The cryptocurrency ended 2020 up by over 300 percent, making it the best-performing institutional asset aside from Tesla’s shares, TSLA.
Still, most analysts think that BTC will perform extremely well over 2021. Here’s a list of what top crypto analysts and fund managers think will happen to the leading cryptocurrency in the coming 12 months.
Thomas Lee, a co-founder of Fundstrat Global Advisors, says that Bitcoin could triple in 2021. Assuming that he is using a baseline price of $30,000, this means that BTC could move to $90,000 and beyond in the coming year.
“I think that 2021 will be a lot like 2017, which means that bitcoin will do even better in 2021 than it did in 2020. So, something above 300%.”
— CNBC’s Fast Money (@CNBCFastMoney) December 30, 2020
“The dollar’s weakness will make people think: how do you sort of keep a unit of sound money. A lot of these people thought gold would be that store. I think it still has a reasonable basis for someone to be long on gold. But, I think for younger folk, and those who are from the digital generation, Bitcoin is the digital asset that they want to hold.”
This is a sentiment that has been shared across Wall Street and is actually why some prominent investors say that they are buying BTC over the precious metal.
Kelvin Koh, the co-founder of Spartan Group and a former Goldman Sachs partner, thinks that Bitcoin will surpass $100,000 in 2021.
Bloomberg’s Michael McGlone
Bloomberg analyst Michael McGlone wrote in his December monthly report that Bitcoin could hit $50,000 in 2021, citing the macroeconomic trends that are set to drive this market even higher.
While he did not attach a date to this prediction, it can be assumed that he thinks the cryptocurrency will reach $65,000 in the coming year or so.
I bought more $BTC last night at 15800. It’s going to 20k and the. To 65 k. The network effect has taken over. I see tons of new buyers and there is very little supply. It’s an easier trade here that at 11k. So YES, buy it.
— Mike Novogratz (@novogratz) November 17, 2020
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