At present, Bitcoin is hovering around $82,900, yet a well-known crypto millionaire believes it will hit $100,000 by the month’s end.
As of Sunday, Bitcoin (BTC) was trading at $82,900, reflecting a 10% increase from its lowest point this month, resulting in a market capitalization of $1.62 billion.
‘Perhaps up to 100k by the end of the month’
The cryptocurrency has encountered this resistance likely due to persistent investor anxiety, with many opting to remain on the sidelines. The crypto fear and greed index is currently situated in the fear territory, scoring 24, likely influenced by the ongoing trade disputes involving the U.S. and its principal trading partners.
Josh Mandell, a noteworthy analyst and millionaire, expects Bitcoin to potentially reach $100,000 by month-end if it manages to close above $84,000.
Mandell’s X profile highlights his extensive experience in the trading industry, having worked for Salomon Brothers in the 90s and later for Caxton Associates. Salomon was among the largest investment banks in the U.S. until it was acquired by Travelers in 1997, while Caxton Associates is renowned as a leading hedge fund managing over $12 billion in assets.
Mandell gained attention for sharing details of his Fidelity account, which illustrates a rise from $2.1 million to over $23.4 million, primarily through trading Bitcoin and MSTR options.
Mandell also rose to fame after a mysterious Bitcoin price forecast he made went viral in November, suggesting that BTC could soar to $444,000 if it establishes a base at $84. The post garnered over 1 million views.
Other notable crypto analysts maintain an optimistic outlook on Bitcoin. Cathie Wood’s Ark Invest purchased $80 million worth of Bitcoins this month and increased its holdings in Coinbase. Michael Saylor’s Strategy has also added to its Bitcoin stockpile in recent months, signaling an expectation of a price recovery.
Federal Reserve and Risk-On Sentiment
Bitcoin needs to increase by about 18% to reach the $100,000 milestone this month. While achievable, it hinges on two critical catalysts.
Firstly, the market must adapt to the tariffs imposed by President Donald Trump. This need for adjustment contributed to the rise in U.S. equities on Friday, with the Dow Jones and Nasdaq 100 indices surging by 674 and 450 points, respectively.
Historically, the stock market tends to overreact to black swan events, followed by a rebound. A pertinent example is the COVID-19 pandemic, which saw an initial crash followed by recovery.
Secondly, the Federal Reserve needs to adopt a dovish stance as the likelihood of an economic contraction in the U.S. for the first quarter increases. The Atlanta FedNow tool currently projects a 2.4% contraction in U.S. GDP for Q1.
A dovish Fed will likely foster a risk-on sentiment, subsequently pushing Bitcoin and altcoin prices upward.
