Would Bitcoin Reach 100K?

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The price of Bitcoin will continue to rise, following the same oscillating pattern. Bitcoin's price could reach $100 by 2021, according to a Bloomberg report. It should be noted that no one knows when the price of bitcoin will reach in the future, but all of the above BTC forecasts come from credible financial analysts. 

By the end of 2020 and the first quarter of 2021, Bitcoin prices will have risen remarkably. The value of bitcoin fell to around $37,000 on June 4, down from its peak of more than $63,000 earlier this year. According to a new report released this week, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, predicts that bitcoin is likely to rise back to $100,000 before falling below $20,000. 

In January 2021, the price of Bitcoin rose to $40,000, and on February 16 it rose to $50,000, a record high. On March 13, 2021, it was revealed that the price of Bitcoin had risen to $60,065, and hours later it passed $61,000, marking a new all-time high of $65,155,659. After the news broke, the price of Bitcoin soared 14% to more than $44,000 per coin. 

Bitcoin could face a massive rally to $100,000 in 2021, a price level that could prove unsustainable, said JPMorgan in a note on Monday. Bitcoin could rise much higher, the bank said. Bitcoin has risen about 545% from its current price to surpass that milestone. 

Brian Estes, Chief Investment Officer of hedge fund Chain Capital, predicts that Bitcoin by the end of 2021 will reach $100,000 to $280,000. Estes predicts that cryptocurrency will reach this milestone by the end of the year based on a model that uses the equity flow ratio, which measures the shortage of commodities such as gold. The equity flow model correlates by 9.4% with bitcoin prices, which are used to measure the scarcity of these commodities. Bitcoin reached an all-time high in October 2020. 

Although Bitcoin price may seem overwhelming, retail investors can still purchase fractions of Bitcoin if they can afford it. It has passed the $50,000 (Rs.37 lakhs) mark and should be heading towards $60,000 ($Rs.435 lakhs) soon. If the price stays at the $30 line for the next month or so, we will probably see $100 bitcoin by the end of the year. As I have written before, BTC can match its price at any price level and remains the main target for Bitcoin devotees and investors. 

Cowen believes Bitcoin has the potential to reach $100,000 before the end of the year if it can reclaim $100 this week (SMA). PlanB, creator of Stock Flow S2F model, confirmed on November 8 that Bitcoin (BTC) is on track to reach $100,000. Some analysts see Bitcoin reaching that milestone sooner rather than later, with fund manager Tom Lee saying last week that Bitcoin could get there in 2021 if it experiences a similar parabolic rally to 2017. 

Prominent investors Chamath Palihapitiya and Mike Novogratz have told anyone willing to listen that Bitcoin could soon exceed $100,000 per unit value. Other Bitcoin advocates claim that the price could rise as much as $100 trillion and have a global market cap of $100 trillion. Planb, creator of the S2F-Shares model, expects bitcoin (BTC) to reach the range of $100,000 to $288,000 by December 2021. 

In my view, with so many rich and powerful people investing in Bitcoin, the crypto-circus will eventually stop at a $100,000 valuation that is unsustainable in the long run. In my illiterate opinion, the dollar-denominated bitcoin price is more likely to eventually reach $100,000. There is no doubt that Bitcoin's price will reach $100 billion by December 2021. 

Lingham wrote on Twitter that if bitcoin holds in the $30K price range, we could see $100K later this year. Bitcoin could reach $500,000, said Ark Invest founder and CEO Catherine Wood, if institutional demand for bitcoin drives its price above $500,000. Knowing that Bitcoin prices are influenced by supply and demand, investors should bear in mind that once Bitcoin reaches the 21 million BTC in circulation, it could rise by a large amount in the face of increased supply. 

Cryptocurrency investors and analysts believe Bitcoin will increase in value in the coming months and years. Bitcoin rebounded to around 600,000 rupees in March 2020 and is currently trading at around 4,390,000 rupees. The rally in bitcoin and other cryptocurrencies does not seem to be running away from the 600% increase in prices. 

The first price increase occurred in July 2010 when the value of a single bitcoin rose to $0.08, and in the following year, 2011, its value rose to about $1 in April. Two years later, in January 2013, it was above $10,000 per transaction, and by November 2017 it was above $10,000. Large amounts of money flowed into the virtual currency, pushing the bitcoin price to $63,000. 

There are many different price drivers for Bitcoin and other virtual currencies. Vinny Lingham, famous for predicting the price movements of coins such as Bitcoin, Ethereum and F.I.L.F.


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