Since Bitcoin was originally created, it has received both accolades and criticism from investors around the world. Though the price has gone up and down through the years, analysts continue to look for ways to determine where it is going next. Considering the steady climb that it has shown through this year, many analysts want to be the one that predicted the next big milestone.
- While many have predicted millions of dollars in value, some predictions of analysts don’t have a specific timeline
- Many analysts that predicted Bitcoin’s price before the 2018 bear market have changed their expected price
- click here to see the real time live bitcoin price today
To say that this year has been unique would be an understatement. The majority of headlines have screamed updates about the novel coronavirus, impeachment, and the hopes of another stimulus payment, but Bitcoin is somehow still prevailing. Without almost any fanfare, Bitcoin has continued to climb this year in a steady pace that many investors are likely happy to see. Even with all of the money that the government is printed and all of the millions of Americans affected by the pandemic, Bitcoin has not managed to lose its place as the most valuable and biggest cryptocurrency.
Anyone that is familiar with Bitcoin knows that this could change in a moment. Cryptocurrency is a fast-moving industry that often leans towards the unpredictable. While it is possible the Bitcoin will see a value of over $50,000 by the end of this year, the asset could also see a drop-down to only $500 as well. But what do the experts say? No matter where you get your cryptocurrency news from, the price of bitcoin is always the industry’s biggest attraction to mainstream and retail investors.
Did the bold and brazen John McAfee change soon on what he thinks this year will bring? Should consumers start investing now? Let’s take a look at all of the bitcoin price predictions that the experts are throwing around now.
Bloomberg’s Prediction: $20,000
According to the Bloomberg Crypto Galaxy Index (BGCI) report in June, one analyst believes that, in order for Bitcoin not to increase in value, “something needs to go wrong.” By examining the possibilities of Bitcoin futures and tether, the analyst added that he has faith in Bitcoin over crude oil, gold, stocks, and commodities.
The analyst also turns attention to the fact that COVID-19 has created a certain demand for digital money, considering that there are many major businesses – even at the retail level – that are no longer accepting cash or coins. Bitcoin finally has a use case that is fairly widespread and potentially mainstream.
“After 2014’s 60% decline, by the end of 2016, the crypto matched with the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018. Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows the 2016 trend.”
Max Keiser’s Prediction: $100,000, But No Clear Timeline
Max Keiser, a crypto analyst, recently published several tweets with a much loftier price prediction – $100,000. In a tweet on July 27th, Keiser stated Bitcoin will reach a correction at $28,000 but will head towards $100,000. However, he did not say that this price could be reached by the end of the year, instead seeing it as an eventual price.
The prediction was much lower before Bitcoin rose above $10,000 towards the end of the month. Even though the price of gold is also seeing new record highs, he expects that Bitcoin will be a more promising investment over time.
Citibank’s Prediction: $120,000, But By 2021
Citibank’s Prediction is one of the highest in the market right now at $120,000, though the financial institution doesn’t see Bitcoin reaching this price until 2021. Instead, there are certain milestones and requirements that Bitcoin will need to achieve in order to reach that point.
First, a price of $13,850 must be tested, which Citibank says will proceed the run to its ATH next year. Only then will Bitcoin reach $120,000 during 2021 or later. As support for this prediction, Citibank addresses the price movements that Bitcoin experienced in 2016, which they believe will be repeated this year.
“The setup over the last 2 ½ + years in bitcoin continues to crack closely to that over the 2 ½+ years leading into the summer of 2016 before it started to move exponentially higher. Initial good resistance is met at $10,500-$10,820. If that gives way, the next good level is $13,850, and above there, $19,511. If $19,511 was to give way, well, the chart speaks for itself.”
Despite being a traditional financial institution, Citibank has one thing in common with other people and companies that are making Bitcoin predictions – they have a stake in the game. Earlier in 2020, Citibank increased its stake in Komgo (a crypto startup), leading them to start putting together a trading platform with the Ethereum-based blockchain from Komgo.
Ki-Young Ju’s Prediction: Price Will Drop, But No Specific Amount
Ki-Young Ju’s prediction is much less hopeful than others. While he doesn’t provide an exact amount that he thinks Bitcoin will drop down to, he believes that the price of Bitcoin rose up too quickly to sustain.
As the price of Bitcoin has risen, whales took advantage of the high price and have looked towards a big profit. With the current flow of Bitcoin, especially as it gets transferred to other exchanges, it’s likely that these same whales will be cashing out in causing a massive drop in the price value.
Panxora’s Prediction: $7,000, But Will Reach Bigger Highs in 2021
Panxora, a crypto analyst firm, recently changed the price prediction it has for Bitcoin, as detailed in an email to Forbes. According to CEO Gavin Smith, the volatility will probably continue through the end of this year, though 2021 will likely see you a much more successful time.
Much like Ki-Young Ju, Smith believes that the surge in July will be a contributing factor to “a short term washout this year before the true rally takes hold [in 2021].”
