Bitcoin price (BTC) hit a new all-time high this week, rising to nearly $ 65,000 on Wednesday, April 14. With the price of Bitcoin now in “blue sky” and its market cap comfortably around the $ 1.17 trillion level, the big question is – how high will the current bull market drive up BTC price this year?
Rounding out the most well-known Bitcoin price predictions
Here are some of the most famous individuals and institutions in crypto who have come to know with bullish Bitcoin price calls:
In March, it was reported that analysts from the major US investment bank, JPMorgan, were watching a Bitcoin price of $ 130,000 – although no timetable was provided for their prediction. JPM CEO Jamie Dimon has been outspoken in his criticism of Bitcoin in the past. However, the company’s increasing involvement in crypto projects reflects the growing integration of cryptocurrency within the traditional financial industry.
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MicroStrategy CEO Michael Saylor is known for converting his company’s cash reserves into Bitcoin and encouraging other business leaders to follow suit. At last count, MicroStrategy owned more than 90,000 BTC, worth approximately $ 5.5 billion at the time of writing. Unsurprisingly, Saylor is extremely optimistic about the BTC price, saying in a March interview that he “can see Bitcoin go to a million … [or] five million. “
Launched in mid-2013 as the native US crypto investment fund, Pantera Capital has forecast a Bitcoin price of $ 115,000 by September 2021. Pantera’s call is based on the Stock to Flow (S2F) model of Bitcoin’s price, which so far has a high degree of predictive power. Given Pantera’s time-specific call and their transparency regarding the rational basis, we would consider this the most considered prediction.
Daily Bitcoin chart showing the bull run since late 2020 until present | Source: BTCUSD on TradingView.com
An economic environment that supports the rally
Predictions alone, regardless of who makes them, are not enough to raise Bitcoin to a six-digit price level. What is needed are eager buyers and hodlers, be it individual investors or large institutions.
As for the latter, we’ve already alluded to MicroStrategy’s crypto corporate coffers. Perhaps based on Saylor’s advice as presented to thousands of company representatives, Time magazine recently announced their own Bitcoin acquisition.
Additionally, with financial titans such as BlackRock and MasterCard recently announcing their involvement in Bitcoin, there can be no doubt about the institutional hunger for Satoshi’s invention.
The stock-to-flow model projects much higher prices for BTC | Source: Digitalik.net
Perhaps the most compelling reason that is driving investors, big and small, towards Bitcoin is the expectation – and indeed the observation – of high inflation. With central banks around the world printing billions, if not trillions of new fiat units in response to COVID 19, the stage is set for declining fiat value and rising costs for goods and services.
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With inflation high everywhere, except for government statistics – steel prices, for example, up 3x year-on-year – it’s no wonder the demand for hard, deflationary money has never been higher.
Featured image from Deposit Photos, Charts from TradingView.com