Bitcoin Predicted to Soar at the End of the Year and Break a Record High
Previously, Wahyu said, Bitcoin was under pressure after touching a record high in April 2021. At that time, the world's largest crypto asset was hit by the China crackdown issue, but then managed to rise again after being supported by Elon Musk at the B Word Conference.
"Although September was depressed by global anxiety, also related to Evergrande, where many assets were corrected, this October it rose again," Wahyu said when contacted on Friday last week, October 29, 2021.
Even so, he admitted that there are still many challenges for Bitcoin to reach the US$ 100,000 level due to regulatory barriers in various countries. The European Central Bank (BoE) for example, said that Bitcoin could trigger economic collapse if not tightly regulated.
“Obviously the issue of legitimacy and regulation is a latent issue for crypto. But still crypto cannot be contained as long as there is technology, liberalization, and globalization," Wahyu said.
But he remains confident because as institutional investor interest in Bitcoin continues to grow, the digital currency has the potential to become part of a strategic reserve and asset allocation model in the near future.
Moreover, Wahyu said, people abroad are likely to want to buy digital currency as a more stable alternative to the national currency. "This is an extraordinary situation."
According to him, there is no turning point for Bitcoin, which has already become the largest crypto asset in the world. Bitcoin and other digital coins, such as Ethereum still have the potential to rise.
Therefore, Wahyu said that the medium and long term strategy held by investors is Buy on Weakness. He corrected the price of Bitcoin later this year to reach its highest level, with the next targets at US$ 69,440, US$ 73,000, US$ 75,810, and US$ 78,660. Meanwhile, the strongest support level is at US$ 39,600.
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