What top 5 crypto analysts and fund managers think will happen to Bitcoin’s price in 2021 🚨 This article is 3 years old...
What top 5 crypto analysts and fund managers think will happen to Bitcoin’s price in 2021
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Updated: Jan. 2, 2021 at 2:29 am UTC
Despite the pandemic and the amount of global turmoil in 2020, Bitcoin enjoyed an extremely strong rally.
The cryptocurrency ended 2020 up by over 300 percent, making it the best-performing institutional asset aside from Tesla’s shares, TSLA.
This comes in spite of Bitcoin dropping to $3,500 in the middle of March, which made many doubt the long-term survivability of the cryptocurrency.
Still, most analysts think that BTC will perform extremely well over 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
Thomas Lee, a co-founder of Fundstrat Global Advisors, says that Bitcoin could triple in 2021. Assuming that he is using a baseline price of $30,000, this means that BTC could move to $90,000 and beyond in the coming year.
“I think that 2021 will be a lot like 2017, which means that bitcoin will do even better in 2021 than it did in 2020. So, something above 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 thinks that Bitcoin will largely be pushed higher by the dropping value of the U.S. dollar relative to other foreign currencies:
“The dollar’s weakness will make people think: how do you sort of keep a unit of sound money. A lot of these people thought gold would be that store. I think it still has a reasonable basis for someone to be long on gold. But, I think for younger folk, and those who are from the digital generation, Bitcoin is the digital asset that they want to hold.”
The investor added that there is a large contingent of younger investors that may seek Bitcoin over gold.
This is a sentiment that has been shared across Wall Street and is actually why some prominent investors say that they are buying BTC over the precious metal.
Kelvin Koh
Kelvin Koh, the co-founder of Spartan Group and a former Goldman Sachs partner, thinks that Bitcoin will surpass $100,000 in 2021.
The venture capitalist and investment manager predicted at the start of 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 wrote in his December monthly report that Bitcoin could hit $50,000 in 2021, citing the macroeconomic trends that are set to drive this market even higher.
He added that the supply-demand dynamics of the crypto market are skewed bullish with the amount of capital boosting Bitcoin via futures and via products like the Grayscale Bitcoin Trust.
Mike Novogratz
Former Goldman Sachs partner Mike Novogratz says that Bitcoin could hit $65,000 in the near future.
While he did not attach a date to this prediction, it can be assumed that he thinks the cryptocurrency will reach $65,000 in the coming year or so.
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
Bitcoin Market Data
At the time of press 2:29 am UTC on Jan. 2, 2021, Bitcoin is ranked #1 by market cap and the price is up 0.36% over the past 24 hours. Bitcoin has a market capitalization of $547.44 billion with a 24-hour trading volume of $39.83 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 2:29 am UTC on Jan. 2, 2021, the total crypto market is valued at at $774.04 billion with a 24-hour volume of $160.47 billion. Bitcoin dominance is currently at 70.71%. Learn more about the crypto market ›
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Goldman Sachs
Goldman Sachs a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
Thomas Lee serves as the Managing Partner and the Head of Research at Fundstrat Global Advisors.
Michael Edward Novogratz, born on November 26, 1964, stands out as an iconic figure in the financial realm.