Most cryptocurrencies registered massive rallies over last week.
While writing this, Bitcoin has its price at $45,721. Though the leading crypto lost 1% since yesterday, BTC remains 20% high in one week. The recent positivity sees Bitcoin’s YTD returns standing at 57%.
The current Bitcoin reactions had many enthusiasts predicting bullishness for the asset. Some believe that BTC will rally past its ATH highs at $64,829 to touch $100K by 2021 December.
In this article, we will analyze the bullish predictions by crypto fans. But why did BTC retraced yesterday?
The US Congress
The $1 trillion infrastructure bill by the US president saw the light yesterday from the Senate. The bill passed, opening high funding for the roads, bridges, and airports in the nation.
Why the pressure on BTC and other cryptocurrencies? Well, the bill comprises new regulation rules and taxation for digital currencies.
CoinDesk legal compliance manager Lucia della Ventura addresses crypto investors, saying that taxing crypto might hamper its growth as the technology is new in the financial space. Ventura advised the investors to wait for the final vote. However, they have to keep in mind that multiple awaited amendments can change the bill’s impact on companies.
However, the final bill blocked the anticipated amendments, the reason BTC saw slight losses.
Also, Ethereum experienced some losses, dropping 0.2% over the last day to stand at $3,137.
With the recent crypto rally, Bitcoin bulls remain optimistic despite the tax burden and regulatory pressure by the US Congress.
Bitcoin to $100K?
Craig Erlam, a market analyst from OANDA Europe, believes that Bitcoin managed to reclaim its spot in the market. However, no one knows how long this bullishness will take.
CoinShares strategy officer Meltem Demirors responded to Erlam’s bullish comments, stating that BTC is “roaring back.”
Demirors said that the new US bill regulation measures would not affect the prevailing bullish run. The expert believes that these are positive news to solve the confusion and uncertainty in the crypto space.
Mike McGlone, Bloomberg’s Intelligence trust that the leading coin will overcome its obstacles to break over $100K by the end of 2021.
Fundstrat Global Advisor Tom Lee joined BTC bulls. Lee sees Bitcoin hit $100,000 at the start of next year.
Before you rush to invest in BTC, keep in mind that some weeks ago, most crypto analysts predict that BTC could plunge towards $20,000.
Decide to Your Best.
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