The end-of-2018 predictions were wild at the heights of the bitcoin rally. The price of bitcoin was predicted to be $100,000 in 2021. With the price of the cryptocurrency at this point one can easily see that it is possible. The crypto market proved once again that it is impossible to predict what will happen.
Bitcoin had enjoyed a ride up to $69,000 during the rally, but that was only the beginning of the crash that sent it back to $40,000 shortly afterwards. The bitcoin price is now struggling to find its feet above $50,000.
Similar Reading: Investors Find Refuge in Inflation| Investors Take Refuge In Bitcoin As Inflation Rises
We Are Looking To Get to $50,000
Craig Erlam from Oanda is an analyst who has expressed his views on bitcoin in a recently sent client note. Analyst Craig Erlam noted that while many were hoping bitcoin would reach $100,000 by the end of the year, the market momentum has scuttled those hopes. Now the analyst is hoping for a Bitcoin price above $50,000.
Edward Moya (another Oanda analyst) notes that Oanda’s digital asset has taken a beating along with big techs, which have pushed its value to its current level. However, Edward Moya, an Oanda analyst, stated that although the market has taken sever damage, it still faces a long-term bullish outlook.
“The cryptocurrency space is seeing a lot of repositioning and that is leading to some unwanted selling pressure, but the medium to long-term outlook remains strong,” said Moya.
BTC holds steady at above $47,000 Source: BTCUSD tradingview.com| Source: BTCUSD on TradingView.com
Where will Bitcoin end in 2021?
Craig Erlam, analyst at Bitcoin, notes another turbulent week of bitcoin trading. Since the December market crash that sent the market into the red, this has been the pattern. The analyst however said that bitcoin managed to hold steady at $47,000. That means the digital asset will not be able to lose this support.
Read Related Articles: WikiLeaks & Bitcoin: The Crypto Love Story| WikiLeaks And Bitcoin: A Crypto Love Story?
However, the crypto bulls also want to reverse the trend. The holidays have already begun, signaling the end of the year, and the bulls would prefer to end what has been a “stellar year” on a positive note. “Many were hoping for six figures by year-end, now they may be crossing their fingers and hoping for half that,” said Erlam.
Bitcoin’s $50,000 mark isn’t necessarily a poor finish. It would be at least $20,000 more than the start of the year.
CNBC featured image and chart by TradingView.com