21Shares: "Bitcoin (BTC) to Revisit $100,000"

▲ Dollar (USD), Bitcoin (BTC)/AI Generated Image

A forecast suggests that Bitcoin (BTC) is preparing for a Q4 rally towards $100,000.

According to Bitcoin.com on September 10 (local time), Matt Mena, Senior Cryptocurrency Research Strategist at 21Shares, assessed that the cryptocurrency market's fundamentals and price trends are improving simultaneously. Mena stated, "The stage is set for a strong Q3 and a potentially explosive Q4." He presented $100,000 as Bitcoin's main target.

As a basis, he cited the relative strength of the cryptocurrency market. According to Mena, the overall cryptocurrency market in July outperformed the S&P 500 by 7.5 percentage points. Compared to the Nasdaq 100, the gap reached 14.2 percentage points. He assessed that price trends and market fundamentals have begun to move in the same direction.

Institutional capital inflows also supported the bullish outlook. Mena explained that over $850 million has flowed into Bitcoin spot ETFs since the beginning of Q3. Approximately $587 million flowed into Ethereum (ETH) spot ETFs. He also stated that over $23 million in funds flowed into Solana (SOL) spot ETFs.

Mena also presented Q4 price targets not only for Bitcoin but also for major cryptocurrencies. He included Bitcoin at $100,000 and Ethereum at $3,000 in his forecast range. He suggested $70 for HYPE and $110 for Solana. This forecast is based on the judgment that the relative market strength and institutional capital inflows observed in July will continue.

However, the $100,000 forecast is not a definitive price prediction. Mena has previously emphasized that the bullish scenario can only continue if Bitcoin breaks through key resistance levels. This current forecast also focuses on the analysis that the cryptocurrency market's fundamentals, price trends, and institutional capital inflows are intertwined.

[Article Key Summary]

-Matt Mena predicted that the cryptocurrency market could experience a potentially explosive Q4 following a strong Q3.

-In July, the overall cryptocurrency market outperformed the S&P 500 and Nasdaq 100 by 7.5 percentage points and 14.2 percentage points, respectively.

-Mena presented Q4 targets of $100,000 for Bitcoin, $3,000 for Ethereum, $70 for HYPE, and $110 for Solana.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*