Bitcoin remains the cryptocurrency with the highest market capitalization, but the competition is growing fast. It’s about time that we start taking the competition seriously.
While predicting the future is a dangerous business, it does have its advantages. One of those advantages is that it allows us to accurately predict what the world will look like in the next five, 10, or even 20 years. Furthermore, the longer we wait to make predictions for, the more likely we are to make them based on facts and evidence rather than bias or emotion.
Bitcoin was a winner in 2017, and the cryptocurrency is likely to continue to be a winner in 2018. The value of the Bitcoin is set to hit more than $100,000, according to a Bloomberg View article by Peter Nowak, an analyst at Bloomberg Intelligence. Nowak said there are three reasons why the Bitcoin is likely to rise:Despite the sharp decline in May, the bull market in bitcoin (BTC) does not appear to be abating, and a price target of $100,000 is more likely than a drop to $20,000, according to Mike McGlone, senior commodity strategist at Bloomberg.
$20K or $100K in 2021?
The Bloomberg Galaxy Crypto Index Report for June 2021 called bitcoin stronger, greener and less stretched than at the height of the rally in April. For this reason, the likelihood of the leading digital currency hitting the coveted six-figure mark this year is greater than the likelihood of a deeper correction to the 2017 highs. McGlone cited an overly long rally, Chinese restrictions and an over-focus on bitcoin’s energy use as key catalysts for the correction in May, which included a discount of more than 50% from the peak at the top. The backbone of bitcoin 2021 is FIrm, McGlone writes, adding: Towards the end of 2020, the bitcoin story suggested that the cryptocurrency would take a leap in 2021, and we are seeing more and more support for this. He continued: In 2020, 260-day volatility fell to its lowest level ever compared to most major asset classes, including the S&P 500. Add to that last year’s supply reduction, migration to institutional wallets, Ethereum futures, and the launch of ETFs in Canada and Europe, and we see more of a chance for Bitcoin to head toward $100,000 than to stay below $20,000.
Analysts remain divided
However, analysts disagree on how the price of BTC will evolve in the short and medium term. Many theorists are predicting a retest of the 2017 high, with at least one classic indicator predicting a low around $16,000. Others, like on-chain analyst Willie Wu, say BTC’s bottom will likely be reached due to improving network fundamentals and rising adoption rates of crypto-currencies. Veteran trader Peter Brandt suggested that the worst of the BTC price correction may not be over yet, but advised his Twitter followers not to get downhearted if they hold cash positions: Great prospect to own $BTC in a reasonable size with money you can afford to lose. The market reached $64.7kf The market corrected to $30.0k The worst I can imagine is $21.0k Why would anyone want to exit long positions when the market is already down 80% in the worst case scenario? – Peter Brandt (@PeterLBrandt) 2. June 2021 Cycle theorist Bob Lucas thinks it is highly likely that the BTC price bottomed last month, but he warns of a cautious downward trend over the next 60 days. The medium-term trend is now down, Lucas tweeted on the 27th. May, But a secular rise provides a counterbalance. However, he acknowledged the potential downside risk to the $20,000 level and noted that it is difficult to trade without a clear trend. Still looking to hack the 60 day #bitcoin cycle. Hard to trade for most. Everyone with price predictions confirmed. So far, mostly through personal observation (trading). There is a risk of a drop to $20k (downward trend), so there is a plan in place just in case.https://t.co/13vdALGfSX – Bob Lucas (@BobLoukas) 1. June 2021Even though Bitcoin has been around for nearly ten years, most of the world still doesn’t know what it is or how it works. Anyway, Bitcoin may still be considered an immature and volatile asset, but that’s going to change in the next few years, as the next big cycle is coming up.. Read more about if bitcoin goes to 100k how much would i make and let us know what you think.
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