As Bitcoin has been experiencing a decline in recent days, investors are looking for answers to the questions of whether Bitcoin (BTC) will continue to fall, rise again, or exceed $100,000.
At this point, many top analysts shared their analyses and predictions, while an analysis came from the investment company 21 Shares.
21 Shares crypto research strategist Matt Mena announced his year-end price target, stating that the correction in Bitcoin is short-term.
Speaking to Business Insider, Matt Mena predicted that Bitcoin will reach $120,000 by the end of the year.
The analyst also explained why Bitcoin fell after coming so close to $100,000, saying that $100,000 served as a psychological selling point for investors who have been holding Bitcoin since the last bull run.
Mena said that Bitcoin’s failure to surpass this level was due to investors betting on BTC put options that would expire in December, and therefore it experienced a short-term correction.
“A similar pattern played out earlier this year in March, when Bitcoin remained near its 2021 all-time high of $69,000 for almost seven days before finally reaching that level.”
The analyst last claimed that Bitcoin could drop to $80,000 during the ongoing correction but then recover and rise to between $110,000 and $120,000 by the end of the year.
*This is not investment advice.
