According to Woo, this will be a double-whammy for the bears.
“My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question."”I've never been so bullish for 2021," he continues in another post."This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.
$400,000 and higher for"digital gold"？Even higher price predictions stem from the argument that Bitcoin can challenge — or is already starting to challenge — and eventually supplant gold as a de facto store of value. Interestingly, some of the most bullish forecasts have started to come from legacy finance as Bitcoin rose to new all-time highs in early December to vastly outperform gold in 2020.
In November, for example, an analyst from Citibank told clients in a note that Bitcoin could reach as high as $318,000 in 2021. Citibank managing director Tom Fitzpatrick cited Bitcoin's historic “unthinkable rallies followed by painful corrections.”
Currently, the Citibank executive believes BTC is in the middle of a bull run that appears to be in “what looks like a very well defined channel,” which sets it up for a $318,000 target in December 2021.
JPMorgan meanwhile is also starting to point out Bitcoin's increasing popularity among traditional investors. In fact, the investment bank giant sees a lot more upside potential from Bitcoin as"digital gold," compared to the already"very advanced" adoption of gold.
In a note to clients, the strategists said:
“The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced. If this medium to longer-term thesis proves right, the price of gold would suffer from a structural headwind over the coming years.”Today, Bitcoin's market cap is less than 4% of gold's. This immense upside potential has also prompted other big-name investors to share their predictions that involve Bitcoin challenging and even surpassing gold with its $9 trillion market cap.
Morgan Creek's Anthony Pompliano still targets around $100,000 in 2021. However, in the summer he gave a $400,00 target in the longer term if BTC starts catching up to gold. Meanwhile, Gemini exchange founders Tyler and Cameron Winklevoss believe Bitcoin"being a better gold than gold," which means that price rising to $500,000 is now inevitable.
MicroStrategy and other investment firms buying significant amounts of Bitcoin is only the beginning of a major shift, according to Cameron. What's more, Wall Street has started warming to Bitcoin as its quickly becoming a"no-brainer" for investment portfolios. Comparing it to the bottom of the first in a nine-inning baseball game, the Winklevoss twins expect Bitcoin's value to continue climbing in the coming years.
“What if every Fortune 100 or 500 company does that, what if central banks start doing that？ It hasnt even started,” he added.
- #Bitcoin
- #Bitcoin Price
- #Markets
- #Predictions
- #New Year's Special
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