S2F Model’s Prediction: $55,000, But It Might Take Until 2021
Due to the scarcity of Bitcoin, the stock-to-flow model says it inherently has value, but it is important to note that the model also gives value to halving events. Prices will have to increase if demand rises, but supply drops.
Developed by PlanB, the model states that Bitcoin Will likely be worth $55,000 each either this year or next year.
“The predicted market value for Bitcoin after May 2020 halving is $1trn, which translates in a Bitcoin price of $55,000. That is quite spectacular. I guess time will tell, and we will probably know one or two years after the halving.”
Following the performance of Bitcoin after the halvings in 2012 and 2016, a value at $55,000 could be reached within about one or two years of the halving that occurred a few months ago.
The Elliott Wave Theory’s Prediction: $3,000
Many technical analysts use the Elliott Wave Theory to help with the determination of market cycles, seeking out bear and bull runs. Even though it has consistently received criticism for the focus on crowd psychology and its subjective nature, there is some reliability in this method. Eliot Waves can be interpreted in many ways, so it is difficult to actually set a price prediction with Bitcoin using it.
Still, that hasn’t stopped analysts from using the pattern that they found in April this year to predict Bitcoin’s correction of $3,000 before 2021. This price point is expected to be short-term, as both cycles and bear cycles go in waves as well. As long as Bitcoin survives the bear wave, these analysts believe that it will soon reach another bull run.
TradingBeast’s Prediction: $8,000
TradingBeast Is another one of the predictions that are much less optimistic about what Bitcoin will experience this year. Back in March, TradingBeast said that Bitcoin would see itself hovering around $8,000 through the rest of the year. Even though it’s possible for Bitcoin to rise and fall around this price, the furthest that TradingBeast stated that Bitcoin may go is no more than $9,000 by the end of the year.
Technical Analysts’ Prediction: “No Barriers,” But Will Experience Bullish Trend
Based on the technical analysis in July and August this year, Bitcoin could continue an especially bullish trend, based on multiple indicators. With “next to no barriers” (according to FX Street), Bitcoin will continue past the $10,000 barrier and eventually reach $11,000 or more.
In a report last week, Tanya Abrosimova of FX Street stated, “The way to the upside is the path of least resistance now.”
Crypto Research’s Prediction: $20,000, But Will Continue to $400,000 In 2030
Based on the Crypto Research Report in June, analysts are predicting an optimistic price for Bitcoin in many other currencies. The team sees Bitcoin reaching a level of nearly $20,000 by the end of 2020, but that’s not where the rise will end. By 2025, the team sees a rise to $341,000, followed by a prediction of $397,727 by 2030.
Much like Bitcoin, CRR has confidence that Ethereum and Bitcoin Cash will see bullish trends as well. Ethereum is predicted to reach $3,644 by 2030. While Bitcoin Cash is expected to see a $13,000 price tag at the same time.
Chamath Palihapitiya’s Prediction: $1,000,000, But Not Until 2037
Easily one of the highest predictions so far, Chamath Palihapitiya – co-owner Golden State Warriors and founder of Social Capital – believes that Bitcoin will reach $1,000,000. Palihapitiya started investing in Bitcoin in 2012, incorporating it into his hedge fund, private account, and general fund by the following year. He has earned notoriety for owning 5% of all of the circulating Bitcoin at one point.
For someone with so much investment in this cryptocurrency, it is understandable that Palihapitiya would want the prices to skyrocket so high. The prediction of $1,000,000 isn’t necessarily for this year. He thinks that, within about four years, Bitcoin will likely surpass $100,000, and that’s the $1,000,000 price tag will likely be reached in 2037.
Wences Casares’s Prediction: $1,000,000, But Not Until 2027
Wences Casares Is known for his position as both the founder and CEO of Xapo, and he sees Bitcoin reaching a value of $1,000,000 by 2027. He originally got involved with Bitcoin in 2011, which was also when the currency in Argentina was fluctuating substantially. The investment with Bitcoin set him on a future path towards profits, which he’s continued to maintain.
Casares made the prediction of Bitcoin’s $1,000,000 price tag during the Consensus Conference in New York in 2017. His prediction is that Bitcoin would reach this value within 5 to 10 years at the time, meaning that Bitcoin would reach $1,000,000 no sooner than 2022, but as late as 2027.
John McAfee’s Prediction: $500,000 to $2,600,000
John McAfee has made a rather ambitious price prediction at $500,000 by the end of the year, but that isn’t what makes his prediction so notable. When he forecasted this price level in September 2017, Bitcoin was getting close to the highest price they had ever seen, making the movement more likely. Though Bitcoin has fluctuated since then, McAfee seems to double down on his prediction, saying that Bitcoin could see a price tag of $2.6 million by the end of the year.
Showing his confidence by literally putting his manhood on the line if Bitcoin were not to reach this amount, he made a sudden correction of his own statements in May this year on Twitter. He joked to his followers that the remarks were made in jest, posing a rhetorical question – “Are you one of the persons who did not see the absurd humor in it?”
