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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.

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86.8% 25 $47 514.86 0.03% 4.04% $894 161 245 483 $28 719 970 368
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 52 $3 425.09 -4.04% 3.39% $402 666 663 593 $18 286 623 700
3 Cardano (ADA) ADA Cardano predictions 70.8% 64 $2.37 -2.40% -1.36% $75 781 714 075 $2 487 829 825
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $411.72 -2.88% 1.09% $69 224 713 306 $1 527 065 026
5 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000505 0% 0.04% $68 288 419 652 $68 611 287 328
6 XRP (XRP) XRP XRP predictions 71.6% 54 $1.076541 -1.68% 0.07% $50 190 746 420 $3 097 982 561
7 Solana (SOL) SOL Solana predictions 60.4% 90 $144.23 -5.53% -20.65% $42 811 715 184 $4 598 352 380
8 Polkadot (DOT) DOT Polkadot predictions 62% 81 $33.93 -2.81% 14.82% $33 510 932 866 $2 377 195 223
9 Dogecoin (DOGE) DOGE Dogecoin predictions 68% 66 $0.242934 1.34% 0.11% $31 903 126 082 $2 283 954 463
10 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000592 0.03% 0.04% $29 326 641 867 $2 830 929 347
11 UniSwap (UNI) UNI UniSwap predictions 69.2% 57 $24.71 -5.84% 8.18% $15 112 382 412 $538 836 442
12 Avalanche (AVAX) AVAX Avalanche predictions 66% 69 $65.07 -0.74% 35.80% $14 334 471 719 $1 976 567 012
13 Terra (LUNA) LUNA Terra predictions 65.2% 67 $35.13 -6.95% -12.79% $14 112 450 042 $1 162 902 372
14 Chainlink (LINK) LINK Chainlink predictions 71.6% 57 $28.33 -5.40% 5.96% $12 847 482 644 $1 503 217 743
15 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000515 0.03% 0.04% $12 832 920 510 $5 737 193 114

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