HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Top Strategists And Portfolio Managers Reveal Bitcoin’s Feasible Price Point By End Of 2021… And It Isn’t Looking Great

Bitcoin 2021/07/03 18:15 by Bernice Nyambura
Analyst Cites Massive Bitcoin Short Squeeze As Short Piling Begins

By the end of 2021, Bitcoin will be trading below $30,000 according to 44% of respondents in a quarterly survey conducted by CNBC, following a report by CNBC’s Squawk Box.

“44% of respondents in #CNBCQuarterltySurvey say #bitcoin will be below #30,000 at the end of the year.”

Additionally, two groups of the respondents, each consisting of 25% believe that bitcoin will be trading at $40,000 – $50,000 while only 6% think that the top cryptocurrency will be worth $60,000.

The respondents who consist of mainly equity strategists and portfolio managers have a very pessimistic view of the future of bitcoin, compared to the highly positive sentiments in the cryptocurrency market.

At the time of press, bitcoin is up 2.71% on the day to trade above $34,500. The current price is more than half of BTC’s all-time high of $64,808 on April 14, 2021. Commenting on the survey, CNBC’s co-anchor Becky-Quick said that bitcoin’s volatility would make it hard to make an accurate prediction.

BTCUSD Chart By TradingView

“It’s (bitcoin) pretty volatile, it could go in any direction, and $30,000, I don’t know, I wouldn’t bet on this.”

Bitcoin’s Price Is Resisting Market Developments

Throughout the month of June, Bitcoin remained passive to various significant market developments including Germany’s approval for Coinbase custody services and 20% institutional investments in crypto assets.

Another notable development is the recent announcement by the Bitcoin Council (founded by MicroStrategy’s CEO Michael Saylor) which estimated that the bitcoin mining sector reached a 56% sustainable power mix in the second quarter of 2021.

The news has raised speculations as to whether Tesla’s CEO  Elon Musk will create another market catalyst for bitcoin by adding bitcoin again as a payment method for Tesla’s electric cars. Musk had promised that the company would reconsider BTC for payments if at least 50% of its mining power came from sustainable sources.

Meanwhile, data by Santiment shows that Bitcoin’s current price action indicates bullish signals.

“Bitcoin has jumped back above $33.5K on a crypto market climb these past 4 hours. Our daily active address divergence model shows that although address activity has fallen this past month, there is still a mild #bullish signal vs. suppressed prices.”

0 Like(s)



You should also read...

Bitcoin 07/05/20 17:24 by Ali Martinez
Bitcoin Faces Massive Resistance: 1.2 Million Addresses Bought BTC at $9,600
As Bitcoin’s halving approaches, market participants appear to have mixed feelings about where the flagship cryptocurrency is headed next. Some of the most prominent analysts in the industry believe...
Read More
Bitcoin 11/05/20 16:40 by Brenda Ngari
Glassnode Co-Founder Explains 9 Reasons Why You Should Be Long-Term Bullish On Bitcoin
The past few days have been very volatile for the bitcoin price. On Saturday and early Sunday morning hours, bitcoin erased 15% of its value to sink to the low 8K level. The BTC price pullback cau...
Read More
Bitcoin 12/05/20 00:30 by Nick Chong
Don’t Be Surprised to See Bitcoin Rapidly “Pump” Towards $10,000: Analyst
Just three hours ago, Bitcoin’s latest block reward halving finally came to pass. Aside from some short-term volatility — rallies and crashes of a few percentage points here and there — the ...
Read More
Bitcoin 20/05/20 11:06 by Brenda Ngari
BTC May See Longest Rally Yet If The Bitcoin-Equities Correlation Continues – Here’s Why
Bitcoins status as an uncorrelated asset has been called into question on a couple of occasions in recent months as the flagship cryptocurrency has been moving alongside the traditional financial mar...
Read More
Bitcoin 09/06/21 22:26 by Mr Oak
Trump’s Endorsement Of Bitcoin As A Threat To The US Dollar Is More Bullish Than You Think
Former U.S president, Donald Trump, has described Bitcoin as a currency that poses a risk to the United States Dollar. Speaking in an interview with Fox Business Network, the former president express...
Read More