After hitting a new all-time high, Bitcoin will likely test $90,000, Fundstrat strategists believe.
Bloomberg has reported that Fundstrat’s strategists have shared the bullish path that the BTC is likely to take next.
They believe this uptrend could lead Bitcoin to test the $89,000 to $ 90,000 price mark.
In its report on Wednesday, Fundstrat said that after breaking the $65,000 level, Bitcoin will likely test $72,500 first and then test $89,000.
Fundstrat wrote:
“Initial upside targets for Bitcoin above $65,000 lie near $72,500, then $89,000, and thought to be definitely within reach on this breakout of former peaks.”
Fundstrat : #Bitcoin 's initial upside target after exceeding $65,000 is around $72,500, and then $89,000.https://t.co/GOjenhzZjV
— 8BTCnews (@btcinchina) October 22, 2021
Bitcoin hit a new all-time high of $66,930 earlier this week. The rally came in anticipation of the BTC ETF’s launch, followed by its actual launch by ProShares on the New York Stock Exchange.
Also, major crypto holders, widely known in the market as whales, have bought Bitcoin and moved it from the exchanges to their cold wallets for long-term storage.
Many experts believe Bitcoin to reach $100,000 by the end of 2021.