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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.