Last month, Bitcoin surpassed $68,000 for the first time, setting a new all-time high for the year. It had slipped below $46,000 by early December.
After starting the year below $30,000 in January, Bitcoin’s price has risen dramatically to its current high position. Its value varies dramatically from day to day, and even minute to minute. This month, the price of bitcoin has fluctuated between $45,000 and over $59,000. It hasn’t broken $50,000 since December 12 and has fallen below $46,000 on many occasions in recent weeks.
Despite the volatility, many analysts believe Bitcoin is on its way to breaking the $100,000 barrier, however, there are differing viewpoints on when this will happen. The volatility is nothing new, and it’s one of the reasons why experts advise novice crypto investors to be careful when committing a portion of their portfolio to cryptocurrency.
Bitcoin has risen in value as steadily as any other cryptocurrency on the market over the years. It’s only natural for Bitcoin investors to wonder how far the currency may rise.
Unfortunately, the price of Bitcoin is exceedingly difficult to forecast, and it is much more vulnerable to market forces than other asset classes. Nonetheless, we decided to poll several experts for their best ideas. Here’s what they had to say:
Bitcoin Price Forecasts
Bitcoin is expected to hit $100,000 by 2023, according to conservative projections.
Some analysts are more optimistic. “The most qualified academics in the sector are projecting $100,000 Bitcoin in Q1 2022 or sooner,” says Kate Waltman, a certified public accountant specialising in cryptocurrency in New York.
Others prefer to point to the pattern of growing value over time rather than anticipate a figure and a date. Last month, Jurrien Timmer, director of global macro at Fidelity Investments, anticipated a “very sustainable” growth in Bitcoin’s long-term value, driven by organic market activity, with the $100,000 milestone in sight.
Kiana Danial, founder of Invest Diva and author of “Cryptocurrency Investing For Dummies,” says, “What I foresee from Bitcoin is volatility [in the] short-term and growth [in the] long-term.”
Unsurprisingly, well-known crypto investors, evangelists, and public pundits have significantly differing perspectives and forecasts on how high Bitcoin may go (and when). Here are some additional forecasts for the next year, sorted from low to high:
Balina, Ian
Viewpoint: Bitcoin investor and founder of a crypto research and media firm. Token Metrics are a kind of metric that is used to represent
By the end of 2021, it’s expected to be worth $75,000.
Why: While technical data suggests that $100,000 isn’t out of the question, Balina told NextAdvisor that he wants to be cautious.
Hyland, Matthew
From the perspective of a technical analyst and a blockchain data analyst
$250,000 by January 2022, according to the forecast.
Why: According to Hyland’s Twitter account, Bitcoin passing the $100,000 mark would trigger a joyful bull run. Hyland used the 150 percent increase in Bitcoin from $8,000 to $20,000 immediately after Thanksgiving in 2017 as an example.
Breedlove, Robert
Point of View: Parallax is the founder and CEO of a digital asset marketing and consulting organisation. $307,000 by October 2021 (already passed) and $12.5 million by 2031, according to digital predictions.
Why: Following COVID-19, inflationary forces will fuel interest in cryptocurrency, driving the price of Bitcoin higher than earlier estimates. Breedlove also said in an interview earlier this year that the fourth quarter of 2021 is around 510 days after a “halving” event, in which Bitcoin’s algorithm lowers the incentive for mining transactions on the blockchain. Previous halving episodes, according to Breedlove, have been followed by new highs 500 days later.
Crypto experts aren’t the only ones making Bitcoin forecasts. Big financial firms have also made projections, with JPMorgan forecasting a long-term high of $146,000 and Bloomberg forecasting $400,000 by 2022.
