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BTC$30 127.85

-3.00%

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ETH$2 045.64

-3.49%

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USDT$0.998905

-0.01%

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Binance Coin
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Bitcoin price nears $55K as fund manager still sees $100K in 2021


27 Apr 2021

#Bitcoin

Some analysts still expect six-figure Bitcoin prices this year despite the recent market panic. Bitcoin (BTC) is still on course to hit $100,000 this year and its recent dip is “unchanged price action.” That was the conclusion of one of the industry’s best-known investors as BTC/USD recovered from its trip to near $46,000.

Tapiero eyes “very rare buy signal” for Bitcoin...

In a tweet on April 27, Dan Tapiero, fund manager Dan Tapiero revealed that he had been “inundated” with concerned clients over Bitcoin’s recent price dip. There was, however, no need to panic. Highlighting a technical (TD sequential) buy signal not seen since the March 2020 crash to $3,600, Tapiero gave hope to those wondering what became of the myriad sky-high BTC price predictions for 2021.

“A very rare td buy signal in Bitcoin. Last one came right at the March '20 low. Still see 100k this yr,” he wrote. “Overwhelmed with calls of panic last few days over what is unchanged price action...ie still at 50k. Hodl is the only way to be long without emotion.”

...While market eyes new “Elon candle”

The comments came in tandem with a curious exchange between Tesla and SpaceX CEO Elon Musk and popular trader Dave Portnoy, the latter a famous Bitcoin skeptic who nonetheless caved in to pressure to add it to his portfolio earlier this year. When it became known that Tesla had sold a portion of its holdings, Portnoy took this as proof of the company’s lack of belief in its long-term viability. Musk denied this and claimed that it was in fact a test of its utility.

“I have not sold any of my Bitcoin,” part of a Twitter response read. “Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”

Musk is a classic source for short-term Bitcoin price movements, and any admission that he had permanently divested himself of his allocation could have easily skewed sentiment to the downside. In the event, BTC/USD returned to levels near $55,000, making gains of almost 10% since the start of the weekend in what could be another classic “Elon candle” move.

“Bitcoin hodl confirmed,” Blockstream CEO Adam Back commented on the Twitter exchange.

Tesla itself reported record profits this week. As Cointelegraph reported, Bitcoin’s underlying fundamentals very much suggest “business as usual” for the largest cryptocurrency despite the recent upheaval. Changes in circumstances for miners, one of the likely triggers for the price dip, were already being accounted for on Monday, and weak-handed traders betting on more downside were getting liquidated.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 65.6% 75 $30 127.85 -3.00% -1.46% $573 691 120 758 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 77 $2 045.64 -3.49% -9.90% $247 127 888 676 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.998905 -0.01% -0.10% $75 669 201 846 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000390 0.04% 0.05% $52 067 570 451 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 64% 71 $301.61 -1.74% 0.09% $49 245 541 999 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 65.2% 70 $0.430207 -2.88% -13.13% $20 797 523 991 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 68.4% 68 $0.564719 -5.93% -8.41% $19 053 066 566 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 64% 80 $54.87 -3.76% -14.19% $18 504 202 384 SOL 7 days price change
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10 Dogecoin (DOGE) DOGE Dogecoin predictions 61.6% 75 $0.089226 -2.37% -15.15% $11 837 628 956 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 60.4% 77 $10.85 -5.25% -0.79% $10 719 658 670 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64% 79 $33.45 -4.80% -20.93% $9 001 419 724 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.6% 75 $30 106.86 -3.05% -1.48% $8 550 465 811 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 68.4% 61 $0.069877 -1.90% -8.63% $6 831 881 782 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64% 78 $0.000012 -3.50% -14.12% $6 733 612 508 SHIB 7 days price change

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