, before recovering with a spectacular increase to exceed their all-time high. In the records, Ethereum almost did the same and completed the year with an increase of 237 percent. Immediately afterwards, the digital asset lost 69 percent of its value, it took 6 months for the upswing to move sideways.
Lark Davis mentioned that Bitcoin has to record almost 50 percent from its all-time high to $ 100,000.
The story does not repeat itself, but it rhymes.
Investoring mood
Davis explained that the Bitcoin market looks bear in relation to the mood. According to him, the Bitcoin fear and greed index has fallen under 25 for more than two months. That doesn't look good, but things can change quickly. He believes that the Bärische mood was supported by the media reports on regulations, China and comments on the "End of the Crypto".
The mood will be a great catalyst to send Bitcoin to $ 100,000. According to a survey carried out by Davis, 44 percent of those surveyed agreed that Bitcoin could increase to $ 100,000, 28 percent said that this would never happen, and the rest said they didn't care.
Bitcoin rocket fuel
in summer 2020 Defi triggered the bull run, and in the fourth quarter of 2020 and in the first quarter of 2021 institutional investors the bull run.
Lark Davis believes that the Bitcoin ETF could trigger the next Bull Run, since 13 applications from some of the largest companies, including ARK Invest, were submitted. Brazil and Canada have already approved some ETFs. Gold ETFs triggered a seven-year run of 400 percent.
The question of whether Bitcoin reaches $ 100,000, if not.
has the Bitcoin price reached the low point?
Lark Davis also explained that the Bitcoin price despite the potential to achieve $ 100,000 may not necessarily have reached the valley sole.