Bitcoin’s rally is far from over — these analysts are betting on the world’s largest cryptocurrency to more than double in value by the end of year
- Predictions for
Bitcoin’s price range from $80,000 to $168,000 before the end of the year.
- These estimates are based on two factors — the adoption of Bitcoin and the world’s largest market, the US, giving the green light to Bitcoin exchange-traded funds (ETFs).
- Analysts are betting on the inflow of fresh funds, especially from bigwig companies, to drive the price higher — perhaps even toppling the market value of silver.
Bitcoin’s price has jumped by 45% over the past one month. Going forward, the expectations for Bitcoin range from $80,000 to $168,000 and everywhere in between, over the next three months.
If these estimates hold true, we’re still in the early innings of the cryptocurrency bull market. Moreover, just crossing the $72,800-marker will make Bitcoin more valuable than the market cap of silver.
The whopping prediction for Bitcoin to hit $168,000
Market research firm, Fundstrat Global Advisors, predicts that Bitcoin could soar to as high as $168,000 by the end of the year. This would make the cryptocurrency more valuable than not just silver, but gold as well. And, much of this is going to be driven by institutional investment as the cryptocurrency gains legitimacy through exchange-traded funds (ETFs).
The world’s largest market, the US, listed its first-ever Bitcoin ETF on the New York Stock Exchange (NYSE) last week — the primary factor resulting in Bitcoin’s $67,000 high. The ProShares Bitcoin Strategy ETF (BITO) saw the second heaviest debut volume on record with 24 million shares traded.
According to Fundstrat co-founder Thomas Lee, BITO may attract as much as $50 billion of inflows during its first year. The rally may not persist, but the ETF will serve as a key short-term driver for the token’s price.
"The ETF will be a big factor for driving the price higher, as it allows a new wave of money to enter the market," Marcus Sotiriou, Sales Trader at GlobalBlock told Insider.
Many others are still waiting for approval from the securities' watchdog to go live. This includes the Global X Bitcoin Trust, Kryptoin
It’s about more than money coming in
Others may not agree with the estimate of Bitcoin hitting $168,000, they do believe that it will peak to at least $80,000, according to Finder Analytics’ Bitcoin Predictions Report. Gryphon Digital Mining CEO, Rob Chang, told the firm that it won’t just be inflows that matter but also wider adoption of the cryptocurrency.
“I believe we are in the opening stages of rapid bitcoin adoption that will spread past El Salvador and Twitter and into more traditional areas. As this occurs, the general public will be increasingly exposed to bitcoin and this shift from obscurity into the mainstream will catapult bitcoin prices higher for the next few years,” he said.
Even Standard Chartered, the global banking behemoth, says its research points towards Bitcoin hitting $100,000.
But, none take the cake as much as billionaire Tim Draper banking on Bitcoin to be worth $250,000 apiece. According to him, it’s not just about more money coming in, it’s about how more and more people are going to jump on the cryptocurrency’s bandwagon. Albeit, only a handful of companies currently accept the cryptocurrency as means of payment directly or indirectly through a third-party digital wallet like PayPal.
Curiously, despite his cheerleading, Draper has never disclosed how much Bitcoin he owns, or if has holdings in any other cryptocurrencies. His past investments include Twitter, Skype, Tesla and SpaceX, all of whom have grown to become global names.
Disclaimer: Do your own research (DYOR) before investing in any financial asset, cryptocurrency or otherwise.
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