- The volatility of cryptocurrencies keeps experts scrambling to predict Bitcoin prices over the course of the year.
- Experts on both sides of the coin have analyzed the possibility of the crypto giant soaring to as high as $100,000, or plummeting to as low as $20,000.
- Bloomberg’s Senior Commodity Strategist, Mike McGlone, says Bitcoin is likely to hit $100,000 even amidst a sloppy May.
- Rising Altcoin and governmental decisions will affect the price of Bitcoin in both directions.
Bitcoin, the largest cryptocurrency by both popularity and market share, has investors contemplating predictions for its price. Since its launch in 2009, Bitcoin has seen steady growth, with scattered downturns here and there.
Bullish investors have set their sights on seeing the price being pumped up to $100,000 to end the year with a record high. Bitcoin previously went as high as $64,829 with a market capitalization of over $1 billion, driving up the market capitalization of the entire industry to over $2.5 trillion. These successes, among others, are the characteristics that bullish investors are banking on, as they aim to hit $100,000 before the end of the year.
$100,000 BTC! Is It Still Possible in 2021?
Speculation around the future price of Bitcoin is mouthwatering, and analysts are pushing for their evaluations to gain traction. Bloomberg’s Senior Commodity strategist, Mike McGlone stated that, in his opinion, Bitcoin is set to trend upwards, even despite a poor May.
If you’re at a crossroads concerning the Bitcoin price debate, McGlone believes you should stick with the crypto giant. According to him, the bull market is intact and Bitcoin won’t slump to anywhere near $20k, but could fly up to highs of $100,000.
Mike McGlone’s views are supported by the June Edition of Bloomberg’s Galaxy Crypto Index, which described Bitcoin as “greener and stronger” than earlier in the year. Bitcoin is primed to see an extended rally, which will drive it up to $100,000, as most of its problems have been overcome.
On further analysis, he added that “In 2020, 260-day volatility dropped to its lowest ever vs. most major asset classes, notably the S&P 500.
Add last year’s supply cut, the migration to institutional portfolios, Ethereum futures, and the launch of ETFs in Canada and Europe, and we see greater potential for Bitcoin to head toward $100,000 than sustain below $20,000.”
On the Flipside
- Crypto is a highly volatile market which even experts find hard to predict, as was seen recently on Memorial Monday.
- Elon Musk’s decision to temporarily suspend Bitcoin as a method of payment for Tesla (NASDAQ:TSLA) due to climate change is acting as somewhat of a roadblock to the Bitcoin price rally.
- Since his statements, Musk has teamed up with Michael Saylor and BTC miners to form the Green Bitcoin Mining Council.
$20k Is Still a Possibility and You Should Probably Go
Veteran Bitcoin trader Peter Brandt has told his Twitter followers that the worst of Bitcoin’s price correction is yet to come, suggesting that it may still drop below $21k. The rise of Altcoins, as people look to make money from their volatility, has seen crypto enthusiasts move towards coins such as DOGE.
With upgrades from Ethereum and Cardano (ETH 2.0 and Alonzo testnet respectively) on the way, there is a possibility that more attention and money will divert towards Altcoins.
The sharp drop in the price of Bitcoin in May, to as low as $33,000 at some point, has cast doubt on the possibility of a $100,000 price rally. However, after seeing Bitcoin’s rapid growth in early 2021, $100k does still remain a possibility.
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