Bitcoin $100k Predictions Are Back And 50 Million Americans HODL Crypto

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Last Updated on 12 August 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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After four weeks of positively closing candles, Bitcoin’s trend seems to be pointing upwards again. From a long-term focus point, it would seem that the uptrend is indeed intact, despite the sharp 50% correction from the all-time high we noticed around $63,000 back in April.

The $30,000 price mark proved enough for support and after a two-month consolidation phase, the world’s biggest crypto coin seems to have decided to swing to the upside again. Technical analysts agree that Satoshi Nakamoto’s invention faces resistance near the $50,000 to $55,000 levels. At the moment of writing, Bitcoin is trading around $45,000.

Advertentie.

Dogecoin to a dollar

Another major gainer this week was Dogecoin, which added 36% in the past seven days. Perhaps too soon, but it would be interesting to find a technical analysis which would confirm that the 17 cents mark touched a few weeks ago is now the new bottom and a renewed uptrend has started. At the moment of writing, Dogecoin is trading around 27 cents.

Can Doge end the year at 1 dollar? It will be an interesting next four months to follow.

Tipping point

Meanwhile the number of Americans that are invested in cryptocoins, whether they own Bitcoin, Dogecoin or any other, has reached stellar proportions. As Meltem Demirors, chief strategy officer at crypto fund provider CoinShares, admitted on CNBC this week:

We’ve reached a tipping point when it comes to bitcoin and crypto, some 15% of our population here in this country holds a cryptocurrency of some type. But still when it comes to our policymaking there is very little education or awareness.

15% of Americans means some 50 million citizens of one of the world’s richest nations are now into crypto.

Asked what that means for the Bitcoin price predictions, Meltem claimed:

It’s roaring back. Many investors perceive this as positive news and a positive catalyst because it’s clearing up a lot of the confusion or some of the uncertainty. And I think what’s being demonstrated as well is the crypto community is no longer some esoteric corner of finance.

Even analyst Mike McGlone from Bloomberg Intelligence admitted that Bitcoin can get backup again, stating:

It’s still got plenty of room to get the old high. And guess what? If it just follows Ethereum, it goes to $100,000.

SergeyNivens / Depositphotos.com