How high will bitcoin go in 2021? (press release)
If you’re one of the lucky ones that invested in bitcoin early, then you have nothing to fear. By now, you must be cashing in on the massive gains, sitting in a mansion somewhere. For new investors, though, it can be an exciting and terrifying prospect at the same time. If you fall into this subset, you must be wondering what kind of return on investment you can get at the end of the year if you purchase some now.
Let’s explore how Bitcoin’s price is expected to change during this year to help you test out the waters.
What’s the General Trend?
It’s not a question of whether Bitcoin prices will go up, but rather how high it will go. This can be determined with certainty considering a number of factors. The most compelling argument for its general uptrend has to do with its performance in the past. Just over a decade ago, it was valued at a couple of cents, but now it has risen to almost $60,000 with no indications of slowing. Sure, volatility seems to be an all-time high, but support bands at $50,000 prevent it from coming down.
Reducing Risk in These Uncertain Times
As the pandemic ushered in and completely rocked financial markets, institutional and retail investors quickly realized the need for reducing uncertainty. One of the ways they could do that was simply by diversifying their portfolios and including more secure investments.
Since Bitcoin showed no signs of slowing down, it seemed like the ideal financial asset class to hedge against inflation and devaluation in other assets. Additionally, its largely uncorrelated nature made it suitable for more investors to join in. Now, as more investors join in, like Tesla, we can be sure that its price will go up. But, by how much? If you want to start your bitcoin trading today you can invest in bitcoins through thebitcoincode.io
Frankly speaking, it’s still quite difficult to discern whether or not Bitcoin will reach a milestone outlined by financial experts. But, one can expect to surpass the $100,000 mark. That’s largely accredited to the digital currency’s mainstream adoption.
You might have noticed Bitcoin ATMs popping up and companies facilitating Bitcoin transactions for their products. Soon enough, an inflection point will come where the value skyrockets once again – as it did in 2017 and 2020.
It is marked by a stark decrease in price value till its resistance band like that in April and then a sharp Bull Run. Again, it is difficult to confirm where its final value will end up. Considering how the price of Bitcoin has doubled since January, one can expect it to show a similar end result, making the price reach $120,000. But, a more conservative estimate should be kept at around $80,000.
Patterns Within Halvings
If you’re an informed crypto enthusiast, then you must know what a halving is. For the uninformed, it’s the event in Bitcoin’s circulation when the reward for mining is halved. Starting at 50, the reward has been halved 4 times, bringing the reward down to 6.25. It happens every four years, and the next one is expected to happen somewhere around 2024.
Looking at the price trend in the last two halving periods, we can discern that Bitcoins price rises to two peaks. One larger price peak between the first two years, and a smaller one during the final two years.
It is difficult to say with absolute certainty whether or not Bitcoin will exhibit the same price trend, but it is definitely something to keep in mind when predicting price trends at the end of 2021. Since only one year has passed since the last halving, the first peak may just be right around the corner or may have happened already. In the last halving, Bitcoin’s first peak came at around $20,000. The one before that peaked at around $1000. If we follow the same trend, we should see its price rise by 20 times to $400,000! But, this might not happen within 2021 and may stretch out till 2022. By the end of the year, it should be somewhere in between its current value and the $400,000 mark.
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