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The price of Bitcoin was up on Friday morning and managed to hold above a key level of $ 50,000 (£ 36,785), as analysts predict cryptocurrencies will soar in the last quarter from 2021.
At the time of writing, bitcoin (BTC-USD) was up 1.2% to trade at $ 55,224. Ethereum (ETH-USD), the world’s second largest crypto by market cap, rose 0.5% to trade at $ 3,600.
It comes amid reassuring claims from the United States that it will not take a hard hit on cryptos – following a regulatory crackdown in China – and the announcement that the investment firm founded by billionaire George Soros owns bitcoin.
Soros has reportedly been trading bitcoin for a few months and Soros Fund Management head Dawn Fitzpatrick recently said, “I’m not sure bitcoin is viewed here only as a hedge against inflation. . “
Nick Spanos, crypto investor and founder of Zap Protocol, said, “Bitcoin, ethereum, and the broader crypto market are likely to have a ridiculously strong fourth quarter, and I predict we’ll see new all-time highs of here 2022. “
He said the top two cryptos are already nearing all-time highs – bitcoin hit $ 63,000 in April – and predicts that bitcoin will cross the $ 100,000 mark by the end of the year, while Ethereum will hit the $ 100,000 mark by the end of the year. $ 10,000 to $ 12,000.
According to Spanos, “the market has already shown itself to be more and more resistant to unfavorable market developments, such as China cracking down on crypto or Tesla (TSLA) Elon Musk revisits his pro-crypto stance.”
He added, “This is crucial for the long-term success of crypto, and I think the market will become even more resilient as crypto investors get used to seeing crypto bounce back better and stronger. “
“This will result in fewer panic sales, and therefore market dips and crashes will become much rarer.”
His thoughts echo what Nigel Green, CEO and founder of financial advisory organization DeVere Group, said earlier: “I have no doubts that if the current price momentum continues, we could see the price of bitcoin hit. hitherto unknown highs of $ 100,000. “
In the shorter term, Naeem Aslam, chief market analyst at AvaTrade, said the most important price point for bitcoin is $ 60,000.
“Bitcoin has tested the $ 50,000 price level a few times now, and if positive momentum continues to support price action, we may be looking at a healthy weekend for cryptos.”
As for Ethereum, he said, “There’s a good chance the price could test the 4K price level, and that could open the door for price to test its all-time high again, which matters most.”
Another crypto-investor is watching the Shiba Inu meme token (SHIB-USD).
It rose earlier this week after Musk tweeted a photo of his puppy, which is the same breed the token is named after. However, it was down nearly 27% on Friday.
Watch: What are the risks of investing in cryptocurrency?
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