Bitcoin (BTC) could rally to as high as $138,555 by the end of the year, according to a new analysis from 21Shares. The report cites a mix of macroeconomic resilience and strengthening on-chain indicators as key drivers behind the optimistic forecast.
The research draws parallels between the current market cycle and 2021, when Bitcoin weathered major external shocks like China’s blanket mining ban without derailing its long-term uptrend. This time, the shocks come in the form of monetary policy disappointment and increased global liquidity, both of which underpin Bitcoin’s appeal.
“Despite the volatility, we see strength rather than fear in the market,” the report said, noting that Bitcoin is currently trading around $84,400, down from around $83,152 earlier this month.
One of the most notable changes, according to 21Shares, is how Bitcoin now responds to disruptions in the traditional financial system. Events like the collapse of Silicon Valley Bank no longer lead to panic selling. Instead, they reinforce Bitcoin’s reputation as a hedge against systemic financial risk.
Even crypto-specific setbacks like the recent Bybit hack have failed to shake investor confidence in Bitcoin, with the market appearing increasingly adept at distinguishing between the failings of centralized participants and the fundamental value proposition of the decentralized protocol.
On-chain metrics support this optimism, according to the report. Long-term holders continue to accumulate, and there is no sign of a broad-based distribution that would signal a market top. Meanwhile, institutional interest is growing, with increased flows into spot Bitcoin ETFs and improved regulatory clarity lending more legitimacy to the asset.
*This is not investment advice.
