Will bitcoin hit its biggest marks in 2021?
Bitcoin Is Set to Explode in the Next Two Years
That’s what some analysts are saying. According to bitcoin experts like “Plan B,” bitcoin could strike the $100,000 mark by the end of 2021… Around Christmas of that year to be exact.
Bitcoin has been undergoing some very strange behavior, lately. The currency fell to the low $8,000 range from $9,500 in late September after Bakkt debuted to rather disappointing reception. While things picked up from there, bitcoin’s fall wasn’t quite over. Mark Zuckerberg’s upcoming testimony before Congress did a lot of damage to the currency’s reputation as well, bringing it down to the mid-$7,400 range - a position it hadn’t seen since the summer.
However, it has since managed to recuperate somewhat and add about $2,000 to its overall price. At press time, it is trading for just under $9,450. Not bad considering it’s only been a few days…
Alex Mashinsky - CEO of the Celsius Network - states:
I do think Mark Zuckerberg’s testimony got a lot of people worried of a bigger retaliation from regulators, but after most of the questioning had nothing to do with cryptocurrency or Libra and with reports of China premier Xi describing blockchain as a ‘rule of law network,’ spirits have risen and the bull is back.
Bitcoin has proven itself to be quite resilient over the years, and analysts believe this strength is about to take it to its greatest position yet. Within two years, some claim, BTC will strike the $100,000 mark and become a “six-figure currency.”
Plan B comments:
Somewhere between a year and a year-and-a-half after the [May 2020] halving, so say before Christmas 2021, bitcoin should be, or should have been about $100,000. If that’s not the case, then all bets are off and [the model] probably breaks down. I don’t expect that to happen.
The holiday season is always a magical time… Especially for bitcoin. Remember in December of 2017 when the currency spiked to roughly $20,000? Christmas two years ago marked bitcoin’s highest position up to this point, though to be fair, the holiday season of 2018 brought record-breaking crashes to the currency.
After an Election Year, Lots of Action Takes Place
At the same time, 2021 makes sense when looking for years that would be “solid” for bitcoin. 2017 followed a U.S. presidential election. 2021 will be the same. The next election is set to take place in 2020, so as Plan B suggests, we may start to see bitcoin begin to expand during this time. The following year, when things calm down a bit politically, we’ll likely see bitcoin rise as it did in 2017. It’s the exact same pattern.
Other persons to predict BTC’s rise to $100,000 in 2021 include Anthony Pompliano, the co-founder of Morgan Creek Digital.
The post Could Bitcoin Hit the Six-Figure Mark in Two Years? appeared first on Live Bitcoin News.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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