Over the first few months of 2021, the price of Bitcoin doubled. In April, it reached a record high of $65,000. So, will the coin top out shortly? Not until it reaches $100,000, according to some experts! Here are the latest forecasts guaranteed to inspire. Learn more to know when to buy bitcoin.
The Latest Surge
The most recent rise was triggered by institutional adoption plans and Tesla’s involvement. On the one hand, Wall Street banks, such as JP Morgan, are more interested in cryptocurrencies than ever. PayPal has also officially proclaimed its support for several coins.
On the other hand, Elon Musk has largely contributed to the growth of Bitcoin. The Tesla Corporation bought $1.5 worth of BTC, and it is planning to accept it as a payment method. As a result, since last October, the price has quadrupled. But will this growth last?
The Most Optimistic Scenario
According to Mike McGlone, a Bloomberg strategist, we could see Bitcoin reach $400,000 by the end of 2021. The expert has stated that “if past patterns repeat”, the cryptocurrency is “on similar ground as the roughly 55x gain in 2013 and 15x in 2017.”
Many experts share this optimism, but their projections are modest in comparison. A 35-member panel surveyed by Finder sets the expected high at roughly $107,000 per coin.
- Paul Ennis, assistant professor at University College Dublin, sees $100,000 as a psychological barrier for institutional investors.
- Some other experts expect Bitcoin to rise over $120,000.
The differences in projections largely stem from various interpretations of the rise. Over half of the panelists see it as driven by institutional investment. Others attribute the growth to the retail sector and big holders of cryptocurrency.
Some experts doubt that Bitcoin is undervalued. Just over half (51%) of the panelists think so, while under a quarter (24%) are of the opposite opinion. The rest regard the price as fair.
So, what about long-term projections? Will the coin continue to soar after 2021? According to the same panel of academics and crypto experts, yes. By 2025, the value may shoot to as much as $360,000. This is not the most optimistic view — for instance, Josh Fraser, the co-founder of Origin Protocol, projects growth to $1 million by the end of 2025.
Nicholas Van Hoorde, the chief executive of Delta.app, agrees that the demand will continue to grow. In his comments to the report, he states that the next bull run is likely to exceed the previous one. Moreover, the gap between these periods of growth should only be brief.
What It Means for Individuals
Clearly, the stunning growth of recent months is not the highest high. We are yet to see the most spectacular price of Bitcoin. Its increasing adoption, interest from corporations and high-profile investors will continue to drive the price upwards. This looks like the perfect moment to invest in BTC!