As it usually happens in times of bullish market also Bitcoin’s latest rally spurred many speculations regarding the asset’s future price. Due to the currently prevailing positive market sentiment the majority of the price predictions are very optimistic. In this article we have gathered a few Bitcoin price predictions made by prominent investors, fund managers and bank executives.
Mike Novogratz believes we are in for a new ATH and then all the way up to $60,000 per BTC
The CEO of Galaxy Digital and a ferocious Bitcoin bull Mike Novogratz revealed that he recently bought even more Bitcoin at the price of $15,800 in a reply to a Twitter poll of an English actress Maisie Williams, who asked her followers whether she should buy Bitcoin or not. Novogratz, whose previous prediction included Bitcoin finishing the year 2020 above $12,000 is almost certainly going to materialize, now believes that we are going to see a new ATH price soon, followed by a price climb towards the $60,000 line:
Nevertheless, Williams’ poll reveals that there are still many crypto sceptics roaming the world, as out of over 900,000 responses, more than 53% of users discouraged acquiring Bitcoin. Most of the sceptics wrote that buying Bitcoin is wither too risky or quoted environmental concerns as the reason why not to buy in.
DecenTrader Co-Founder Predicts a Price of $22,000 Within a Few Weeks
Philip Swift, co-founder of DecenTrader, identified that the short-term target for Bitcoin is roughly around $22,000 and that it should be reached within a few weeks. Swift’s prediction bases on technical analysis using the Golden Ratio multiplications of the 350DMA, which have proven to be “very effective over time at picking out intracycle highs for Bitcoin price and also the major market cycle highs”. Swift predicted that the next local high is going to be when Bitcoin price touches the 2x 250 DMA line, which he estimated will happen in a few weeks and at a price of around $22,000.
Nevertheless, this prediction was made already on November 16 and the valuation of Bitcoin has been climbing up even faster that Swift forecasted, which might lead to a crossover with 2x 350DMA even sooner. You can check the live graph here.
As we look at the bitcoin price predictions for the longer term, the forecasted valuations soar high up into the sky, or as we like to say in crypto slang ‘to the moon’. Swift, for example, is even more bullish in the long run, as he believes we are going to see prices in the high $100,000 levels in Q3/Q4 2021. Several other investors are of a similar opinion.
CIO of Off the Chain Capital Hedge Fund Puts the price of Bitcoin at the end of 2021 between $100,000 and $288,000
Brian Estes, chief investment officer (CIO) at hedge fund Off the Chain Capital believes that by the end of 2021, Bitcoin could reach a price somewhere in between $100,000 and $288,000. Estes stated:
“I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X (from just shy of $20K to $100K) is not a big deal.”
Estes claims his price prediction is based on a model that relies on the stock-to-flow ratio measuring the scarcity of commodities like gold. While up until now, the model scored a 94% correlation with the real price of Bitcoin, it was discredited by several sceptics. Among them is Kevin Muir, a Toronto-based independent proprietary trader, who claims that Bitcoin market is in the state of mania and no model applies to it. He said:
“Any hedge fund model on bitcoin is rubbish. You can’t model a mania. Is it plausible? For sure. It’s a mania. But does anyone actually have a clue? Not a chance.”
Thomas Fitzpatrick of Citibank projects the current rally to last till December 2021 and bring the price up to $318,000
Nevertheless, Thomas Fitzpatrick, managing director of Citibank and Global head of CitiFXTechnicals product, who signed under the bank’s report on Bitcoin, is also among the ones who believe to have a clue where Bitcoin is headed. Based on the historical Bitcoin price performance and the fact that the rallies are getting longer each cycle, he predicted that the currently ongoing climb will peak in December 2021 at a price of $318,000. Fitzpatrick cited Bitcoin’s limited supply, ease of movement across borders, and opaque ownership as key reasons backing the bullish price prediction. He also compared the Bitcoin market to the gold market in 1970s when the bullion’s price finally took off. The leaked report also writes: “Bitcoin is the new gold.” Alex Kruger, who first posted the leaked Citibank report, wrote that while such analysis is of little technical value, the exposure and an overwhelmingly bullish sentiment of a large banking multinational could, in fact, affect the market and bring the seemingly outrageous price prediction to realization.
Edward is a finance expert that experienced the 2007 stock market crash first hand. In 2010, he discovered Bitcoin and has been a cryptocurrency advocate ever since.