Every since Tesla announced that it has bought $1.5 billion BTC, value of this crypto has been steadily rising. In spite of the frequent price swings that Bitcoin traders have witnessed, the truth is that most experts feel that the cryptocurrency is not going anywhere soon. There may be issues concerning the Bitcoin, according to a few experts, but most others see a great future for the Bitcoin marked by high price projections. Fundstart’s Tom Lee, an industry expert, recently predicted that 2020 would see a 300% price surge that would be followed by another stronger surge in 2021. The surge in bitcoin in 2021 is mostly due to greater trade volumes aided by auto-trading robots. BitQT is one such bot that can trade cryptos such as Bitcoin, Ether, Ripple, and Litecoin. It is totally automated and has an 88 percent success rate after evaluating economic data. Visit https://coincierge.de/bitqt/ for detailed information about this bot’s functionality and user-friendliness.
Lee, in an article posted in Markets Insider, commented that the Bitcoin would increase 4 times in 2021 since it will go through a similar parabolic rise that it had experienced in 2017. He hopes 2021 will find Bitcoin even stronger, surging another 300%, going past the $100,000 mark. The halving episode, like what happened in 2016, reduces the rewards for miners by cutting the Bitcoin value into half. But, following the last halving in 2016, Bitcoins experienced a parabolic rise; something he feels will be repeated this year.
Renowned Bitcoin expert Anthony Pompalino thinks that Bitcoin may be able to reach $225,000 by 2021 end. Since the asset remains volatile, the rise will not be smooth but a bumpy one. While demands for Bitcoins are steadily going up, the supply is much smaller. He is confident that Wall Street will start getting on board with crypto assets soon and the Federal Reserve will cut interest rates in the future. Pompalino thinks that larger businesses will start placing cash reserves into the Bitcoin.
Mike Novogratz of Galaxy Digital feels that Bitcoin prices could soar to anything between $50,000-$60,000 by 2021 end with people losing trust in banks and governments. He believes that not only individual investors but also institutional investors will now look at Bitcoins as serious investment.
Plan B’s price prediction is about $100,000 by 2021 December; he uses the stock-to-flow model for estimating Bitcoin’s future prices. This considers the current and future Bitcoin supply which is likely to be affected after “halving”. Dan Morehead, CEO and founder of Pantera Capital, has predicted that Bitcoin prices will reach $115,212 by end of 2021; this estimate has been based on previous spikes in the Bitcoin prices.
Thomas Fitzpatrick, Citibank’s CitiFX Technicals global head, in a report found similarities between the 1970s gold market and the Bitcoin. The report uses technical analysis of earlier rises and falls of Bitcoin value to predict its price hitting almost $318,000 by this December. He thinks Bitcoin values will explode because central banks are aggressively following quantitative easing because of the Covid pandemic.
The Winklevoss brothers predict that Bitcoins will ultimately replace gold as store of value and reach $9 trillion in market cap. The brothers are confident that there will be a hike in both institutional and retail investments, leading to Bitcoins hitting $500,000 by the end of this decade.
The reason behind the new faith in this coin amongst investors is because of people who are investing in it. For example, Bitcoin prices had gone up in 2017 because of individual investors and in 2020, it is because of institutional investors. Publicly traded companies and big hedge funds are responsible for the bull cycle. Companies like PayPal and Square have added Bitcoins to their offerings. Involvement of large players gives it the legitimacy it needs to rise in value.