The CEO of a crypto research firm says bitcoin is going to $100,000 by year-end | Currency News | Financial and Business News

Michael Gronager – CEO of the cryptocurrency analysis agency Chainalysis – is very bullish on bitcoin, and says it would soar previous $100,000 by year-end.

In feedback made throughout an interview with Bloomberg, Gronager referenced bitcoin’s early-summer sell-off as a consolidation interval that coincided with community enhancements and different useful upgrades throughout the crypto panorama.

“Within the bear market, loads of attention-grabbing issues have been constructed, and that principally facilitates a brand new bull market,” he stated. “Sure, I believe we’re nonetheless in a bull market. I believe we will see above $100k by the top of the yr.”

He added: “For many of the cryptocurrencies like bitcoin and ethereum – probably the most steady ones – we simply must see that development, the place they develop year-over-year. Typically they develop sooner than others.”

“Long run, often you say the moon is the restrict. We will go up past that as properly,” Gronager concluded.

Bitcoin is presently buying and selling simply above the key $50,000 threshold, climbing as a lot as 3% to $51,033.97 on Friday.

The cryptocurrency is now up 74% year-to-date and 369% previously 12 months.

The asset fell from its report excessive of virtually $65,000 in April this yr. It suffered a sharp sell-off in Could and traded rangebound for some time. It is since been on an upward development since mid-Could.

Learn extra: The head of research for a blockchain analytics firm breaks down why bitcoin and ethereum can reach $100,000 and $10,000 respectively by next year – and shares 2 altcoins that are best positioned for a DeFi comeback