As of late, bitcoin has been struggling somewhat. After reaching a new high of roughly $64,000 per unit a few weeks ago, the world’s number one digital currency by market cap fell below $50,000, thereby losing approximately $15,000 off its price.
Bitcoin Is Going to Rise, Say Analysts
Now, while the asset has come back somewhat, bitcoin is still struggling to move into the high $50,000 range. It is presently trading for about $53,000, which is a drop from last week’s $55,000 per unit. Still, this is not stopping many analysts and industry heads from predicting big things for the BTC, many of whom are claiming that the currency will potentially reach a price exceeding $100,000 by the time 2021 is over. In fact, some say that the price could exceed $120,000.
Among the analysts taking part in a new survey, the average bitcoin price predicted was $107,000 per unit, with several claiming that institutions are likely to lead to the biggest price hikes for the asset. 24 percent of the analysts say that bitcoin is likely to expand thanks to retailers, while another 18 percent say that whale activity will contribute the most to positive BTC behavior.
One man named Paul Ennis – an assistant professor at University College Dublin – explained in a recent interview that he was not entirely certain bitcoin would move up thanks to growing institutional investments. He says that a six-figure price for bitcoin is likely to deter many institutions from getting involved, who are likely to feel that the price is too much. He comments:
Institutional investment will continue to drive the price up, but $100,000 is a psychological barrier that even institutions will find too high.
But while it is easy to assume that bitcoin will just continue its behavior of the last few months, one must look at the situation with a sense of hardcore realism. The fact is that we are now in the fifth month of the year, which means that bitcoin only has about seven months left to strike the six-figure territory that so many of these analysts claim will be hit.
BTC has gotten quite far over the past 14 months. There is no doubt about that, but it still took well over a year for the asset to reach its present position. Are these analysts suggesting that bitcoin can more than double its present price in half that time – even now as bitcoin struggles to retain its past glory?
Maybe This Isn’t Unrealistic
The thought appears somewhat unrealistic at first, though at the same time, bitcoin has shown that it is quite capable of achieving the impossible, so perhaps it would be wrong to downplay these predictions fully. Nicholas Van Hoorde – the chief executive of Delta.app – explains:
A correction would be healthy for sustained levels of growth and setting up for another bull run.