Michael Gronager – CEO of the cryptocurrency analysis agency Chainalysis – is extremely bullish on bitcoin, and says it can soar previous $100,000 by year-end.
In feedback made throughout an interview with Bloomberg, Gronager referenced bitcoin’s early-summer sell-off as a consolidation interval that coincided with community enhancements and different useful upgrades throughout the crypto panorama.
“Within the bear market, a variety of attention-grabbing issues have been constructed, and that mainly facilitates a brand new bull market,” he mentioned. “Sure, I feel we’re nonetheless in a bull market. I feel we are able to see above $100k by the top of the yr.”
He added: “For a lot of the cryptocurrencies like bitcoin and ethereum – essentially the most secure ones – we simply must see that pattern, the place they develop year-over-year. Typically they develop quicker than others.”
“Long run, often you say the moon is the restrict. We are able to go up past that as effectively,” Gronager concluded.
Bitcoin is at the moment buying and selling simply above the key $50,000 threshold, climbing as a lot as 3% to $51,033.97 on Friday.
The cryptocurrency is now up 74% year-to-date and 369% previously 12 months.
The asset fell from its report excessive of just about $65,000 in April this yr. It suffered a sharp sell-off in Might and traded rangebound for some time. It is since been on an upward pattern since mid-Might.
Learn extra: The head of research for a blockchain analytics firm breaks down why bitcoin and ethereum can reach $100,000 and $10,000 respectively by next year – and shares 2 altcoins that are best positioned for a DeFi comeback