Can the Price of Bitcoin Surge up to $70,000 or More?

7:53 am, Thu, 21 October 21

The flagship digital asset shook the crypto market after crossing a significant price region yesterday. The price of Bitcoin crossed the $65,000 price mark and went as high as $66,000 (an all-time high).

This price increase seen for BTC had been anticipated for quite some time. However, it took six months for the flagship crypto asset to hit an ATH. This price surge has also caused crypto analysts and popular names such as Elon Musk to speculate if BTC can eventually touch the $70k price region or go higher.

The largest digital asset, Bitcoin, is currently trading at $65,139 (at the time of writing) and if you are interested in buying it, make sure you choose the best Bitcoin exchange. As a beginner, you can also click on SwissBorg or Kraken (U.S. citizens).

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What do Analysts Have to Say About BTC’s Price?

The price surge seen for the most prominent crypto asset yesterday has certainly piqued the interest of crypto analysts.

Here is a graph by CoinGecko that shows the price of BTC over the last 24 hours.

btc-graph-21-10-2021

According to the graph, the price of BTC briefly touched the $67,276 price mark as well. Considering the bullish momentum noted for the crypto king, many analysts anticipate that the price of Bitcoin is highly likely to surge higher.

The head of research and strategy at AAX, Ben Caselin, stated that he expects the price of BTC to skyrocket to $100,000 at least. He added that this price mark is being noted down as the new price target by a majority of crypto analysts.

Ben Caselin further stated:

All eyes are set on the $100K mark, but when retail does rush in and more funds open up to bitcoin, including physically backed ETFs, $100K is unlikely to be the end of it,”

Some analysts are also of the opinion that the $86,000 price region is a more fitting price target for the flagship digital currency, considering the price charts at the moment.

Elon Musk, one of the most influential names in the crypto space, also shared his thoughts on what could be next for the prominent digital asset. However, Musk’s analysis did not seem as enthusiastic about BTC’s price surge as the ones mentioned above.

The Tesla CEO shared his opinion by posting a few tweets indicating Bitcoin will see a price increase of up to $69,000.

The crypto market is noticeably going in an upward direction, however, these are all speculations for BTC’s price at the moment. Despite what analysts and popular crypto-enthusiasts think, some real upward or downward movement for Bitcoin is yet to be seen in real life.

What Should BTC Investors and Traders Do?

Bitcoin is the most popular crypto asset in the market and any increase or decrease in its price affects other digital currencies as well.

At the moment, Bitcoin is not the only digital currency in the spotlight. The second-largest crypto asset, Ethereum has also crossed way beyond the $3,000 price region and is trading at $4,182 (at the time of writing).

However, Bitcoin is anticipated to see a further price increase, which can touch any of the above-mentioned price marks, given proper time.

Therefore, if you are interested in purchasing BTC then make sure you choose the crypto exchange with lowest fees.

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