Bitcoin at $100000 in 2021? Outrageous to some, a no-brainer for backers
24 Nov 2020 #Bitcoin
Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year. It’s a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold.
Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers. Bitcoin is within sight of its all-time peak of just under $20,000 hit in December 2017. It debuted in 2011 at zero and was last trading at $18,415.
Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said. “I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal.”
Estes predicts bitcoin could hit between $100,000 and $288,000 by end-2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94% correlation with the price of bitcoin. Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership.
The so-called whale index, which counts addresses or wallets holding at least 1,000 bitcoins, is at an all-time high, said Phil Bonello, research director at digital asset manager Grayscale. Bonello said more than 2,200 addresses were linked to large bitcoin holders, up 37% from 1,600 in 2018, suggesting that institutional money has stormed in.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | Volume 24h | |
| 1 |  BTC |
Bitcoin predictions | 86.8% | 25 | $47 514.86 | 0.03% | 4.04% | $894 161 245 483 | $28 719 970 368 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 73.6% | 52 | $3 425.09 | -4.04% | 3.39% | $402 666 663 593 | $18 286 623 700 | |
| 3 |  ADA |
Cardano predictions | 70.8% | 64 | $2.37 | -2.40% | -1.36% | $75 781 714 075 | $2 487 829 825 | |
| 4 |  BNB |
Binance Coin predictions | 63.6% | 70 | $411.72 | -2.88% | 1.09% | $69 224 713 306 | $1 527 065 026 | |
| 5 |  USDT |
Tether predictions | 95.2% | 1 | $1.000505 | 0% | 0.04% | $68 288 419 652 | $68 611 287 328 | |
| 6 |  XRP |
XRP predictions | 71.6% | 54 | $1.076541 | -1.68% | 0.07% | $50 190 746 420 | $3 097 982 561 | |
| 7 |  SOL |
Solana predictions | 60.4% | 90 | $144.23 | -5.53% | -20.65% | $42 811 715 184 | $4 598 352 380 | |
| 8 |  DOT |
Polkadot predictions | 62% | 81 | $33.93 | -2.81% | 14.82% | $33 510 932 866 | $2 377 195 223 | |
| 9 |  DOGE |
Dogecoin predictions | 68% | 66 | $0.242934 | 1.34% | 0.11% | $31 903 126 082 | $2 283 954 463 | |
| 10 |  USDC |
USD Coin predictions | 94.4% | 1 | $1.000592 | 0.03% | 0.04% | $29 326 641 867 | $2 830 929 347 | |
| 11 |  UNI |
UniSwap predictions | 69.2% | 57 | $24.71 | -5.84% | 8.18% | $15 112 382 412 | $538 836 442 | |
| 12 |  AVAX |
Avalanche predictions | 66% | 69 | $65.07 | -0.74% | 35.80% | $14 334 471 719 | $1 976 567 012 | |
| 13 |  LUNA |
Terra predictions | 65.2% | 67 | $35.13 | -6.95% | -12.79% | $14 112 450 042 | $1 162 902 372 | |
| 14 |  LINK |
Chainlink predictions | 71.6% | 57 | $28.33 | -5.40% | 5.96% | $12 847 482 644 | $1 503 217 743 | |
| 15 |  BUSD |
Binance USD predictions | 94.4% | 1 | $1.000515 | 0.03% | 0.04% | $12 832 920 510 | $5 737 193 114 |
