Bitcoin is currently hovering around $82,900, but one well-known crypto millionaire anticipates it could hit $100,000 by the month’s end.
As of Sunday, Bitcoin (BTC) was priced at $82,900, marking a 10% increase from its lowest point earlier this month, and giving it a market valuation of $1.62 billion.
‘Likely to reach 100k by month-end’
The current price resistance may be attributed to investors’ caution and their tendency to remain on the sidelines. The crypto fear and greed index sits in the fear zone at 24, likely due to the ongoing trade tensions between the U.S. and its primary trading partners.
Popular analyst Josh Mandell, boasting over 79,000 followers on X, forecasts that Bitcoin could reach $100,000 by the end of the month if it manages to close above $84,000.
Mandell has an extensive background in trading, having started his career at Salomon Brothers in the 90s, later working with Caxton Associates. Salomon was once a leading investment bank in the U.S. until its acquisition by Travelers in 1997, while Caxton Associates is a prominent hedge fund managing over $12 billion in assets.
He has gained attention for sharing his Fidelity account details, which reveal that his portfolio has escalated from $2.1 million to over $23.4 million, primarily through trading Bitcoin and MSTR options.
Mandell also rose to prominence following a recent viral Bitcoin price prediction in November, where he suggested that BTC could soar to $444,000 if $84 became the baseline. That post garnered over 1 million views.
Other notable crypto analysts remain optimistic about Bitcoin’s future. Cathie Wood’s Ark Invest acquired $80 million in Bitcoin this month and has increased its holdings in Coinbase. Additionally, Michael Saylor’s Strategy has also added to its Bitcoin reserves in recent months, indicating a bullish outlook on price recovery.
Federal Reserve and Risk Sentiment
For Bitcoin to reach the $100,000 threshold this month, it requires an approximate 18% increase. This is feasible, but hinges on two critical factors.
Firstly, the market must adapt to President Trump’s tariffs. This is evident as U.S. equities surged on Friday, with the Dow Jones and Nasdaq 100 climbing by 674 and 450 points, respectively.
Historically, the stock market reacts dramatically in response to unexpected events, often bouncing back afterward — a notable example being the recovery following the COVID-19 pandemic.
Secondly, the Federal Reserve is expected to adopt a dovish stance since the likelihood of the U.S. economy contracting in the first quarter has risen. The Atlanta FedNow tool estimates a 2.4% contraction in U.S. GDP for Q1.
A dovish Fed is likely to foster a risk-on sentiment, propelling prices for Bitcoin and altcoins upward.