What Is Your Bitcoin Price Prediction For 2021?

[edgarf76]

Hey guys and gals, hope all is well with everybody. I was wondering whether folks are bullish or bearish on the price of Bitcoin moving ahead. It has been quite some time since 2017 when we saw the huge surge. One key point of resistance is around the $10,500 - 11K mark. BTC has been having trouble breaking through this point for some time. WIthouth a dought, BTC has made a huge run if you purchased it back in March 2020. However, what is your opinion. Is the upside over? I am beginning to doubt Bitcoins will make all time highs again. For 2021, I am thinking we move back down to between 6-7K (if not lower) and stay there for a while. My two cents. I would love to hear what other peoples thoughts are.

 

[CL-Ed]

I'd say with high confidence that it could go either higher or lower. I can draw you a magical chart to indicate either. Which would you prefer?

 

[DaftDog]

Confidence in Bitcoin is increasing with bigger investors.

 

[edgarf76]

I'd say with high confidence that it could go either higher or lower. I can draw you a magical chart to indicate either. Which would you prefer?

What's with the sarcasm, man? I was trying to start a discussion on a good topic on a forum I have been active on for many years. Over the years, many good conversions have moved to social networks, which has left sites like this with less good content and less interaction, which is not beneficial to members, owners, advertisers, ext. It is comments like that keep me from starting conversations on here, gpwa, and others.

 

[JT_BeastsOfPoker]

below 6k at some point

 

[edgarf76]

Here is what I think. I think it we can't break through to get back to the old highs, we are due for a pullback under 10K. I know that is vague but Bitcoin is unpredictable. If it retraces back to under 6K, I would be a buyer there but a seller if/when it rallies back around to the 10K mark. Long term, I am not sure if we will ever make higher highs or the chart will resemble the dollar index. I think it eventually will. If it makes higher highs (over the 20K) mark, there is so much room to run. As daftdog pointed out, there are tons of manstreem investors and ETF's in the markets that may be buying. I say it will hit a new high next year but I would be pulling numbers out of nowhere. Tom Lee from Fundstat has been spot on with his predictions in the stock market. He has been saying he are going to make higher highs for a while. Anyone subscribe to his cryptocurrency newsletter? I was thinking of giving that a try.

 

[CL-Ed]

Ouch. I'm sorry if you don't appreciate my humour.

I say it will hit a new high next year but I would be pulling numbers out of nowhere.

Exactly. Just like everyone else making a prediction.

The point is predictions are pointless. Predictions based on charts are even worse as many attribute some kind of credibility to them. If there is a consensus that the value will be $20,000 in mid 2021, then the value will be close to $20,000 tomorrow as the market pushes up the price in anticipation. Same for below 6k or any other predicted price. As the price is neither 20k or under 6k right now, the market is telling you that it has judged the fair price to be around 11k, and that it expects that to be the fair price for the foreseeable future.

You can find an infinite number of future predictions of the price of anything. Its called a market. In hindsight some will inevitably be right. Post-facto rationalisation doesn't mean they had any special knowledge or insight, they just got lucky.

 

[edgarf76]

Ouch. I'm sorry if you don't appreciate my humour.

I was ultra-sensitive that day.

 

[AussieDave]

I'm no crypto expert; truthfully I am as far from that sage-status as is probably humanly possible.

Lets side step for a moment, with a few of my thoughts.

Away from my affiliate life, and generally my interactions online, I know a fairly large, wide cross section of people. They have an email addy, most a facebook account, and some shop online. However, when it comes to crypto (and I've asked) it's akin to speaking in Swahili to them. While they're aware it's an African language, that's the extend of their understanding.

Covid-19 brought about, and initiated many changes. Here is Australia, it was near impossible to pay for anything with cash-money. Tap-n-go with cards was the status quo. And, if the purchase was above AU$100, you'd enter your code, and after the transaction was approved, a staff member would wipe the keypad.

