Bitcoin is currently languishing at $82,900, but one popular crypto millionaire expects it to reach $100,000 by the end of the month.
Bitcoin (BTC) was trading at $82,900 at the time of publication on Sunday. That’s up by 10% from its lowest level this month, giving it a market cap of $1.62 billion.
‘Probably up to 100k by month-end’
It has found this resistance likely because investors are still fearful and staying on the sidelines. The crypto fear and greed index remains in the fear zone of 24, likely because of the ongoing trade war between the US and its top trading partners.
Josh Mandell, a popular analyst and millionaire with over 79,000 followers on X, predicts that Bitcoin price may hit $100,000 by the end of the month if it closes above $84,000.
His X profile notes that Mandell has been in the trading industry for years. He worked for Salomon Brothers in the 90s and has also worked for Caxton Associates. Salomon was one of the biggest investment banks in the US until Travelers acquired it in 1997. Caxton Associates is a top hedge fund with over $12 billion in assets under management.
Mandell has become popular for publishing his Fidelity account details, which shows that his portfolio has grown from $2.1 million to over $23.4 million. He has achieved this mostly by trading Bitcoin and Strategy or MSTR options.
Mandell also became popular after his cryptic Bitcoin price prediction went viral in November. He predicted that BTC would jump to $444,000 if $84 became the base. The post had over 1 million views.
Other popular crypto analysts remain bullish on Bitcoin. Cathie Wood’s Ark Invest bought $80 million worth of Bitcoins this month and increased its stake on Coinbase. Michael Saylor’s Strategy has also accumulated more Bitcoins in the past few months, a sign that it expects the price to rebound.
Fed and risk-on sentiment
Bitcoin needs to rise by about 18% to get to the $100,000 mark this month. This is possible, but it will depend on two key catalysts.
First, the market needs to adjust to President Donald Trump’s tariffs. This explains why U.S. equities jumped on Friday, with the Dow Jones and Nasdaq 100 indices rising by 674 and 450 points, respectively.
Historically, the stock market overreacts when there is a black swan event and rebounds afterward. A good example was during the COVID-19 pandemic when they crashed and bounced back.
Second, the Federal Reserve needs to embrace a dovish tone now that the odds of the U.S. economy contracting in the first quarter have risen. The Atlanta Fed Now tool estimates that the U.S. GDP will contract by 2.4% in Q1.
A dovish Fed will likely lead to a risk-on sentiment and push Bitcoin and altcoin prices higher.