Bitcoin (BTC) is likely to hit $ 60,000 by 2021 amid growing mass adoption, according to analyst at major financial investment firm Investing.com.
Jesse Cohen, a financial analyst at Investing.com, predicts that Bitcoin is likely to hit $ 60,000 in the first half of 2021.
According to Cohen, Bitcoin’s growth in 2021 will be supported by institutional investor support along with “an influx of very cheap money pumped into the global financial system” by global central banks such as the US Federal Reserve:
“After a record 2020 of more than 300% growth, Bitcoin wants to remain strong in 2021 as more retail buyers and large organizations enter the market […] For those already there, the strategy remains. Built for HODL […] aspiring investors have found their way to many risky assets for the first time, including Bitcoin. ”
Cohen’s comments are linked to a new cryptocurrency survey by Investing.com in which 63% of UK respondents plan to buy bitcoin in 2021. More than 60% of the 800 respondents said they think this will push the price of bitcoin to over $ 60,000 in 2021.
Despite the growing confidence in Bitcoin’s growth in 2021, there are many concerns about the surrounding regulatory climate. “When Bitcoin enters the mainstream industry and generates more interest, it is likely to get more attention from regulators in the US, Europe and Asia,” Cohen said.
Cohen is particularly concerned about the influence of the new US presidential administration. “The road ahead won’t necessarily be smooth after that,” Cohen added. “I expect to fail.”
According to the survey, a majority of UK respondents identified the new regulatory restrictions as the biggest threat to Bitcoin in 2021.
Cohen’s predictions are by no means the highest prediction for Bitcoin this year. Dan Moorehead, CEO of Pantera Capital, is confident that Bitcoin will hit $ 115,000 by August 2021. In early January, Binance.US CEO Catherine Cooley predicted that Bitcoin would hit $ 100,000 by the end of the year. PlanB, the creator of the stock-to-power ratio model, predicts that by December 2021, the bitcoin price will be somewhere between $ 100,000 and $ 288,000.