The point I'm trying to establish is... Covid-19 forced ALL mainstream people to embrace electronic payments. Crypto is also a form of electronic payments. However, IMO until the interest from mainstream substantially evolves, the HUGE increases in BTC (and other coins) wont gain the purported jumps in value. Sure they may, and probably will spike, but then they'll crash, again.

 

[preditor]

My friend would be writing an essee on this topic, he has over 1 btc and i remember when he shouted "15$k+ broo" and then it went down to 6-7$k and he lost like over 14$k overall. I self have only tryed BTC once in my lifetime (aroundish 100$) just after it dropped to 6k. I hope and think it will go up to 14$k next year, then i cud cash out my "forgotten wallet with a few btc coins on it"

 

[TheGooner]

Up, down and sideways ... not necessarily in the order.

I have to laugh at the predictions and analysis in this thread, and for BTC in general, because they pretty much are great examples of the fear, greed, and greater fool theories. Of course election events, pandemics, and financial panics may exacerbate crypto gains and losses. There is a lot of development going on in Crypto beyond BTC, but much of that is hyper-speculative.

Personally, I think that BTC is a significant advancement in electronic money, it's far superior to the conventional banking environment and the blockchain is PROBABLY the next step in financial systems. Whether that's BTC is not 100%, there are significant governmental and financial forces that would like to keep hold of the purse strings, and they will throw up several trojan horse projects (remember Facebook's LIBRA).

Given growing institutional and professional investor interest in BTC as a possible "digital gold", I'd expect some sort of zigzag growth during 2020 and 2021 up to around USD $20K. What happens beyond that is tough to say as 18 months is a long time in Crypto.

BTC has a brand name that endures (even surviving the forks of BCH and BSV) and I think that for the next 18 months that holding BTC will probably see growth in value.

 

[edgarf76]

I think the end result (and I have no idea what year this will happen) is that banks adopt blockchain technology and bitcoin trades like the US Dollar Index. That said, there are more crypto ETF's, and retail and large institutional investors interested in investing. A trend I have noticed is that the price of Bitcoin trades like the Nasdaq & S&P500. In March, when the entire stock market crashed, Bitcoin followed. Here is the big difference. As the stock market has gotten back to it's old highs and made new highs. Bitcoin has more than doubled in price since March 23, 2020. However, it fails to make higher highs from a technical analysis. Therefore, unless it breaks its old highs, BTC is stuck in these trading ranges.

 

[Kadabra]

This Paypal crypto thing is quite interesting. Not sure but might be a very big thing.

 

[CL-Ed]

This paypal news is a timely case in point about price predictions. No-one knew about it. As soon as the news comes out the price goes up in response and previous predictions are like farts in the wind.

I don't think this is the big news people think it is. No-one will be allowed to transfer btc in or out of a paypal account. So you can deposit dollars or whatever and use them to buy a btc balance entry in paypal's database which you could either 1. spend using paypal which would have it converted back to dollars before the merchant is paid or 2. hold and then exchange back to dollars when you want to withdraw.

Case 1 is pointless for individual transactions as you may as well just spend the dollars without converting to and from btc. So people could use paypal to hold their savings in btc in the hope of appreciation against fiat currency. But I question whether many people will want to do that via paypal. I doubt many currently hold money in paypal in dollars to hedge against euros for example. I would assume that paypal will have to buy btc to hedge against their customer balances, but who knows they could decide to run a fractional reserve and no-one would be the wiser as they aren't giving anyone custody of their btc.

 

[Strider1973]

You are right Ed, as long as Paypal doesn't allow BTC transfers in or out that whole story is pointless. Why should anyone with even just a tiny bit of crypto knowledge buy his BTC through Paypal? The only one who profits is Paypal, and knowing the high FX conversion fees they charge I know why they are adding BTC...

 

[edgarf76]

The Paypal catalyst gave it some legs it is having trouble maintaining 13K. The PayPal ($PYPL) stock had a nice run over $200 as well. Even if just Paypal benefits, it will still increase the volume, which may help it run a little more. I would prefer to be long $PYPL in my opinion long term.