Welcome back to Krypto Lyonne. Today, we'll be looking at some Bitcoin price predictions,
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one. The beginning of twenty twenty one saw a lot of all time
highs for a number of crypto currencies. That in turn led to a series of positive forecasts for
twenty twenty one. So, for example, Citi analysts predicted the price of
Bitcoin at the level of three hundred thousand dollars at the end of twenty twenty one. Although JP Morgan does not give exact numbers, it confirms
that Bitcoin has the potential for further growth as it competes with gold as an alternative means for storing
Mike Novogratz, a manager of a cryptocurrency hedge fund,
specifies sixty five thousand dollars is a realistic level. According to the stock to flow of Bitcoin price prediction
system, Bitcoin USD will reach one hundred thousand dollars by December twenty twenty one. The fact that the market is overheated is also indicated by
the Google Trends chart. The world is experiencing a similar interest in the growth
of Bitcoin, as was last seen in December. Twenty seventeen people see the Bitcoin has twice surpassed
the memorable peak of twenty thousand dollars and potentially experienced the characteristic flomo. This effect, the fear of missing out is quite real. Bitcoin may undergo a parabolic twenty twenty one, as it
did in twenty, thirteen and twenty seventeen. If previous patterns play out again. New highs are in next potential iteration for the first
born crypto and may be only a matter of time unless something we don't foresee trips up the trend of greater
adoption and demand versus constrained supply.
Favorable macroeconomics akin to those boying gold supports
of the digital store of value, notably versus the oversupplied broader crypto market. Previous Bitcoin resistance at about ten thousand dollars
may transition toward twenty thousand and twenty twenty one. Bitcoin has just closed one of the biggest years in its
history, second only to the crypto mania fueled retail rally of twenty seventeen. The Bitcoin price has added over three
hundred percent during the last twelve months, climbing past this twenty seventeen highs. Amid renewed institutional interest and the prospect of
broader mainstream adoption, it's still quite bullish on intermediate term basis, given that Bitcoin just broke out
new all time highs, Mark Knewton, founder and president of Knewton Advisors, told CNBC s trading nation this week,
pointing to charts that show the bull run might be put on pause in early twenty twenty one. I think we have a ways to go near term by cycle. Composite shows us peaking out in early January. The Bitcoin price has come within touching distance of
thirty thousand dollars this week, hitting twenty nine thousand seven hundred per bitcoin on the Luxembourg based
Bitstamp exchange before falling back slightly.
Bitcoin is up fourfold from the beginning of twenty twenty
and completed its biggest monthly gain since May twenty nineteen in December. Bitcoin's latest bull run was sparked in October by news. The payments giant PayPal would begin offering Bitcoin and
cryptocurrency support. It was boosted by wave of institutional interest in Bitcoin
and Wall Street giants, including Citibank and JP Morgan. JP Morgan making surprisingly bullish Bitcoin predictions. In December, a leaked CIA report revealed one of the bank's
senior analysts thinks Bitcoin could potentially hit a high of three hundred and eighteen thousand dollars by December
twenty twenty one, calling a twenty first century gold, Bitcoin has built up its reputation as digital gold
throughout twenty twenty, fighting support from investors who are wary of massive government money printing will
devalue traditional currencies and trigger a wave of inflation. Bitcoin dominance, a measure of Bitcoin's value
compared to the wider cryptocurrency market, has ticked up in recent weeks, but remains more or less flat over the
last 12 months. While a growing institutional presence has been part of the
narrative of the current bull run, we may see increased retail interest in Bitcoin as a form of digital gold.
This could also bolster interest in the many innovative
products coming to fruition within digital token space. Bitcoin's annual supply will drop to less than two percent
next year and if passed, having serve as a signpost twenty twenty one should be a strong up year. If the crypto advance is just one quarter of the roughly
one thousand three hundred seventy five percent in twenty seventeen. The year after the daily supply of new coins
dropped to one thousand eight hundred, Bitcoin would exceed thirty five thousand dollars in twenty twenty one versus
about thirteen thousand seven hundred on November 3rd and twenty thirteen.
Bitcoin advanced over five thousand
percent until twenty twenty for only nine hundred new coins a day will be added to the current eighteen point five
million. Expect the best from bitcoin in twenty twenty one. Keep your head high. Stay alert and don't lose focus. Bitcoin will surprise you. Its long term existence and fame will make its price go
haywire more than any other crypto Bitcoin may have pulled off its all time high. But cryptocurrency bulls are confident that exponential
gains remain ahead. In fact, one expert said yesterday that the digital
currency is on track to take out six hundred thousand dollars as long as a few things fall into place.
