Market dynamics point to $150,000 bitcoin, says John Divine

Bitcoin’s trajectory has been a hot topic in financial circles, with predictions for its year-end value more diverse than ever. Roundtable host Rob Nelson delved into these predictions with John Divine, an OTC digital asset trader at BlockFills, who recently held firm to his bullish stance on Bitcoin, predicting it will reach $150,000 by December 31.

Nelson opened the discussion by asking Divine if his crystal ball predictions had changed. Divine confidently reiterated his prediction that bitcoin would hit $150,000. He highlighted several bullish indicators, including recent comments from SkyBridge Capital’s Anthony Scaramucci and an optimistic outlook from Standard Chartered.

Divine highlighted the significant impact of market dynamics, noting that traditional stocks are currently at all-time highs while bitcoin is lagging behind. He pointed to systematic trading strategies that intertwine the performance of the S&P 500 and bitcoin, suggesting that bitcoin’s lag could eventually lead to a significant rally when certain market conditions are met.

He explained that once Bitcoin breaks the $72,000 barrier, its path to $85,000 could be rapid and could potentially reach $100,000 before the US elections. Divine attributed this potential rally to various market players such as miners, systematic traders, and speculators who could push Bitcoin’s price higher amid high activity.

Divine concluded by highlighting the lack of significant capital deployment during recent pullbacks, suggesting that the next wave of investment could push bitcoin to all-time highs. He remains steadfast in his forecast, predicting a strong market reaction that could see bitcoin reach its projected target by the end of the year.