The upcoming big Bitcoin cost move: Optimism is high, but is it justified?

While many believe Bitcoin may settle any place in the 63K–$75K range next, many are optimistic about higher price activity.
The crypto marketplace appears to be once heat up, using Bitcoin (BTC) flirting with the 60,000 mark for almost a week . However, despite its bullish outlook, the flagship crypto has neglected to steer clear of this aforementioned cost range with any kind of certainty, though it did break through after, albeit for a short period of time.Regardless, analysts, such as Filbfilb, co-founder of trading package DecenTrader, along with Willy Woo believe that with the Coinbase IPO looming large on the horizon, Bitcoin seems prepared for big things in the near term, especially as the maximal crypto proceeds to exhibit seven-day profits of over 13%. On the subject, Filbfilb recently stated:”We may see greater volatility throughout this time span of this 14th April. I really do believe we are on the brink of a solid breakout” He later pointed out that the bears are still in play, hence the volatility may not only be to the upside.Similarly, Woo is of the view that Bitcoin will continue to rise for some time until the old hodlers offload their assets to pocket some good profits. Not just that, irrespective of what may occur later on, Woo considers that Bitcoin won’t be closing below the 46,400 mark anytime soon.So, where is the market heading then?Recently, obligations giant Visa announced that it will allow its users to repay their transactions in crypto, using the USD Coin (USDC) stablecoin, which will be an ERC-20 token which runs atop the Ethereum blockchain. The information has been noticed by many as being yet another indicator which crypto is now firmly in the crosshairs of several mainstream players.Furthermore, only a couple days past, PayPal, also, announced that it was likely to permit its clients to facilitate shopping transactions across its 30-million-strong retailer network utilizing a plethora of distinct crypto assets such as BTC, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Seeing if the marketplace appears to be heading cost action-wise and where BTC may find support following, independent analyst CryptoYoda informed Cointelegraph that he thinks there will likely be a further acceleration and a more steep parabolic progress, which will likely become observable in the long term, adding:”I don’t believe that the 65K–73K mark will be of no meaningful value. I am looking in the 100K–120K zone because the next interesting price area. It’s a stage of no return indeed. I don’t think crypto can be stopped from here — especially alts will enjoy a great deal in the forthcoming weeks and weeks, which will produce plenty of awareness and interest of this distance ” Trehnchev opined:”Any bumps in the road in 2021 won’t ship BTC down — it will keep boomeranging back its way up to the next cost stop, and I would put that at about $75K.” He also expected to go into the six-figure range soon after that.Lastly, Ben Zhou, CEO of both cryptocurrency exchange Bybit, informed Cointelegraph that $73,000 is your Fibonacci amount to see when BTC cleanly vaults above $60,000. Nevertheless, he considers only a few more announcements in the colonies of this Visa, PayPal, Goldman Sachs and Teletubbies information may be the impetus that the marketplace needs to make a fresh transition above the aforementioned cost threshold.Is Bitcoin in a stage of no return?With a lot of institutional activity now occurring within the space, many believe that the sector has grown so much that it’s gotten to a stage of no return, such that most people have started to realize the technological proposal put forth by crypto as opposed to just recognizing its short-term gain possible. As an example, Todd Crossland, CEO of both cryptocurrency market CoinZoom, considers that mass adoption of Bitcoin along with other electronic assets is only just beginning, adding:”Every company in the world is either already embracing Bitcoin, or they’re exploring strategies for the way they can join the movement” In his opinion, as among the world’s biggest companies purchase Bitcoin, within the treasuries, and additionally accept Bitcoin within the e-commerce solutions, there will be an increasing trend in the upward direction. “We see a very clear path to Bitcoin reaching $100,000 at the end of 2021,” Crossland opined.On the subject of if BTC can ever scale to exceptionally low cost levels ever again, Cointelegraph talked with Luuk Strijers, chief business officer for stocks and options trading platform Deribit, who pointed out that in accordance with the options information available to him in the moment, the marketplace appears to indicate sub-10K levels situations have a very slim likelihood of materializing. “A expiry USD 12K is currently priced in a 6 percent chance,” he added, to further cement his point.Also, following the above-stated options expiry, as well as both the Visa, PayPal and Goldman Sachs announcements, Strijers thinks that the marketplace will gradually move upward again. On a more technical note, ” he pointed out that based on Deribit’s proposed volatility index, the amount of demand for crypto assets is rising in the moment.Confidence appears to be secured inAccording to Zhou, marketplace participants all around the world have spoken and loudly affirmed that they view Bitcoin as a tangible long term store of value. In actuality, he considers that when there will be an eventual recession in the current supercycle, BTC’s cost is not likely to fall below the peak of its 2017 bull run of 20,000. In his view, is due to the simple fact that an increasing number of institutional money is flowing to this distance on a regular basis but also because fiat dilution continues to be occurring all too rapidly. Consequently, most monies can no longer claim their previous values that they could hold back in 2017, or early 2020. To put matters into perspective, since the beginning of the coronavirus outbreak straight back in March 2020, the United States Federal Reserve has published around $3.5 trillion, devoting the money in the shape of stimulus packages to families as well as in an effort to pump capital into the economy. That having been said, though the market appears to be in terrific shape at the moment, it’s still anybody’s best guess about what the future has in store for Bitcoin along with other prominent altcoins. This is because this fledgling business is still full of inherent dangers — despite the Winklevoss twins want all to believe — together with there still being little to no scope of accurately assessing the drawbacks involved in this space. Thus, it’s of utmost importance that users do their private research before investing large in any undertaking.

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