Top 5 crypto analysts and fund managers say: What will happen to the bitcoin price in 2021?
Despite the pandemic and numerous global turbulences in 2020, Bitcoin was able to increase its value extremely.
The cryptocurrency ended 2020 up more than 300 per cent, making it the best performing institutional asset alongside shares of Tesla, TSLA.
This is despite Bitcoin falling to $3,500 in mid-March – causing many to doubt the cryptocurrency’s long-term viability.
Still, most Bitcoin Code analysts believe BTC will do extremely well in 2021. Here’s a list of what top crypto analysts and fund managers think will happen to the leading cryptocurrency in the coming 12 months.
Thomas Lee, co-founder of Fundstrat Global Advisors, says bitcoin could triple in value by 2021. Assuming he uses a base price of $30,000, that means BTC could rise to $90,000 and beyond in the coming year.
“I think 2021 will be similar to 2017, which means Bitcoin will do even better in 2021 than it did in 2020, so a little over 300%.”
Bitcoin could triple in 2021, according to Tom Lee of @fundstrat. He unpacks his top picks for the new year and why he believes epicenter stocks will surge. pic.twitter.com/NXs3GvugLL
– CNBC’s Fast Money (@CNBCFastMoney) December 30, 2020
He believes Bitcoin will be driven up primarily by the falling value of the US dollar against other foreign currencies:
“The weakness of the dollar will make people think about how to get a unit of sound money. Many of these people thought that gold would be that store. I think there is still a reasonable basis for someone to have put their money on gold. But I think for younger people and those coming from the digital generation, Bitcoin is the digital asset they want to hold.”
The investor adds that there is a large contingent of younger investors who would prefer bitcoin over gold.
This sentiment is shared across Wall Street – and it’s actually why some prominent investors say they are buying BTC instead of the precious metal.
Kelvin Koh, co-founder of Spartan Group and former partner at Goldman Sachs, believes Bitcoin will surpass $100,000 in 2021.
The venture capitalist and investment manager predicted in early 2020 that Bitcoin would reach $40,000 last year. His prediction proved to be one of the more accurate in the crypto space.
Bloomberg’s Michael McGlone
Bloomberg analyst Michael McGlone writes in his December monthly report that Bitcoin could reach $50,000 in 2021, citing macroeconomic trends that will drive the market even higher.
He adds that the supply-demand dynamics of the crypto market are bullish, with the amount of capital driving Bitcoin via futures and via products such as the Grayscale Bitcoin Trust.
Former Goldman Sachs partner Mike Novogratz says bitcoin could reach $65,000 in the near future.
I bought more $BTC last night at 15800. it’s going to 20k and the. To 65 k. The network effect has taken over. I see tons of new buyers and there is very little supply. It’s an easier trade here that at 11k. So YES, buy it.
– Mike Novogratz (@novogratz) November 17, 2020
He doesn’t give a date, but it’s safe to assume he thinks the cryptocurrency will reach $65,000 this year.