Before the sudden bitcoin price hike on December 26, 2020, and the $ 26,000 mark. The cryptocurrency has had an amazing year in the midst of a crazy global economy. As the currency has gained global popularity, analysts are racing to predict its future price. These are the most prominent predictions monitored by the news site bitcoin.com about the digital currency, according to Forbes:
Mixed expectations
In 2020, many analysts presented their predictions about the future value of the bitcoin currency, the price that might be in 2021, and with the currency rising throughout the year, researchers from finder.com polled 47 cryptocurrency experts on their forecasts for 2021.
The finder.com survey was also completed before the currency crossed the $ 20,000 barrier, and most respondents (58%) said the upward trend would continue at least until the second half of 2021. According to the survey, respondents expected the price of the cryptocurrency to double by the end of the year. 2021. Some also predicted an average price of $ 51,951 per Bitcoin.
Nevertheless, 52% of respondents expect the currency to depreciate sharply after the 2021 peak.
In mid-November, Mike Novogratz, billionaire investor and founder of financial services company Galaxy Digital, predicted that Bitcoin would reach $ 65,000 in 2021. Novogratz predicted this price range when he offered some advice to Game of Thrones star Maisie Williams in a tweet: "I bought more bitcoin last night at 15,800." He added, "I think it will reach 20,65,000 in 2021." Bloomberg analyst Mike McGlone also forecast some future bitcoin prices, and said that by 2022, the cryptocurrency could reach $ 170,000.
By the end of 2021, Bitcoin will be trading at $ 318,000, according to forecasts by Citibank analyst Tom Fitzpatrick, stating that Bitcoin will likely see unimaginable highs followed by painful corrections.
It may replace gold
Citibank's CEO said Bitcoin is the new gold with fewer restrictions: "Gold has limitations, such as storage and portability." In an interview on May 6, 2020, the CEO of the capital management giant Morgan Creek, Mark Josco, predicted that Bitcoin could easily reach a hundred thousand dollars in 2021 or 2022.
Yusko stated at the time: "If Bitcoin arrives at the gold equation, meaning that the market value of Bitcoin is equal to the market value of gold, which I think is quite logical, then we should see the price of 400,000 or 500,000 at some point."
Not optimistic expectations
Some analysts are not optimistic about the future of the cryptocurrency. The financial columnist for investment news website Seeking Alpha, Anton Wallman, believes that Bitcoin will become worthless. The Times UK financial contributor Oliver Cam told his readers that cryptocurrencies are a fad that is best avoided, despite Paypal accepting bitcoin.
“Move your wallet away from cryptocurrencies,” Cam wrote when bitcoin was trading for $ 12,931 per unit. This is because you cannot appreciate it. It's different from bonds that pay interest, stocks that pay dividends, or property that provides income from rent. Buying them is like gambling. ”
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