Chief investment officer at hedge fund, Brian Estes said:
“I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal.”
From the start of 2021 Bitcoin has surged to record levels. It climbed at the level of $42,000 in January and $57,371 in February which is its historic high prices.
Why is Bitcoin Surging to Highest Levels?
Bitcoin is getting much more mainstream acceptance today than ever. It is becoming more and more popular with the advancement of technology. Covid-19 played a very crucial role in making the market more accepting of them.
As cryptocurrency are not regulated, it is the biggest advantage as well as a risk to the investors. Besides that, many notable organizations and investors are investing in it such as Tesla, MicroStrategy, Grayscale etc.
The mind-set in the US has changed drastically with Joe Biden turning out to be the President. Biden is a lot steadier figure than Donald Trump, and is probably not going to stun the business sectors with out of blue decisions. Biden is effectively pushing a $1.9 trillion stimulus bundle through Congress. This money will uphold the financial recuperation of the United States.
Bitcoin Forecast: Will it Hit $100,000?
Estes predicts bitcoin could hit somewhere in the range of $100,000 and $288,000 by end-2021, in light of a prototype which uses the stock-to-flow proportion estimating the shortage of wares like gold. According to him, that model has a 94% liaison with the cost of bitcoin.
Citi specialized analyst Tom Fitzpatrick said in a note that bitcoin has the ability to move as high as $318,000 before this year is over, referring to its restricted stock, simplicity of development across boundaries, and obscure possession.
The way to $100,000 probably will not be a straight and easy one, probably. Declarations about significant interests in cryptocurrency, or significant organizations investing in Bitcoin will fuel future rallies.