Analyst Examines if Bitcoin can Go to $150K – NewsDug

In a recent market review session on Altcoin Daily, industry experts stated that Bitcoin (BTC) would reach $150,000 and beyond based on the current dynamics.

Altcoin Daily points to analysts from Standard Charter Bank and well-known financial personalities like Anthony Scaramucci, who point to institutional inflows and adoption curves as critical drivers for this explosive growth. According to them, the growing interest in Bitcoin ETFs, expected to bring in between $50 to $100 billion, will push prices from $150,000 to $200,000.

Anthony Scaramucci draws parallels between Bitcoin’s trajectory and the nascent stages of the internet, suggesting a similar growth potential. Scaramucci acknowledges the inevitable volatility in the path to Bitcoin’s mass adoption, envisioning a user base surpassing a billion. He notes the cryptocurrency’s core attributes, such as immutability, decentralization, and its fulfillment of monetary roles, as reasons to maintain an optimistic long-term forecast, potentially placing Bitcoin between $170,000 and $200,000. Lawrence Lepard also predicts Bitcoin could go to $150,000 based on the current outlook.

Adding to the chorus of affirmative forecasts, Brian Kelly, a veteran Bitcoin proponent, also discussed the transformative impact of institutional investment. Kelly points to a paradigm shift where Bitcoin could outpace the market capitalization of gold, fueled by the psychological weight of institutional buy-in and the anticipated influx of Bitcoin ETFs. He argues that this new wave of demand will catalyze a significant price hike.

Moreover, Kelly advises considering other cryptocurrencies like Ethereum (ETH) and Solana (SOL) as viable alternatives for investment.  According to him, these digital assets may serve as an indirect approach to participating in the burgeoning cryptocurrency market, steadily gaining mainstream acceptance. This comes as other analysts also believe Solana is about to explode.

Bitcoin Price Analysis: How Is BTC Looking Currently

Looking at an in-depth analysis, we see that the Bitcoin price is currently in the upper half of the Bollinger Bands, which suggests that BTC is in a relatively higher price range compared to recent times. The fact that it is not touching or breaching the upper band indicates that while the market is in an uptrend, it is not excessively overbought. The price is also above the 20-period Simple Moving Average (SMA), which typically acts as a dynamic support level in an uptrend. This is a bullish sign and indicates that the uptrend could continue.

4-hour BTC/USD Chart | Source: TradingView

On the other hand, the Average Directional Index (ADX) line is above 20 but appears to be flattening, indicating that the trend’s strength is present but may not be increasing. Conversely, the Woodies Commodity Channel Index (CCI) is hovering around the zero line, indicating that the price is around its average level. This can be considered neutral and suggests that the price may not be overbought or oversold. Based on stats from CoinMarketcap, the price of BTC was $66,629 as of 8:45 a.m. UTC, with a minor increase of 0.69% over the last day.