Bitcoin price hitting $100,000 to $200,000 in the next 12 months is becoming a quite common
Bitcoin price increases sharply are also the time when analysts predict its value in the future. Right now, Bitcoin is in a bull market, up more than 200% to date and outperforming everything else in 2020, except for some stocks like Tesla. But this rally looks different than the one at the end of 2017. First, the all-time high was decisively broken. Second, institutions are accumulating – while the public remains on the sidelines.
Will Bitcoin price reach $ 100,000 – $ 200,000 or even $ 300,000 in the future?
The six-digit price prediction per Bitcoin is becoming increasingly popular in this bull cycle with the central bank’s accelerated monetary expansion being the main driver. In May, Morgan Creek CEO Mark Yusko said Bitcoin could exceed $ 100,000 in the next year or so. The price has more than doubled since then, but it still has to go up about 300% more over the next 12 months to hit the six figures.
This estimate echoes PlanB analyst Stock-to-Flow (S2F) prediction. Last month, the analyst suggested that for now, he has no doubts that BTC will reach $ 100,000 by December 2021 due to short supply.
He stated:
“People ask if I still believe in my model. To be clear: I have no doubt whatsoever that Bitcoin S2FX is correct and Bitcoin will tap $100,000-288,000 before December 2021.”
Popular on-chain analyst Will Woo says he’s seeing more evidence of “hodling” this time around, as well as a dwindling BTC supply on exchanges as a result of the previously-mentioned shortage of stock.
BTC reserve on all exchanges | Source CryptoQuant
According to Woo, this will be a double-whammy for the bears:
“My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question. I’ve 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.”
And maybe even $ 400,000 and more
Even higher price predictions stem from the argument that Bitcoin could challenge – or have begun to challenge – and eventually replace gold as a de facto store of value. Interestingly, some of the most optimistic forecasts began to come from the legacy finance as Bitcoin rose to an all-time high in early December to outperform gold in 2020.
For example, in November, Citibank CEO Tom Fitzpatrick, in a note, noted that Bitcoin could reach as high as $ 318,000 by 2021. Currently, Citibank CEO believes that BTC is in the middle of a bull run that appears to be in what looks like a very well defined channel, which sets it up for a $ 318,000 target in December 2021.
JPMorgan meanwhile is also starting to point out Bitcoin’s growing popularity among traditional investors. In fact, the investment banking giant sees much more upside potential from Bitcoin-like digital gold, compared with the already very advanced adoption of gold.
In a note to customers, the strategists said:
“The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced. If this medium to longer-term thesis proves right, the price of gold would suffer from a structural headwind over the coming years.”
Today, Bitcoin’s market cap is less than 4% of gold. This enormous potential for a price increase has also prompted other big-name investors to share their predictions regarding Bitcoin’s challenging and even surpassing gold with a $ 9,000 market cap.
You can see the BTC price here.
Read more:
- Michael Saylor, MicroStrategy CEO: Flow Of Money From Conventional Assets Into Bitcoin Not A Bubble
- Bitcoin Price Has Risen Almost 3%, Pushing Capitalization To Reach $ 441 Billion, Regaining Momentum