TL;DR Breakdown
- Is BTC at $50,000 a possibility?
- Currency continues to smash expectation, now reaches $42,000
- Bitcoin might reach $100,000 within a few years, says Social Capital CEO
Bloomberg analysts have stated that Bitcoin, the most popular cryptocurrency in the world, has a strong chance of surpassing the resistance level of $50,000 at some point in 2021. This seems like a very realistic possibility, closer than we could have ever expected with the sudden upward trend of the coin as of 14th of January 2021, where a 10% surge allowed the investors of selling the coin at a whopping $38,000.
Analysis has predicted the coin to reach $42,000 soon and then drop to lower levels, but it wouldn’t be the first time for the currency to shock analysts and experts alike. After all, it is worth remembering that the coin should have never been worth more than a dollar if you were to listen to the analysts when BTC was a new thing.
There’s a strong feeling amongst investors that the coin is a buy at the current stage. Could this mean that Bloomberg’s forecast is going to become reality quite soon?
Bitcoin rising: Taking a look at the numbers
Our reports show that 16/28 indicators indicate a strong buy with the coin, 10 remain neutral, and only 2 forecast time to sell.
The coin has been trending upwards quite rapidly, increasing by a stunning 10% in the past two days alone. This is greatly affected by supply and demand, on which all commodities are based on: Currently, 900 BTC are being mined each day, compared to 1,800 in 2017, which ensures that the supply remains low and the trend continues to be bullish.
Interest in Bitcoin has been increasing exponentially in 2021. Only last week, CEO of Social Capital Chamath Palihapitiya has stated that he strongly believes BTC will soon hit $100,000, or even reaching beyond those levels to surpass the $200,000 mark, within the next five or ten years.
Researchers have stated that “BTC has room to run higher”
Co-founder of Morgan Creek Digital has stated that he prefers the cryptocurrency to gold when it comes to commodities for safe investment. Signs show that may be possible, the currency might be beating gold in terms of total market price within the next ten years.
Bitcoin and other commodities rise as the USD falls. For example, following the news of a new impeachment of US President Donald Trump, the dollar fell slightly for two hours, between 8 and 12 am. In this time, BTC rose from $37,000 to $38,000. In the scenario of USD falling even further, it is plausible for the currency to rise above the promised $50,000.
To conclude, I would like to remind that a sharp rise in price is perfectly possible. In 2020 alone, BTC tripled in value, and other cryptocurrencies quickly followed.
