Wall Street Believes Bitcoin Will Hit $100k Before 2021 Ends
Last Updated on 23 March 2021 by CryptoTips.eu
The number of Wall Street analysts that are discussing a possible $100,000 price tag for Bitcoin before 2021 are growing greater and greater as the year progresses.
For one there is optimism that the current crypto market can only grow as millennials prefer digital over cash money and secondly institutional money is clearly pouring into Bitcoin as well. So who is predicting what? An overview.
Motley Fool, Schiff, CNBC and Novogratz
The Virginia based investment adviser Motley Fool was one of the latest to simply publish an article asking the question whether or not it was possible that Bitcoin could hit $100k by the end of 2021.
Its recent run above $60,000 could represent a new top, or the crypto space may just be taking another breather. There is no shortage of liquidity in this red-hot market, which means this run could have legs well into the latter half of 2021.
Eternal gold bug Peter Schiff had come to a similar conclusion already in February in fact, when Bitcoin had just crossed off $50k, Peter said:
Now that bitcoin has hit $50,000 I must admit that a move up to $100,000 can’t be ruled out.
Mike Novogratz, founder and CEO at Galaxy Digital Holdings Ltd is of course a bitcoin bull, so you expect the following quote from him.
He said three weeks ago already:
It feels like we’re going to consolidate a little bit in this US$50,000 area … but the next big leg is up to US$100,000.
CNBC, the financial television channel in the US, earlier this week asked a similar question to Antoni Trenchev, co-founder of London-based crypto-lender Nexo. He expects Bitcoin to hit $100,000 in the next 12 to 18 months from now, a view shared on the CNBC platform when the conducted a poll afterwards.
Unsustainable price levels
Lastly, even the major US business banks are getting into the hype, and at this moment, the note that JP Morgan released in the beginning of the year still rings true. It said:
While we cannot exclude the possibility that the current speculative mania will propagate further, pushing the bitcoin price up towards the consensus region of between $50k – $100k, we believe that such price levels would prove unsustainable.
As always, do your own research before reaching a conclusion, but with all that advice we would conclude that a $100k price tag before end of 2021 cannot be excluded. Do expect some bumps in the road before we get there though.
