$100K BTC By End Of Year?

The price of Bitcoin has never changed. It’s always been 100 million Satoshis.

Mike Nasser
4 min readDec 17, 2021

Well, every cycle teaches us something new. This time around, it was probably a good time to take some chips off the table (if you’re a trader) when everyone at the same time was calling for an easy $100K Bitcoin by the end of year. I mean, it’s not entirely impossible but these next 18 days would have to be absolutely legendary. I’m actually bullish on another Santa rally, however, I’m becoming increasingly less bullish because others are starting to feel the same as me.

The highlight of the week was definitely the FOMC meeting which Dan can do a better job describing.

What we saw at the desk — by Dan Wright

Traders were anticipating a hawkish U.S. Federal Reserve meeting this week and they were not disappointed. Fed chair, Jerome Powell announced that there would be three interest rate hikes next year and that they will double the pace of their “tapering” efforts — which they started in November — to $30 billion per month. The Bank of England jumped the gun and made a surprise move higher on Thursday as central banks around the world scramble to curb inflation.

The USD weakened across the board immediately after the Fed announcement.

BTC/USD and ETH/USD strengthened on the news as well as many of the smaller cap coins. Both pairs are printing higher highs and higher lows on weekly charts within their rising trend channels. Volume is down as we head into year end as institutions locked in gains for the year last month.

We saw the same sentiment on the desk with many of our clients preparing for next year.

BTC/USD support at $47k

ETH/USD support at $3.65k

F — COVID & its variants

It’s been two years now and for the first time I’m actually nervous about catching “the Vid”. Sadly, we had to cancel out team’s first Christmas party which was set for this evening as Toronto seems to be going through a rapid outbreak. Before this week, thankfully, I never knew anyone personally who got COVID. After this week, I know of a bunch of people (double-vaxxed) who are unfortunately going to miss the Holidays.

So, instead of a nice steak dinner, we will be getting food delivered to the team and getting together over video…pretty much like how it all started!


Unfortunately, I’m feeling like we’re in for a pretty rough go of it over the next few months with this new Omicron variant spreading rapidly across the world.

How will this impact the markets? I can’t imagine that we’ll get a March 2020 shock since we kind of know what to expect. However, with reductions in capacity for retail, restaurants and other venues, along with talks of renewed travel restrictions starting to make headlines — getting back to “normal” doesn’t seem like it’s in the cards for the foreseeable future.

It will be interesting to see how governments react. Is there enough liquidity in the system to support another lockdown, or will the money printer go brrr?

And now, watch Lee Cooperman absolutely go off on crypto’s enemy Elizabeth Warren “Senator Karen” yesterday:

In case you missed it…

(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.)

I send this email to our investors weekly. If you would also like to receive it every Friday, join the others today and Subscribe Now!

If you’re interested in learning more about opening a trading account with Satstreet please email me directly at mike@satstreet.com. If you’re ready to open account please sign up here.

Satstreet serves private Canadian clients including some of the largest Bitcoin mining operations, institutions, and high net worth individuals. Satstreet has raised initial funding from Round13 Capital and several prominent investors.