Bitcoin’s price is hovering above and below $40,000 and as we wait for it to go one way or the other, analysts and experts’ predictions are multiplying.
For example, according to Jurrien Timmer, Director of Global Macro at Fidelity, Bitcoin hit its lowest point on 14 June, when it again approached $34,000. From that point, it should trigger a rise again.
In my view, it looks like the bottom is in. pic.twitter.com/16Eg8aHxNo
— Jurrien Timmer (@TimmerFidelity) June 14, 2021
The CEO of Celsius, Alex Mashinsky, is optimistic that El Salvador’s decision to make Bitcoin legal tender will give the price and adoption of Bitcoin a boost. This is because if other more populous countries, such as Brazil and Nigeria, also adopt it, this would drive the price of BTC to new records.
A boost that would take it up to $160,000 as early as 2021.
He told Kitco NEWS:
“So if we can get a Brazil, if we can get a Nigeria, if we can get countries with large populations to accept this as legal tender – you’re going to see a huge explosion in the price because just the adoption of all those users is going to create tremendous new demand. We may reach all the way to $160,000 this year. I’m sticking to that prediction”.
Bitcoin, technical predictions
These predictions are complemented by PlanB‘s technical analysis.
The analyst known for his Stock to Flow model seems to suggest that a bull run is just around the corner.
Just to confirm: both my S2F(X) model and on-chain signal point towards a second run of this bull market🚀 pic.twitter.com/d8NB4jNoTL
— PlanB (@100trillionUSD) June 15, 2021
Bitcoin has been hovering in a range between $30 and $40,000 for weeks now. Experts and analysts expect that this sideways channel could soon be broken to the upside or downside.
Another bull run should lead Bitcoin to break the previous all-time high of $65,000. Conversely, a slide below $30,000 would risk revisiting another long-abandoned psychological level, that of $25,000. All that remains is to wait and see how the market develops.