The top executive of Valkyrie Investments says that Bitcoin (BTC) could see a massive price surge for the rest of 2021 if it can maintain a support level above $50,000.
In a new interview on Bloomberg Quicktake, chief executive officer Leah Wald says that the $50,000 mark is a crucial level for BTC and that crossing it could trigger a bull run.
“That real key psychological barrier is that $50,000 price level… If BTC can push past $50,000 and maintain this price, we do expect this bull run to take it to near highs in the fourth quarter.
[But] if BTC keeps meeting resistance at $50,000 and cannot break through or establish support, our analysts do think that it likely will fall back to $45,000 before consolidating ahead of another push to $50,000.”
Bitcoin breached the $50,000 barrier on October 5th and is exchanging hands at $54,247 at time of writing, according to CoinGecko.
However, Wald said she cannot make an exact prediction of what BTC’s price would be if it holds support at $50,000.
“I’m not so sure [what the price could be], but I will say that I’m very excited for October, I’m definitely excited for Q4.”
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