Bitcoin from $100k to $300k in 2021, according to experts
This year, Bitcoin (BTC) has surpassed most expectations by far. The $20k mark was as yearned as unbelieved last year, and $60k was barely a consideration for the few. Both of them already happened. Although, BTC might still have some surprises ahead, with over $100k or $300k by late 2021.
That’s at least the opinion of “Plan B”, a Dutch institutional investor whose predictions have been correct in the past. He’s the creator of the popular chart Stock-to-Flow (S2F). The goal of this model is to predict the long-term price trend for Bitcoin by considering its supply.
Therefore, it measures the existing number of BTC in circulation (stock) and pairs it against the number of issued coins in mining (flow). The higher the ratio, the higher the long-term value. For “Plan B”, after applying this model to the asset, it’s calculated that Bitcoin will reach around $5.5t in market capitalization and a price between $100k and $288k per coin during the period 2020–2024.
Indeed, according to this analyst, the bull market for Bitcoin is just starting.
He’s not alone with these expectations. Crypto-entrepreneur Bobby Lee, the current CEO of the cold-wallet firm Ballet, thinks Bitcoin could hit $300k by late 2021. Before that, he believes it will reach $100k by the summer. And this would be only because the Bitcoin price history is repeating the same cycle from years ago.
“Bitcoin bull market cycles come every four years and this is a big one. I think it could really go up to over $100,000 this summer.”
However, after that peak, it could come a “Bitcoin winter” with a bearish market for another two or three years. That would be before another huge bull run.
Ethereum is following Bitcoin
During the last week, Bitcoin price has decreased by around 10%. Meanwhile, Ethereum (ETH) has been following the same bearish pattern, losing over 11%. Luckily, both of them are recovering by now, and both of them have some nice perspectives ahead.
As is indicated by CryptoRank, up to $1.15b worth of ETH options is set to expire on March 26. This could mean a return of the bullish market for this currency if we believe in the historical data.
Besides, Ethereum is improving itself for the future. The Berlin upgrade is already running in some testnets, and it’ll reach the mainnet around 14 April 2021. The Ethereum Improvement Proposals (EIPs) included, for now, are four: EIP-2565, EIP-2929, EIP-2718, and EIP-2930.
The first two will modify the gas prices (generally reducing them) and will improve the security. By their part, the last two will bring new types of transactions. For July, the London upgrade might improve even further the current issue with gas prices.
Featured Image by AlphaTradeZone / Pexels
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Originally published at https://blog.alfa.cash on March 22, 2021.