Cryptocurrency pioneer Bitcoin (CCC:BTC-USD) has been flirting with the $60,000 price level again this week, which has investors around the world asking the same old question: Where will BTC-USD go from here? Price targets range from the conservative to the almost ludicrous, but it’s worth remembering current prices around $59,500 once seemed preposterous too.
While this cryptotoken previously surged as high as $61,000 in mid-March, it traded as low as $52,000 on March 25 before climbing up again to trade around $59,500 today. Bitcoin prices briefly broke above $60,000 in trading last night before declining ahead of the market open.
These kinds of price swings might scare potential investors away from this coin, until you remember that BTC-USD gave up $12,000 of value in a single week in February before recouping that loss and more.
While it’s probably safe to assume most bitcoin investors aren’t scared of a little volatility in exchange for growth potential, declining volatility in BTC-USD is part of the reason J.P. Morgan analysts see increased institutional acceptance of the cryptocurrency as a low-correlation asset.
The potential catalyst of a bitcoin exchange traded fund (ETF) is also looming on the horizon, and with it, the potential for a huge influx of retail traders buying into bitcoin via investment vehicles.
Let’s take a look at some bitcoin price predictions:
- First, J.P. Morgan set an undated long-term BTC-USD price target of $130,000. That target is based on an assumption that bitcoin will see its volatility continue to converge with the volatility of gold. This price target was revised downward from a previous target of $146,000, to match a decline in the price per troy ounce of gold.
- BTIG recently initiated coverage of MicroStrategy (NASDAQ:MSTR) with a “buy” rating and set a bitcoin price prediction of $95,000 by the end of 2022. Like J.P. Morgan, BTIG analysts see bitcoin as analogous to gold and sees MSTR stock as a good way for investors to gain exposure.
- Using a stock-to-flow model, Pantera Capital predicts BTC-USD will climb as high as $115,000 by the end of summer 2021.
- Danny Scott, CEO of crypto exchange CoinCorner, recently forecast that bitcoin would climb as high as $83,000 by the end of April, citing the law of averages and historical growth of BTC-USD over the same month in previous years.
- Analyst Peter Brandt, who previously predicted the 2018 correction in BTC-USD, told CoinDesk TV that he sees bitcoin surging to the range of $180,000 to $200,000 by Q3 or Q4 of 2021. Brandt went on to describe investing in BTC-USD as a “binary bet.”
- Finally, a report by Wave Financial has a bitcoin price prediction of $400,000 by the end of 2025. That prediction also uses a stock-to-flow model, which the firm says accurately predicted BTC-USD price movement from March 2019 to February 2021.
On the date of publication, Vivian Medithi did not have (either directly or indirectly)…