- Sublime Traders founder predicts BTC will reach $80,000 this year.
- The prediction is based on technical and fundamental indicators.
- However, he also warns the top crypto could dip to $15,000 first.
Andrei Stanciulescu, Sublime Traders founder predicts that Bitcoin is likely to reach $80,000 before the year ends. However, he also warned that the top crypto could fall as low as $15,000 before rebounding.
Of note, Sublime Traders is a crypto signals provider. Also, the prediction is based on resistance levels bitcoin is forming on its downward spiral. Stanciulescu claims these levels will later act as key catalysts that will push the top crypto to $80,000.
I think by the end of the year, if we complete this formation fast, I would like to complete it fast rather than have a sideways motion for four months. If we completed pretty fast, we have a chance to have around $80K or even more in the price of Bitcoin.
Stanciulescu also attributed bitcoin’s current volatility to the negative news around the crypto. For instance, there has been growing criticism regarding bitcoin’s energy use. Also, the top trader believes the tighter crypto regulations are also affecting price movements.
China, for example, has been clamping down on bitcoin mining in the country. As a result, four of the nation’s top crypto mining provinces have shut down mining operations. In turn, this has negatively affected bitcoin’s hash rate.
Another thing Stanciulescu claims fueled bitcoin’s fall from its April all-time high is institutional investors. Stanciulescu believes at this point most institutions began taking profit, thus causing the price to fall.
However, as bitcoin price continues to fall hodlers and institutions alike are keeping their current positions. In fact, bitcoin’s net position turned green for the first time since October 2020.
If this is all true, Stanciulescu says bitcoin will weather these challenges and rebuild its momentum towards even higher peaks.
Notably, bitcoin has strong fundamentals and is growing in adoption despite the current market volatility. For instance, the El Salvador congress recently voted to make bitcoin legal tender in the country. At the same time, fellow South American country Paraguay is set to consider making the same move next month. Stanciulescu stated that mass adoption is vital to the top crypto’s recovery as retail traders do not have the power to achieve it on their own.