“Under these conditions, Bitcoin will reach USD 200,000 this year”

An analyst sees Bitcoin at $ 200,000 later this year. To do this, however, two factors must be met.

Bitcoin remains bullish. Overnight, the cryptocurrency recorded a minimal price loss of 1.34 percent, but the digital store of value can hardly be slowed down on a weekly basis. BTC is just under 15 percent above its trading level compared to seven days ago. At press time, Bitcoin is trading at $ 45,121. In addition, the good performance in the altcoin sector ensures that the entire market capitalization of the crypto space is on the verge of recapturing the area of ​​2 trillion US dollars.

The Bitcoin as a candle chart in the weekly view, source: BTC-ECHO

Bitcoin: $ 200,000 later this year?

After months of drought, the cops have now re-entered the digital arena and are continuing to drive Bitcoin in front of them. Just yesterday, the digital store of value hit a new high since the flash crash in mid-May at $ 46,735. Before the price correction, many were forecasting a Bitcoin price of $ 100,000 by the end of the year. This forecast seemed to have moved a long way off, but thanks to the latest rally, analysts have regained hope, including Justin Bennet. About his Twitter account the crypto specialist drew a possible scenario in which Bitcoin could even break the 200,000 mark this year.

However, two factors are decisive for this. On the one hand the 47,000 mark, which the digital store of value must first conquer sustainably before it can come to the actual showdown. Bennet believes that the area around 65,000 US dollars – i.e. the zone around the current all-time high – will also point the way. According to the crypto analyst, if Bitcoin manages to break this mark, it will set in motion a FOMO wave of unseen proportions that will ultimately drive the BTC price to $ 200,000.

Bennet urges caution, however. Bitcoin still has a lot to do to break the old resistance in and up to the 60,000 range.

In his price analysis, BTC-ECHO analyst Stefan Lübeck also sees the 47,000 and 48,000 mark as eminent resistance to driving Bitcoin further north. In the short term, so his prognosis, the digital store of value will have to break through these areas in order to reach its intermediate goal of 50,000 US dollars.

Ripple on the rise

Meanwhile, Ripple is crowned the winner of the day among the top 10 coins. XRP rose by almost 12 percent overnight and in the meantime even conquered the 1 US dollar mark. At press time, the cryptocurrency is trading at $ 0.99.

The rally was preceded by bullish news from South Korea. GME Remittance, one of the largest non-bank remittance service providers in the country, announced it is joining RippleNet. The aim is to accelerate and simplify transactions between South Korea and Thailand. To this end, they also work with the Thai Siam Commercial Bank (SCB). A total of 184,000 Thais should benefit from the partnership.