Bitcoin is expected to surpass $ 100K by the end of 2021, according to analytics

© Reuters. – The currency rebounded sharply from its fall over the weekend, although it is still in an uncertain situation on the chart. However, many investors remain optimistic.

This was confirmed by the results of a recent study by University College Dublin.

Indeed, according to the median of the responses to this survey, the price could rise to $ 107,484 at some point during 2021, with the majority of the 35 panellists (58%) citing institutional investors as the driving force. price increases, up from 24% who say the increase will be more driven by purchases by retail traders, and 18% who believe it is the large bitcoin holders known as whales who will drive the market.

“Institutional investment will continue to push prices up, but $ 100,000 is a psychological barrier that even institutions will find too high,” said Paul Ennis, an assistant professor at University College Dublin, in a statement accompanying the results.

Just over half (51%) of a group of academics and figures from the cryptocurrency industry surveyed by the personal finance comparison site Finder believe that bitcoin is still undervalued, while “about a quarter (24%) consider it overvalued, and the same the percentage thinks it is fairly estimated.

Over the longer term, the study shows that the average target will be $ 360,000 by 2025, representing more than 500% growth potential.

Other analysts not covered by this study have also recently made upbeat comments about Bitcoin.

“The sharp pullback – compared to what we’ve seen lately – was definitely displeasing, but in the end I think the fact that the situation has been able to bounce back and stabilize is good,” said David Tawil. , the president of ProChain Capital, for example, whose comments are reported by Bloomberg. “This shows the real strength of the token, the enduring power of the asset class,” he added.

For his part, Chuck Kumello, President and CEO of Essex Financial Services, also quoted by Bloomberg, said: “There is no doubt that interest in bitcoin is largely driven by the huge amounts of money that have been and will be printed. and the fundamental idea that you cannot have that much money in the system unless it is inflationary, “which implies that cryptocurrency growth must continue.

Duty: Fusion Media I would like to remind you that the data contained on this website is not necessarily accurate or current in real time. All CFDs (stocks, indices, futures) and Forex prices are provided not by exchanges, but by market makers, therefore prices may be inaccurate and may differ from actual market prices, that is, prices are indicative and not suitable for trading purposes. Therefore, Fusion Media will not be held liable for any trading losses that you may incur as a result of your use of this data.

Fusion Media or any person associated with Fusion Media will not be held liable in any way for loss or damage arising from the use of information, including data, quotes, charts and buy / sell signals contained on this website. Be fully aware of the risks and costs associated with trading the financial markets, it is one of the most risky forms of investing.

Back to top button