So what do you need to know about the latest Bitcoin price
predictions? Over the last twenty four hours, Bitcoin has gained just
more than six percent. That means the crypto is currently training hands for about
thirty seven thousand dollars off its all time high of about forty thousand. The gains come as investors return to the
crypto currencies with a vengeance. Last week, the stock market honed in on a series of
speculative retail stocks, old school names like. GameStop and AMC Entertainment promised short squeeze, power
and company turnarounds, however, when trading platforms like Robin Hood implemented restrictions on individual
investors, the little guys felt betrayed. This betrayal sparked a surge of interest into centralized
finance and everything else. Cryptos have to offer this new defined wave a spurt on
gains in Bitcoin, as well as ushering in an all time high in a theory.
However, one expert has said a new Bitcoin price
prediction of six hundred thousand dollars laying out a case for the crypto to rally much higher. So what do you need to know? Guggenheim Partners Chief Investment Officer Scott Meynard
told CNN on Tuesday that Bitcoin is heading for six hundred thousand dollars. This comes just months after he called
for Bitcoin prices to reach four hundred thousand dollars, explaining why he was adjusting his target. He said that he thinks growing institutional support will
justify long term gains. This year has been a wild ride for anyone invested in or
even just watching the Bitcoin market. The world's most valuable virtual currency in December
traded at more than twenty three thousand dollars when the US first began grappling with covid-19 in early March,
Bitcoin was below four thousand four owners or sellers. It's a gut twisting source of gains and losses for those on
the sidelines. Like me, it's an entertaining market show. Despite that tremendous Bitcoin price fluctuation in a
generally upward direction. Twenty twenty was also a year of relative maturity for a
currency that, after all, has only been trading for a decade.
As a crypto enthusiast here, what I see is the
crucial bitcoin trends in twenty twenty one one more mainstream acceptance bitcoins use in everyday life has
always had a chicken egg problem. Very few use or accept it because for one thing, very few
user accepted a twenty twenty saw a striking evolution in Bitcoin adaptation. Prominent FinTech companies from Square's investment of
fifty million dollars in Bitcoin to PayPal, allowing its users to buy and sell Bitcoin gave it a stamp of approval. As twenty twenty one goes by, we'll likely see an extension
of this mainstream embrace. Look for at least one major U.S. or European bank to announce some kind of system where they
either enable Bitcoin purchases or agree to hold digital assets for their clients to competition from big tech.
Whatever Bitcoin may or may not have accomplished in its
decade of existence, it has forced a lot of big global entities to think about offering an international digital
currency. Every company involved in the payment space understands not
only that there's a market for digital payments still up for grabs, but that payments involving different currency
markets have the most potential. That's because currently such transactions can take days to
resolve and often involve hefty fees. Bitcoin, as demonstrated, if embryonic, that a global
digital currency can dramatically streamline that process. This year, both Facebook and Google companies with a
massive global reach. The Bitcoin can only dream of moving forward with big
digital currency plans. Tech offerings like Facebook's DMN aren't exactly the same
as Bitcoin, but if they start to catch on in twenty twenty one, they may eat a little into Bitcoin's growth. Three Competition from central banks. This year, the Bank for International Settlements issued a
report and survey indicating that 80 percent of the world's central banks are working on some form of digital currency.
China has taken the digital currency experimentation much
further than any other nation. Recently, in the eastern Chinese city Suzu, just west of
Shanghai, a lottery was held in which one hundred thousand residents each received two hundred renminbi, which is
about thirty dollars, via a digital wallet. They were encouraged to link their digital cash to their
bank accounts, and if they didn't spend their digital cash within a few weeks, it disappeared. Both great techniques to advance the experiment. As China moves towards nationwide adaptation of the digital
yuan, it is likely to undercut demand for Bitcoin and other independent crypto currencies. Next year may see similar experiments in other countries
for a new regulatory playing field.
President Joe Biden's administration will have higher
priorities in its first 90 days than regulating cryptocurrency. And, of course, Congress's mood and
expertise on the subject is hard to read. The natural assumption is that a Democratic administration
will regulate more stringently than a Republican administration. Yet some have asserted that Biden will be
good for cryptocurrency. Maybe, but bitcoin enthusiasts tend to overlook issues like
anonymity and its potential use for fraud.
For regulators, those are very serious concerns. Biden's team might well come up with a more comprehensive
and rational way of regulating cryptocurrency, but I would not bet on any favoritism towards Bitcoin in particular. Five continued volatility because the value of Bitcoin is
not directly tied to any obvious real world phenomenon such as fiscal or monetary policy. It can appreciate or depreciate in ways that are hard to
predict or even explain as an investment. This makes it hard to recommend for anyone hoping to avoid
big losses. Some say Bitcoin could reach as high as fifty thousand
dollars next year.
And although that seems extreme, it's not out of the
question of investors move money from other assets into Bitcoin. Of course, it's just as possible that the price
will head in the opposite direction in twenty twenty one. The one thing that seems certain is that the wild ride of
twenty twenty will be repeated. So buckle up. We hope you enjoyed this video. Please don't forget to leave it a thumbs up.
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