Bitcoin price (BTC) hit a new all-time high this week, rising to nearly $ 65,000 on Wednesday April 14th. The big question is how much the current bull market will push BTC price this year, given that Bitcoin’s price is now in the “blue sky” territory and market cap is conveniently at $ 1.17 trillion.
Summary of the most famous Bitcoin price predictions
Here are some of the most famous people and institutions in the crypto space who have been registered with bullish Bitcoin price calls:
In March, analysts at major US investment bank JPMorgan reportedly had their eye on Bitcoin price of $ 130,000 – although no timeframe was given for their forecast. JPM CEO Jamie Dimon has been vocal about Bitcoin in the past. However, the company’s increasing involvement in crypto projects reflects the increasing integration of cryptocurrency into the traditional financial sector.
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Michael Saylor, CEO of MicroStrategy, is known for converting his company’s cash reserves into Bitcoin and for encouraging other company leaders to follow suit. Most recently, MicroStrategy held over 90,000 BTC, valued at 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 climb to a million … [or] five million.”
Pantera Capital, which was launched as the original American crypto mutual fund in mid-2013, forecast a Bitcoin price of USD 115,000 before September 2021. Pantera’s call is based on the stock-to-flow model (S2F) of the Bitcoin price shown so far, which has a high degree of predictive power. Given the time specificity of Pantera’s call, as well as its transparency regarding its rational basis, we would consider this to be the most deliberate prediction.
Daily Bitcoin chart showing the bull run since late 2020 until present | Source: BTCUSD on TradingView.com
A rally supportive economic environment
Predictions alone, no matter who makes them, are not enough to bring Bitcoin to a six-digit price level. What is needed are enthusiastic buyers and traders, whether they are individual investors or large institutions.
Regarding the latter, we have already referred to MicroStrategy’s crypto corporate coffers. Time Magazine may have recently announced the acquisition of Bitcoin on the advice of Saylor, which was presented to thousands of corporate officials.
Given that financial titans like BlackRock and MasterCard recently announced their stake in Bitcoin, there can be no doubt that the institutional appetite for Satoshi’s invention is there.
The stock-to-flow model projects much higher prices for BTC | Source: Digitalik.net
Perhaps the most compelling reason to attract investors large and small to Bitcoin is the expectation – and indeed the observation – of high inflation. With central banks around the world printing 19 billion, if not trillions, of fresh fiat units in response to COVID, the conditions have been set for declining fiat value and rising costs of goods and services.
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Given the high inflation everywhere but in government statistics – for example, steel prices three times higher than last year – it’s no wonder that the demand for hard, deflationary money has never been higher.
Featured image from Deposit Photos, Charts from TradingView.com