By owais ahmad
On Dec 03, 2020
As Bitcoin is about to complete an exceptional year in terms of price, analysts share their predictions for the next year. So, where is Bitcoin (BTC) headed now?
While the year 2021 is just around the corner, if we look back, we will see that Bitcoin has built a successful path over the last year. There is more than one important factor behind this success. During the Covid -19 pandemic, digitalization gained significant interest. In this period, digital currencies gained more value than fiat currencies, which linked to the country’s economy. Besides, the latest halving that took place in May 2020 suddenly increased the price of Bitcoin. Finally, with the major investor interest that started in August, Bitcoin almost peaked.
With recent ATH record-breaking, the attention was even more focused on Bitcoin. It is wondered that from now on which direction the leading crypto money will go and what price it will reach. Most analysts agree that Bitcoin (BTC) is showing bullish signs towards the new year. Two successful analysts shared their predictions for the BTC price and how far it will go for the next year.
Cryptocurrency analyst and trader Michaël van de Poppe thinks that Bitcoin will be traded in the $ 40,000-60,000 range by the end of next year. However, the strategist adds that in the short term, Bitcoin is likely to go through a correction first.
Another strategist, Willy Woo, says he believes $ 200,000 is now a conservative estimate.
“My top model suggesting $200k per BTC by the end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7,456 for their coins. You all are geniuses. I have never been so bullish for 2021. This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”
Van de Poppe also thinks Bitcoin will eventually reach a similar price range. He just thinks this will happen in late 2023 or 2024. At the time of writing, according to data from CoinMarketCap, BTC is trading around $ 19,537, up 3.41% in the past 24 hours.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
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