BTC could hit $100000 this year according to Finder’s quarterly Cryptocurrency Predictions Panel
Q1 2021 hedge fund letters, conferences and more
BTC Could Hit $100000 This Year
PRESS RELEASE – BTC could hit $100000 this year, according to the latest Bitcoin Predictions Panel from the personal finance comparison site, finder.com.
Finder.com’s global panel of 35 academics and senior crypto industry figures believe BTC will peak at $107,484 on average in 2021, although nearly a third of panellists (32%) think BTC will reach $120,000 or higher.
The majority of panellists (58%) say institutional investors are driving the price rally, compared to 24% who say it’s retail driven and 18% by whales.
Lecturer and Assistant Professor at the University College Dublin Dr. Paul J. Ennis thinks BTC will hit $100000, but won’t go beyond that.
“Institutional investment will continue to drive the price up, but $100,000 is a psychological barrier that even institutions will find too high,” he says.
Cryptocurrency Strategist at LMAX Group Joel Kruger thinks BTC will inch a little higher this year to $70,000 but ultimately remain below the $100,000 threshold.
“The market has more than tripled in value since the start of the year and is very extended technically, all at a time when global markets are at risk, which we believe will also have a short-term negative impact on bitcoin. This should limit upside for the remainder of the year,” he said.
BTC Is Still Undervalued
Half the panel (51%) thinks BTC is still undervalued, while roughly a quarter (24%) say it’s overvalued and the same percentage (24%) say it’s fairly priced.
However, the panel also believes the BTC bull run is likely to come to an end in the second half of the year, with 30% of panellists expecting it to last until the third quarter of 2021 (July - September) and 36% the last quarter (October - December).
Delta.app CEO Nicholas Van Hoorde thinks BTC will peak at just over $60k this year and says a market correction could actually be a good thing in the long run.
“A correction would be healthy for sustained levels of growth and setting up for another bull run, again exceeding the previous one and after a shorter time interval of flat levels,” he said.
eToro market analyst Simon Peters is expecting a short to medium term price decline, he thinks there will be another bull run in 2025.
“At some point following the ultimate top of this bull market we will see a retracement, as to how deep that will be, remains to be seen. 2024 will see another halving in the block reward which historically has been the start of the next bull market. So 2025 we could be poised to see the next bitcoin bull market.”
Expectation For Bitcoin To Hit $360,00 By 2025
On average the panel expects BTC to end the year just shy of $100K, at $94,967 although by 2025, they expect BTC to reach $360,179.
A handful of panellists, including Origin Protocol co-founder Josh Fraser, expect BTC to hit $1 million by the end of 2025.
Fraser chalks his forecast up to supply and demand.
“It's a simple matter of supply and demand. Demand will only continue to increase while supply diminishes,” he said.
Founder and CEO YAP Global Samantha Yap thinks BTC will hit $500,000 by the end of 2025 but says a $1 million valuation isn’t out of the question.
“Bitcoin maximalists claim that BTC will reach $1M in price. It used to be outrageous to claim that Bitcoin would reach $100k a year ago. But with what we've seen this year, it's not impossible to think that it could reach $1M.”
You can find the full report here: https://www.finder.com/uk/bitcoin-price-predictions-2021
About Finder
finder.com is a personal finance website, which helps consumers compare products online so they can make better informed decisions. Consumers can visit the website to compare utilities, mortgages, credit cards, insurance products, shopping voucher codes, and so much more before choosing the option that best suits their needs.
Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.
finder.com launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia's most visited personal finance website (Source: Experian Hitwise).
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