Regardless, even if Bitcoin were to reach the lowest of McAfee’s original prediction, Bitcoin would need to see a massive jump in the few months left of this year.
Winklevoss Twins’ Prediction: $5 Trillion Market Cap, But Not Until At Least 2028
The Winklevoss Twins are most famous for their work in the development of social media platform Facebook and in founding the Gemini cryptocurrency exchange. On this list, they make their mark as one of the highest predictions for Bitcoin’s eventual value at $5 trillion, even though not by the end of this year.
This prediction, while made in 2018, states that Bitcoin will reach this value within the next 10 to 20 years, giving the brothers until 2038 to see if it comes into fruition.
Mike Novogratz’s Prediction: $7.5 Trillion Market Ca, But Not Until At Least 2029
Mike Novogratz, a former hedge fund manager that has since become heavily invested in crypto currency trading, stated in March last year Bitcoin would see a rise past the market cap of gold in the next couple of decades. Based on the market cap of gold at the time, Bitcoin would need to see a jump above $7.5 trillion dollars by 2029.
Novogratz has stated that Bitcoin Is “a pretty smart portfolio bet,” focusing on the many improvements that the associated technology provides.
Tom Lee’s Prediction: $91,000
Tom Lee has consistently been optimistic about Bitcoin, especially in the appreciation of it through this year. Stating that Bitcoin will jump to $91,000 this year, Lee’s predictions come with a bit of weight. After all, he correctly stated that Bitcoin would reach close to $20,000 in 2017, while also forecasting the drop that this cryptocurrency experienced in the following year. He calculated this with the average percentage that Bitcoin is gained after each drop in value.
Tai Lopez’s Prediction: $60,000, But with No Specific Timeline
Known for his lavish marketing, Tai Lopez believed that Bitcoin could see a flood of institutional money, which would allow it to rise up to $60,000 eventually, though Lopez was unclear about the time frame. He added that if millionaire investors were to use approximately 1% of their profits to contribute towards Bitcoin, this price increase would be easily achievable in the mid-term.
Kay Van-Peterson’s Prediction: $100,000, But Not Until 2027
Kay Van-Peterson, an analyst with Saxo Bank, has also earned some notoriety for his massive price predictions in Bitcoin, albeit lower than some on the list. He believes that, by the year 2027, each Bitcoin will cost $100,000 to purchase. His forecast originally came out in 2017, following his prediction that Bitcoin would see a $2,000 value that same year.
Jeremy Liew’s Prediction: $500,000, But Not Until 2030
Jeremy Liew Has an eye for good investments. After all, the executive from lightspeed venture partners was the first investor to ever get involved in Snapchat. Throughout his investments, Liew has managed to see much success, which may be why he feels so confident about the future of Bitcoin.
Liew remarked that with that Bitcoin can see a value of $500,000 by 2030, while speaking with Business Insider in May 2017.
Mark Yusko’s Prediction: $400,000, But as a Long-Term Prediction
Mark Yusko, the founder of Morgan Creek Capital, said that the Bitcoin will see a $400,000 price tag over time, though he wasn’t explicitly clear of when that would happen. In his mind Bitcoin is on the same level as gold, and we’ll see the same market cap as well (which is $400,000).
Ultimately, the real prediction could be as high as $600,000, considering the many unrecoverable Bitcoins out there.
Roger Ver’s Prediction: $250,000, Eventually
Roger Ver is one of the earliest investors to be involved in Bitcoin, establishing himself with this cryptocurrency in 2011 (just two years after Bitcoin launched). In October 2015, he stated that Bitcoin could easily see an eventual value of $250,000 each, though he also said that it could be valued at $2,500 or $25,000.
When he originally made this prediction, all of these numbers seemed unrealistic, but not so much now. While many other investors put a date on when they think their price predictions will happen, Ver did not.
Anthony Pompliano’s Prediction: $100,000, But Not Until 2021
Anthony Pompliano is a big name in the crypto game, and he comes with just as big of a price prediction at $100,000. Though he doesn’t believe that this will happen until December 2021, he also states that he presently keeps 50% of his own net worth in Bitcoin already.
Final Thoughts on Bitcoin’s Price Forecast
Bitcoin is the king of the crypto asset world as the number one cryptocurrency in the game has been successfully running ever since creator Satoshi Nakamoto began running the software and blockchain-based network protocol back in January 9, 2009. Since the white paper release of October 31, 2008 to the January 3, 2009 release of the genesis block, Bitcoin has been working wonderfully all things considered. With an all time high of BTC in USD exchange rate value of nearly $20,000 back in December 2017, the leading cryptocurrency has fought back to over $10,000 in the summer and fall of 2020 as it looks to make new all time highs in the coming months and/or years.
Looking above at all of the top bitcoin price predictions from the best cryptocurrency influencers and experts, it is clear that many who are in the know and on the go are looking to prove themselves right by seeing the price of Bitcoin to flourish in the near future.