Strategists at BTIG are satisfied that Bitcoin has lastly “come off age” and will likely be making an upward worth motion sooner or later. Now, they’re setting a $50,000 worth goal on the premier cryptocurrency by the tip of 2021.
Bitcoin’s journey to the moon
Bitcoin has been reaching new highs in direction of the tip of the yr. In accordance with Coin Metrics, the cryptocurrency topped its 2017 highs of $19,000. The value motion of the coin has always gone northward. After it reached the $19,000-mark final week, it took a small backward tilt to $17,000 earlier than ultimately reaching highs over the weekend.
Nonetheless, the 2020 bull market may be very completely different from the 2017 market. The 2017 bull market was a results of frenzied buying and selling because the crypto asset grew right into a bubble that ultimately popped in 2018. Nonetheless, this time, the value rise is fueled by elevated investments within the cryptocurrency from institutional buyers. Furthermore, governments and main buyers, particularly in China, are additionally displaying extra curiosity within the digital coin.
Different bullish predictions
BTIG isn’t the one bullish prediction within the cryptocurrency house. Different analysts are additionally giving their bullish predictions in regards to the cryptocurrency for 2021. Citibank analyst Tom Fitzpatrick has an much more mind-boggling view. He lately wrote a be aware wherein he detailed how Bitcoin may hit $318,000 by the tip of 2021.
Most predictions are taking higher crypto adoption as one of many major causes behind this purpose. The rising variety of crypto transactions on Sq. and PayPal’s curiosity in digital currencies is displaying a real-world use case for Bitcoin which is able to make it part of on a regular basis life. Fitzpatrick additionally means that wanting on the motion of Bitcoin between 2010 and 2011, it’s doable that the identical trajectory repeats in 2021 as effectively. The influence of the coronavirus and the actions taken by the US Federal Reserve will play an essential position on this.
Keep in mind, all buying and selling carries danger. Previous efficiency isn’t any assure of future outcomes.