Bitcoin forecast to reach $100,000 by year-end despite macro headwinds
David Duong maintains a bullish forecast for Bitcoin to hit $100,000 by the end of the year, attributing current price consolidation to temporary macroeconomic uncertainties. The analyst argues that the asset is decoupling from equity market weakness and will recover once political and monetary risks clear.
Bitcoin is currently trading near $85,000, having ranged between the mid-70s and mid-80s since an August short squeeze, with $87,000 acting as a key resistance level. David Duong maintains his forecast that the cryptocurrency will reach $100,000 by year-end, although he acknowledges that the probability of this outcome has lowered due to recent market conditions. He attributes the current consolidation to several macro factors, including fears of additional Federal Reserve rate hikes, with three hikes currently priced in, inflation at 3.7%, and the upcoming US midterm elections on November 4th. Duong expects the market to remain flat or volatile until these political and monetary uncertainties are resolved. He noted that Ethereum ETFs saw over $3 billion in Q3 inflows, leading to some profit-taking, but he views the current period as consolidation rather than a trend reversal. Duong cited Bitcoin's resilience relative to equities as evidence that the asset is operating on its own terms rather than being dragged down by broader equity market weakness.