Bitcoin Price Forecast 2021:
Where is Bitcoin going after every hour?
BTIG predicts Bitcoin could reach $50,000 by the end of 2021, after setting a new all-time high.
Today's bulls are probably cheerful! Why does that happen? Well, Bitcoin (CCC:BTC) reached a new all-time high above $19,800 on Mondsay, after around three years. What do analysts have about Bitcoin price estimates for 2021 with this record in rear-view mirror?
Initially, the latest Bitcoin record should be revealed to investors. The leading crypto had dropped after it reached $19,783 in December 2017. However, Bitcoin has been climbing higher over the last few weeks, with the threshold knocking out. A new all-time high finally came this morning. Before turning down, Bitcoin hit $19,850.11. Importantly, many crypto-experts agree that this long-awaited record will reaffirm the cryptocurrencies macroeconomic image and help driving the Bitcoin 2021 price forecast.
In addition to the new record, a lot has worked in favor of cryptography. Customers already have options for buying and selling bitcoins from PayPale (NASDAQ:PYPL) and Square (NYSE:SQ), and Square reported that it had $50 million of crypt value by October. Furthermore, questions about the Congress and Federal Reserve's recent coronavirus stimulus proposals have triggered fears of inflation. These worries also support Bitcoin and its peers.
We saw a few new Bitcoin price forecasts in 2021 against that backdrop. An analyst from Citibank Tom Fitzpatrick wrote a note earlier in November outlining how bitcoin could reach $318,000 in late 2021. BTIG analysts have today threatened to ring their cap. The business sets a $50,000 Bitcoin price target by the end of 2020 in a new report. Analysts listed as sources of support for the step institutional assistance, the pandemic and its upward course.
Predictions on how to play Bitcoin
So what do you do now that Bitcoin has set a higher altitude and seems more likely to continue to climb? Yeah, there's cause for plunging into. However in 2020 and beyond there are other alternatives that look more and more common.
The growing availability of bitcoin in PayPal and Square makes those two stocks interesting. As Jesse Pound wrote for CNBC (subscription required). Furthermore the exchange that makes future contracts simpler for Bitcoin, CME Group (NASDAQ:CME), is another derivative. Would you like one more? Pound suggests the Grayscale Bitcoin Trust (OTCMKTS:GBTC), which resembles a bursar and invests solely in Bitcoin.
Regardless of how you want to proceed with the record increase in bitcoin, you will probably be successful. With the next inauguration of President Biden, all the signs point to a more monetary and fiscal strategy that will help people fight the latest coronavirus. This strategy could further increase inflationary worries and result in even higher price estimates for bullish bitcoin.