The cryptocurrency market has once again seen some action following around a week of sluggish performance. Earlier today, the price of Bitcoin made it to $12,800 before subsiding somewhat. However, Bitcoin is still trading north of $12,000 – as one investor calls a Bitcoin price of $100,000 by 2021 “easy”.
$100,000 Bitcoin by 2021 is “easy”
Data from Coin360 shows that many of the major cryptocurrency coins are currently riding a green wave of crypto gains. Specifically, Bitcoin is one of the major winners, with substantial intraday gains.
In fact, the price of Bitcoin has surged well past the $12,000 barrier after some time trading in the interval between $10,000 and $12,000. This price movement comes as some theorized that Bitcoin had entered a downward market correction earlier this week.
For example, the veteran trader Peter Brandt recently warned that Bitcoin could supposedly shed as much as 80% of its bull run gains during a downward price correction. Now, however, it would seem that Bitcoin still has ample upward momentum left for further price gains.
What’s more, some other experts are substantially more bullish. Mark Yusko, the founder, CEO and CIO of Morgan Creek Capital Management, recently told CNBC that he foresees a massively higher Bitcoin price. Notably, this is in line with recent predictions from Anthony Pompliano, who is “75% certain” Bitcoin will reach $100,000 by 2021.
Bitcoin is currently trading above $12,300
Yusko said that he thinks Bitcoin will first reach the $30,000 level, before undergoing another correction, and then onto even higher price levels.
“That will probably take us into the $30,000 level before we get another little correction… the path to $100,000 by 2021 is really quite easy to draw out.”
This comes as Bitcoin’s weekly gains are around 30%. Furthermore, Bitcoin’s price has managed to stay at relatively high levels following the most recent bull run, seemingly brought about by Facebook’s introduction of its Libra crypto.
Additionally, Yusko went on to detail his belief that Bitcoin will see further substantial price increases. “I think we’re in the next parabolic move,” he noted to CNBC as Bitcoin hit the $12,250 price point.
At the time of writing, Bitcoin is trading somewhat down from its intraday high of $12,800. Specifically, the price of Bitcoin is currently $12,359, according to CoinMarketCap. This means that Bitcoin’s price has once again crossed the psychologically significant $12,000 barrier. It will be interesting to keep an eye on the price charts to see how this develops.
Image Source: The Independent
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.