Top Strategists And Portfolio Managers Reveal Bitcoin’s Feasible Price Point By End Of 2021… And It Isn’t Looking Great

Analyst Cites Massive Bitcoin Short Squeeze As Short Piling Begins

By the end of 2021, Bitcoin will be trading below $30,000 according to 44% of respondents in a quarterly survey conducted by CNBC, following a report by CNBC’s Squawk Box.

“44% of respondents in #CNBCQuarterltySurvey say #bitcoin will be below #30,000 at the end of the year.”

Additionally, two groups of the respondents, each consisting of 25% believe that bitcoin will be trading at $40,000 – $50,000 while only 6% think that the top cryptocurrency will be worth $60,000.

The respondents who consist of mainly equity strategists and portfolio managers have a very pessimistic view of the future of bitcoin, compared to the highly positive sentiments in the cryptocurrency market.

At the time of press, bitcoin is up 2.71% on the day to trade above $34,500. The current price is more than half of BTC’s all-time high of $64,808 on April 14, 2021. Commenting on the survey, CNBC’s co-anchor Becky-Quick said that bitcoin’s volatility would make it hard to make an accurate prediction.

BTCUSD Chart By TradingView

“It’s (bitcoin) pretty volatile, it could go in any direction, and $30,000, I don’t know, I wouldn’t bet on this.”

Bitcoin’s Price Is Resisting Market Developments

Throughout the month of June, Bitcoin remained passive to various significant market developments including Germany’s approval for Coinbase custody services and 20% institutional investments in crypto assets.

Another notable development is the recent announcement by the Bitcoin Council (founded by MicroStrategy’s CEO Michael Saylor) which estimated that the bitcoin mining sector reached a 56% sustainable power mix in the second quarter of 2021.

The news has raised speculations as to whether Tesla’s CEO  Elon Musk will create another market catalyst for bitcoin by adding bitcoin again as a payment method for Tesla’s electric cars. Musk had promised that the company would reconsider BTC for payments if at least 50% of its mining power came from sustainable sources.

Meanwhile, data by Santiment shows that Bitcoin’s current price action indicates bullish signals.

“Bitcoin has jumped back above $33.5K on a crypto market climb these past 4 hours. Our daily active address divergence model shows that although address activity has fallen this past month, there is still a mild #bullish signal vs. suppressed prices.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

InstaCoin.News covers Fintech, Blockchain and Bitcoin bringing you the latest news and analyses on the future of money.

Copyright © InstaCoinNews

To Top