According to an analyst at leading financial publication Investing.com, bitcoin (BTC) is expected to reach the $60,000 mark by 2021 as adoption rates rise.
Jesse Cohen, senior financial analyst at Investing.com, predicted that bitcoin will likely reach the $60,000 mark in the first half of 2021.
According to Cohen, the growth of bitcoin in 2021 will be supported by institutional investors, combined with the inflow of ultra cheap money into the global financial system by global central banks such as the Federal Reserve :
After a record-breaking 2020 in which the currency rose more than 300%, bitcoin is expected to remain strong in 2021 as more retail investors – and large institutional buyers – enter the market…For those who have already entered the market, the current strategy remains HODL…Novice investors have found their way into many risky assets, including bitcoin.
Cohen’s comments come amid a new survey on cryptocurrency by Investing.com, which found that 63% of UK respondents plan to buy bitcoin in 2021. More than 60 percent of the 800 respondents also said they think bitcoin will surpass $60,000 by 2021.
Despite growing confidence in a bitcoin rally in 2021, there are many concerns about the surrounding regulatory environment. As bitcoin becomes more accepted and gains traction, it is also likely to receive more attention from regulators in the United States, Europe and Asia, Cohen said.
Mr. Cohen is particularly concerned about the influence of the new administration of the President of the United States. But after that, the road ahead may not be so easy. I expect another achievement, Cohen said.
According to the survey, a majority of UK respondents see new regulatory restrictions as the biggest threat to bitcoin in 2021.
Cohen’s prediction is far from the highest for bitcoin this year. Dan Morehead, CEO of Pantera Capital, believes bitcoin will reach $115,000 by August 2021. In early January, Catherine Cowley, CEO of Binance.US, predicted that bitcoin could reach the $100,000 mark by the end of the year. PlanB, the maker of the stock-to-flow model, also predicts that bitcoin should be between $100,000 and $288,000 by December 2021.
frequently asked questions
Will bitcoin rise in 2021?
After a strong 2020 in which bitcoin reached all-time highs with gains of around 300%, 2021 could be even stronger. … The year 2021 will most resemble 2017, when bitcoin is expected to experience a parabolic rise, Lee tweeted.
How much will bitcoin be worth in 2021?
I stand by a price target of $100,000 per bitcoin by the end of 2021, as I wrote publicly in 2019, Anthony Pompliano, partner at Morgan Creek Digital’s Digital Asset Hedge Fund, said in an email.
Is bitcoin worth investing in 2020?
Bitcoin was the top asset class of 2020, as shown in the chart below. … Following MicroStrategy, payment platform Square announced in October that it had invested $50 million in bitcoin, buying a total of 4,709 bitcoins. Square said the investment represents about 1% of its total assets.
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