According to an analyst for major financial publication Investing.com, the price of Bitcoin (BTC) is likely to reach $ 60,000 in 2021 with growing adoption.
Jesse Cohen, senior financial analyst at Investing.com, predicted so Bitcoin is expected to hit a level of $ 60,000 in the first half of 2021.
According to Cohen Bitcoin’s growth in 2021 will be driven by support from institutional investors coupled with the “ultra-cheap flow of money fed into the global financial system by global central banks like the US Federal Reserve”:
After a record year in 2020 that saw it jump over 300%, Bitcoin appears to stay strong in 2021 as more big-name retail and institutional buyers hit the market. […] For those who are already at it, the established strategy for HODL will remain in place […] Newbies for the first time have found their way into many perceived risky assets, including Bitcoin. “
Cohen’s comments come along with a new Investing.com survey on cryptocurrency that found 63% of respondents in the UK plan to buy bitcoin in 2021. More than 60% of the 800 respondents said Bitcoin will rise above $ 60,000 in 2021.
Despite growing confidence in the Bitcoin rally in 2021, there are many concerns about the surrounding regulatory climate. “As Bitcoin moves mainstream and attracts more attention, it is likely to receive increased scrutiny by regulators in the US, Europe and Asia,” Cohen said.
Cohen is particularly concerned about the impact of the new US presidential administration. “The way forward doesn’t necessarily have to be that easy. I expect a setback, “added Cohen.
According to the survey, Most UK respondents identify the new regulatory restrictions as the biggest threat to Bitcoin in 2021.
Cohen’s forecast is by no means the highest for Bitcoin this year. Dan Morehead, CEO of Pantera Capital, is confident that Bitcoin will hit $ 115,000 in August 2021. In early January, Binance.US CEO Catherine Coley predicted that Bitcoin could hit $ 100,000 by the end of the year. PlanB, the inventor of the stock-to-flow model, also predicts that Bitcoin will be between $ 100,000 and $ 288,000 by December 2021.