Bitcoin price predictions at $100,000 might be wrong, for now

By Raffaele Redi

$100,000 price predictions made for BTC now seem unlikely to be reached by the end of 2021

Golden coins with bitcoin symbol displayed on a circuit board                                 
Bitcoin price is currently fluctuating around a $50,000 resistance – Photo: Shutterstock

Some of the world’s best-known crypto enthusiasts, analysts and experts predicted a $100,000 milestone level for BTC by the end of 2021. However, their predictions on the price of so-called digital gold have taken a hammering.

“I still see bitcoin at $100,000 by year-end, but am more focused on network growth than price,” said Anthony Scaramucci, Skybridge founder, in August.

Kraken co-founder and CEO Jesse Powell followed on his heels before reversing his prediction in a recent interview with Bloomberg, even if “2021 is not finished yet”, he joked.

“I would look at the long-term trendline, for investments of over five years. Must be said that cryptos received unfair attacks from traditional finance, while in the US the discussion over-regulation has been going on for ten years, creating an uncertainty chilling effect forcing crypto actors to migrate offshore”.

Wallet Investors’ algorithm tempered the enthusiasm with a prediction of BTC resistance at $44,700 on 30 December 2021.


$100,000 level predicted in the future

At the time of writing, the bitcoin price is slightly south of the $50,000 resistance, just halfway toward the high level some analysts think could be reached.

Standard Chartered analysts predicted BTC trading in the range between $50,000 and $175,000, with a forecast for the digital gold to reach $100,000 in early 2022.

“BTC market cap could reach 1trn assuming that BTC captures all of the $20trn of transactions in the unbanked sector,” Standard Chartered said.

Jurrien Timmer, director of global macro at Fidelity Investments, is slightly more cautious, predicting recently that BTC could reach the $100,000 by 2023, which is when he says supply and demand models for the crypto next intersect at that level.

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