Despite the falling prices, Bitcoin price could reach $200,000 by the end of 2021 and that it could rally even higher
Bitcoin price bullish momentum has been going wild over the past few days, with bulls taking the cryptocurrency soaring to a new all-time high yesterday around $ 19,800 before losing its strength. strong and submissive to the bears. The selling pressure in this zone is very significant, causing Bitcoin to fail, dropping to $ 18,684 as of press time.
Since here, the price of the cryptocurrency has seen a dramatic drop that sent it as low as $ 18,200. The buying pressure here was quite intense and created an almost instantaneous rally.
The next Bitcoin price trend will depend largely on whether buyers can secure the $ 19,000 level
At the time of writing, Bitcoin price is down just over 4%, marking a remarkable rebound from an overnight low of $ 18,200 set after the recent rejection at $ 19,800.
Its next trend will depend entirely on its continued response to the critical $ 19,400 level.
According to on-chain analyst Willy Woo, one of his economic models predicts that Bitcoin is about to see some big momentum. He is currently pointing to one of his economic models, predicting that Bitcoin could be traded between $ 200,000 and $ 300,000 by the end of 2021.
He stated:
“Views on 2021: My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7456 for their coins.”
This prediction seems a bit far-fetched, but if Bitcoin breaks above its all-time high and sees price action similar to that seen in the pre-price discovery showdown, a six-figure BTC has could be right around the corner.
You can see the BTC price here.
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