Bitcoin Targets $80,000 after Rising 90% Since July Low: Bloomberg

Bitcoin Targets $80,000 after Rising 90% Since July Low: Bloomberg

According to the recent article by Bloomberg that cited head of the Asia Pacific with Barry Silbert-affiliated Luno exchange in Singapore, Vijay Ayyar. The latter assumed that a rise of Bitcoin price to the $80,000 or even $85,000 zone is quite possible.

Bitcoin exceeds $57,000, needs to hold $50,000 in the short term

On October 11, the flagship cryptocurrency finally managed to surpass the $57,000 price line, surging to $57,900. By now, however, Bitcoin has rebounded a little, hitting $56,983, according to the data provided by CoinMarketCap.

BTC has demonstrated a massive recovery of more than 90 percent after it hit a low of $29,856 on July 20.

According to Vijay Ayyar from Luno trading platform purchased by the Digital Currency Group founded by billionaire Barry Silber (founder of Grayscale too), the biggest crypto has good chances of hitting $80,000 or $85,000 provided that BTC remains above $50,000 in the short term.

Bitcoin measured objective - $79,000

Bloomberg has shared charts that suggest that the flagship cryptocurrency may significantly surpass its all-time high of $64,800 achieved in May. An inverted Head and Shoulders pattern indicates a possibility of BTC rising to the $79,000 level.

An Ichimoku signal and options market also suggest a potential rise to the $80,000 at the end of this year, according to the data shared by Bloomberg.

Bitcoin is flirting with a run toward its all-time high after jumping more than 90% since a low in July https://t.co/UHoNx4pXNU pic.twitter.com/tUazOm6ccS— Bloomberg Crypto (@crypto) October 12, 2021

Growing US debt is good for Bitcoin: Mike McGlone

Another Bloomberg expert expects Bitcoin to add significant gains in quarter four this year – chief commodity strategist Mike McGlone. As reported by U.Today on Monday, he tweeted that the growing US debt and tensions over a potential default may help Bitcoin enter a unique price rise phase in Q4.

The price target for Bitcoin likely at the end of this year that McGlone voiced earlier this year is a whopping $100,000 per coin.

At the time of writing, Bitcoin has recovered to $57,140. Besides, traders are growing extremely greedy towards BTC as the Fear & Greed Index now shows 78, which stands for “extreme greed”.

Bitcoin is growing, despite the recent statement of JPMorgan CEO Jamie Dimon about Bitcoin allegedly being worthless and Chinese authorities seeking ways to legalize the ban on crypto transactions and mining they announced back in September.

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