Bitcoin has bounced between $30,000 and $65,000 in 2021, in what has been one of the rockiest periods in its history.
As it hovers around $40,000, market analysts and crypto experts appear divided over whether we are at the start of a bear market or still in the middle of a record-breaking bull run.
The latest price rebound has given strength to the voice of the latter view, with some claiming the next peak will reach well above $100,000.
We rounded up some price predictions from various figures within the cryptocurrency space to hear what they had to say about bitcoin and other major cryptocurrencies.
“As the selling has tapered off, bitcoin has started to grind higher. It has already bounced to ~ $38,000 levels and it will not be surprising to see BTC move further higher and challenge the $45,000 levels over the next few days into the expiry on Friday. Having said that, we don’t believe that we are completely out of the woods yet,” said Pankaj Balani, CEO of crypto derivatives exchange Delta Exchange.
“The selling pattern last week was more serious than that of a typical bull market pullback. We expect the selling to resume as this bounce fades off and BTC to test recent lows again. On the upside, BTC will find a lot of resistance above $50,000 and it will take some doing for BTC to move above the previous high of ~$64000 any time soon.”
Nick Spanos, co-founder of the Zap Protocol platform, believes other leading cryptos hold greater price potential.
“A leaked Goldman Sachs report declared ethereum as a better store of value than bitcoin, giving investors the impetus to stack up on the decentralized finance-focused blockchain network,” he said.
“At the current price of $2,585.42, the coin is under-priced compared to its ATH above $4,300. I believe, an immediate target for the buyers is to regain the $3,000 price mark while striving to chart a new territory above the ATH in the mid to long term.”
Meanwhile others have echoed even more optimistic predictions made earlier this year by hedge fund executive Mark Yusko that bitcoin is heading towards a quarter of a billion dollars.
“Last time it was called a bubble and it got into the media for the first time and everyone started to hear about it, but then it went past that and it regathered – just like Amazon stock during the dotcom boom went really high, then it went really low, then it came back,” said Fred Schebesta, a cryptocurrency advocate and founder of the financial comparison platform Finder.com – which recently surveyed dozens of academics and market analysts for its April/ May 2021 Cryptocurrency Predictions Report.
“Bitcoin did the same thing [as Amazon] and it went past that all-time high of last time and I think it will do it again. My prediction – and this is not financial advice – is that in 2023 we’ll see a $250,000 bitcoin.
“I think we might see a $70,000 bitcoin this year... towards the end, maybe a little bit earlier, because there’s so much interest, there’s so much attention.”