The flagship cryptocurrency is making noise in every possible direction. Even NFL A-Listers like Russell Okung wants to get paid in Bitcoin. Several organizations have started to add BTC holdings to their balance sheets, and those who have invested in BTC in the last years could not be happier with their decision. However, there have been rumours going around for BTC to cross $100,000 by the end of March 2021.
As of now, BTC has dropped to $60K, which is below its new ATH of $61K. However, analysts and investors are positive that the returns on BTC holdings would climb another 63% this year. As per an expert opinion, the chances of BTC crossing the $100K mark in March 2021 are 1%. On the other hand, on account of huge buying pressure coming into the market, a correction between $60,000 and $100,000 is likely to occur until April.
According to popular crypto analyst and influencer Willy Woo, BTC is going to stay afloat at $60, 000 due to institutional accumulations and coins moving to investor’s wallets continuously. Glassnode URDP chart reflection of $200,000 flowing into investors’ wallets indicates that a surge in this number could further drive up the price of BTC. Meanwhile, BTC shorters keep getting drowned due to a constant appreciation of cryptocurrency.
About $344.4 million worth of BTC shorts were liquidated just before BTC broke the $59K ATH to reach $60 K ATH. The statics and metrics indicate every bullish market has its season, and BTC is not exempted from this rule. Therefore, BTC bulls are concerned about their eventual loss of sustenance in the upcoming bear wave when the bull rally would slow down for a while to prepare for another upsurge. However, HODLers are optimistic that the market cap of $1 trillion is going to prove good support for the cryptocurrency.
Is BTC Drop Going to Affect the $100K Mark Prediction?
The probability of Bitcoin hitting the $100,000K mark seems realistic in light of its relation to altcoin and other stablecoin inflows. The inflow of investment from retail traders and altcoin purchases could trigger a bigger buying season for Bitcoin. This would entice the BTC bull to charge full speed ahead and result in an eventual optimal price surge taking BTC to six figures.
The current devaluation of BTC back to $60K may have discouraged some investors. However, expert crypto analysts and influencers like Flibflib think that it is the result of high-interest rates due to price discovery and a considerable amount of liquidity transactions on the crypto market. However, these effects have created an opportune opening for whales and high-net-worth investors to take profit on their positions.