Crypto is having a good year isn’t it? Today, we’ll look at 10 crypto traders, investors and entrepreneurs and their latest Bitcoin predictions. Following that, we’ll assess the currency markets and give you a round-up of all the things you should be keeping an eye out for this week.
Bitcoin in 2021, the story so far
Crypto is booming right now. It’s been the hottest market for traders over the past few months, seeing some stunning gains across the board.
Bitcoin has maintained a 60% share of the entire crypto market cap, which now stands at a staggering $1.8 trillion. A sensational start to the year saw the so-called King of Crypto hit its latest all-time high of $61,683.86 just last week.
The bulls are certainly favouring the digital coin right now, but where could this all be going? We’ve gathered 10 top bitcoin predictions from around the cryptosphere to try and shed some light.
10 Bitcoin predictions
1. Plan B, anonymous institutional investor
Notorious Dutch analyst and creator of the stock-to-flow model (S2F), Plan B has recently stated that bitcoin prices could rise up to five times their current level, reaching the $100k to $288k range by the end of the year.
“We are only 3.5 months into the Bitcoin bull market. In my opinion, BTC will not stop at $100,000 and will continue to S2FX $288,000 average price level (all-time high will be higher).”
2. JC Parets, Founder of All Star Charts
JC Parets is an expert in technical analysis of markets who, for the last decade, has also run a research service called All Star Charts. He recently found a way to apply the Fibonacci sequence to Bitcoin.
In mid-December, when Bitcoin was trading just below $20,000, Parets predicted that BTC would soon after hit $30,000. It did so in the early days of 2021. His next prediction was near $45,000, which Bitcoin surpassed on the 8th of February.
Because Bitcoin is holding above $45k, Parets is now targeting $70,000.
3. Tom Fitzpatrick, Citibank
A senior analyst at Citibank, Tom Fitzpatrick recently wrote a report on the similarities between the 1970s gold market and bitcoin. In it, he highlighted some technical analysis that guided him to predict that BTC’s December 2021 target could potentially be a monumental $318,000. Oof!
4. Anthony Pompliano, Morgan-Creek
Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets, said bitcoin could hit $500,000 by the end of the ’20s, and eventually go on to reach $1 million per coin.
He recently told CNBC’s “Beyond the Valley” podcast, “I think that bitcoin will eventually rise to become the global reserve currency. I think bitcoin will eventually be much much larger than the gold market cap”.
5. Mike Novogratz, ex-hedge fund manager
Mike Novogratz is the CEO of crypto management firm Galaxy Digital. In February, Novogratz predicted that bitcoin could hit $100,000 by the end of 2021.
This prediction came shortly after Tesla announced that they’d bought up $1.5 billion of the crypto. He clearly felt that many other companies will soon look to follow suit.
“Now you got the biggest, the wealthiest man in the world and one of the biggest stores doing it…You’ve got to think other CFOs and CEOs are saying, what should we be doing?”
Source: Markets Insider
6. John McAfee, entrepreneur and investor
In 2017, John McAfee famously claimed that he thought bitcoin would reach $1m per coin by 2020. It quite comfortably failed to do so, of course.
In July 2020, McAfee made a show-stopping u-turn.
“Not going to get out of it. I never believed Bitcoin would hit $1 mil. It’s absurd. It’s an old, tired, worthless coin.”
Alright, John. Calm down!
7. Simon Peters, market analyst — eToro
eToro market analyst Simon Peters has predicted that Bitcoin will continue its bull run to reach somewhere in the region of $70,000 and $90,000 before the end of 2021.
“I expect demand to surge and see bitcoin prices hitting at least $70,000 by the end of this year.”
Source: Yahoo Finance
8. The Winklevoss twins
These famed twins are now founders of crypto exchange, Gemini. They’re well known BTC supporters, but are also savvy investors in their own right.
In October 2020, the two took part in a YouTube interview for the “What Bitcoin Did” channel. In it, Tyler stated:
“The question (on) our mind is not so much does it get to $500,000, but how quickly.”
Cameron went on to add:
“I would sort of contend that $500,000 a Bitcoin is actually pretty conservative and the game hasn’t even really started.”
9. Tim Draper, venture capitalist
According to Tim Draper, BTC’s price will hit $250,000 by the end of 2022, or early 2023.
“$250,000 means that bitcoin would then have about a 5 per cent market share of the currency world and I think that may be understating the power of bitcoin.”
The pro-bitcoin investor said that he believes the value of bitcoin comes from its potential for denominational stability.
“As it becomes easier for people to use… they’re going to make the decision that they like bitcoin better than any fiat because they know that their fiat will depreciate in value.”
Source: The Independent
Popular analyst, Willy Woo is equally bullish on BTC. At the end of 2020, he took to Twitter to announce that he believed his previous prediction of $200k per BTC by end of 2021 now “looks conservative”, and that “$300k (is) not out of the question”.
What’s going on in the markets this week?
Not a massive amount, to be honest, but here’s everything you need to know.
Monday 22nd March
No major events.
Tuesday 23rd March
GBP — Employment Change (DEC)
Wednesday 24th March
GBP — Inflation Rate YoY (FEB)
USD — Durable Goods Orders MoM (FEB) + Markit Manufacturing PMI Flash (MAR)
Thursday 25th March
USD — GDP Growth Rate QoQ Final (Q4)
Friday 26th March
Core PCE Price Index YoY (FEB)
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The Contentworks team