Ton Weiss: Bitcoin remains 'bullish' and could hit $100,000

Crypto trading veteran Ton Weiss is confident that the activity of institutional investors signals that the Bitcoin market is in a bullish trend. An experienced trader posted a video on YouTube in which he said that he remains optimistic about Bitcoin, despite the sharp drop in value. 

Weiss believes that the Bitcoin market "hasn't been taken over by the bears yet." In his opinion, this can only happen if the cryptocurrency falls below a certain minimum: "I believe in higher highs and higher lows, especially in a consolidation environment. Therefore, for me to admit that there is a bear market, BTC will have to break the $28,805 low."

Ton Weiss is confident that from a fundamental point of view, Bitcoin is still in an uptrend. He believes that the most obvious "bullish macro signals" are the entry into the crypto market of such giants as MicroStrategy and Tesla. As well as the adoption by El Salvador of Bitcoin as a reserve currency and means of payment.

The trader argues that the higher timeframe Bitcoin market structure will remain bullish and expects the cryptocurrency to eventually reach a new all-time high of $100,000: "I didn't get the impression that this was the start of a bear market. I will always bet that breaking previous highs in value will get us here ($100,000 to $100,000 price — bits.media). I will always bet on it."

Recently, analysts at the investment company ARK Invest calculated that against the backdrop of the growing capitalization of the American stock market, the growth in the capitalization of Bitcoin will allow the first cryptocurrency to reach a value of $1 million.

Reuters experts believe that Bitcoin has become a "significantly more mature asset." This is indicated by the acceptance of the first cryptocurrency by institutional investors and an increase in the correlation with the S&P 500 index.

At the same time, writer and investor Robert Kiyosaki said that he would wait for the Bitcoin price to drop to $20,000 to buy the next batch of cryptocurrency.