Markets
Market Momentum Points Towards $150,000 Bitcoin, Says John Divine
Bitcoin’s trajectory is a hot topic in financial circles, and predictions for its year-end value are more diverse than ever. Roundtable host Rob Nelson recently discussed these predictions with John Divine, Digital Asset OTC Trading at BlockFills, who remains firm in his bullish stance on bitcoin, predicting it will hit $150,000 by December 31.
Nelson opened the discussion by asking Divine if his crystal ball predictions had changed. Divine confidently reiterated his prediction of Bitcoin reaching $150,000. He pointed to several bullish indicators, including recent statements from SkyBridge Capital’s Anthony Scaramucci and Standard Chartered’s optimistic outlook.
Divine highlighted the significant impact of market dynamics, noting that traditional stocks are currently at all-time highs while bitcoin is lagging. He pointed to systematic trading strategies that intertwine the performance of the S&P 500 and bitcoin, suggesting that bitcoin’s lag could eventually lead to a significant upside once certain market conditions are met.
He explained that bitcoin could quickly reach $85,000 once it breaks the $72,000 mark, potentially reaching $100,000 before the US elections. Divine attributed this potential rise to various market participants, including miners, systematic traders and speculators, who could drive up the price of bitcoin in a high-activity environment.
Divine concluded by highlighting the lack of significant capital deployment during recent retracements, suggesting that the next wave of investment could propel bitcoin to new all-time highs. He remains steadfast in his forecast, anticipating a robust market response that could see bitcoin reach its projected target by the end of the year.