Bitcoin to Hit $100,000 this Year: Chainalysis CEO

Azeez Mustapha
5 September 2021 | Updated: 5 September 2021

In an interview with Bloomberg last Thursday, Michael Gronager, co-founder of Kraken and CEO of Chainalysis, noted that Bitcoin (BTC) and the cryptocurrency market bull rally is far from over.

Last month, Kraken CEO Jesse Powell opined that the current bull run is in its early stages. Commenting on his price prediction for Bitcoin, he noted that:

“We could see $100,000 plus per coin late this year, early next year.”

Meanwhile, Chanalysis CEO shared a similar prediction sentiment with Powell after noting in the Bloomberg interview that he expects BTC to reach a $100K price tag before 2021 runs out. Gronager stated that:

“I think we are still in the bull market. I think we can see above $100k by the end of the year, so I would be bullish on that as well. Long term, I would probably usually say the Moon is the limit, but we can go beyond that as well.”

The Chainalysis CEO joins the growing list of prominent personalities and analysts who predict that the benchmark cryptocurrency could surpass $100K before the end of the year. Others who share this sentiment include Kevin Wadsworth of Northstar & Badcharts, Jordan Belfort (alias The Wolf of Wall Street), Blockstream CEO Adam Back, Florian Grummes, and many more.

Key Bitcoin Levels to Watch — September 5

Bitcoin appears to have cooled off from its recent rally as the cryptocurrency trades in a sideways momentum between $50,500 and $49,500. That said, many technical pointers indicate that this range-bound movement could culminate in a resumption of the bull run above $51,000.

BTCUSD – 4-Hour Chart

However, bulls need to prevent a sustained dip below the $49,500 level or risk triggering a bear cycle formed out of a double-top pattern at $50,500.

Meanwhile, our resistance levels are at $50,500, $51,400, and $52,000, and our key support levels are at $49,500, $48,000, and $47,000.

Total Market Capitalization: $2.29 trillion

Bitcoin Market Capitalization: $941.8 billion

Bitcoin Dominance: 41.1%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.