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Home Markets Cryptos

Bitcoin’s bullish run to last until H2, 2021

Olumide Adesina by Olumide Adesina
December 18, 2020
in Cryptos
Bitcoin's bullish run to last until H2, 2021
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The BTC bull run is set to last until the second half of 2021, according to the majority of the panelists (58%) featured in Finder’s Bitcoin Price Predictions report.

In a report exclusively sent to Nairametrics, the panel of 47 experts and fintech leaders expect BTC to more than double by the end of next year to $51,951 per BTC.

READ: $282 million worth of Bitcoins moved by a large entity

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  • 46% say now is a good time to buy Bitcoin,
  • 43% hold, and
  • 11% sell.

READ: Many millionaires plan to buy Crypto before 2022

Bitcoin developer, Jimmy Song, who believes the bull run will last until the final quarter of 2021, says both supply and demand is driving the rally.

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  • “The halving caused the supply to decrease even if demand stayed the same, that would explain why the price went up. Demand has gone up because of the insane money printing, so the combination has led to a pretty nice price-rise. I expect the supply shock to continue in 2021.”

READ: Winklevoss brothers become crypto billionaires

However, just over half of the panel (52%) think Bitcoin will see a sharp (50% or more) drop from its peak valuation at the end of this bull run.

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  • 36% say increased regulation could cause the rally to come to a halt and over a quarter (27%) said a share market drop would hurt Bitcoin’s price, many suggesting this would cause investors to sell cryptocurrency in favour of cheaper shares.
  • The panel accurately predicted BTC would crack USD$20,000 by the end of the year, with an average December 31 forecast of USD$20,102.

READ: $1 million worth of Bitcoin giveaway on Twitter

The leading drivers behind the 2020 rally include large-scale public investments from firms like MicroStrategy and Square (cited by 72% of the panel), Paypal’s announcement that it will allow customers to hold Bitcoin (72%), large scale quantitative easing by central banks (66%), and a general sentiment shift and increased acceptance of the Bitcoin narrative (66%).

READ: 1,070 investors own at least $6,500,000 worth of Ethereum

The rally is being driven mostly by institutional investors according to 72% of the panel, with 17% arguing it’s been driven mostly by Bitcoin ‘whales’ and 11% retail investors.

Panxora Crypto Hedge Fund Managing Partner, Gavin Smith, who predicted that BTC will end the year at US$20,000, revealed Bitcoin will increasingly be used as a hedge against fiat currency by both institutional and retail investors.

  • “Bitcoin is now being used as a hedge against fiat money printing by early adopters in both retail and institutional sectors. This trend is expected to continue. We don’t believe this will be an uninterrupted move higher, we expect the market will exhibit high volatility to both the upside and downside but with a clear bias to higher levels.”

READ: Ripple’s XRP on a grand slam win, gains 20%

Finder co-founder Fred Schebesta gave an end of year forecast of $17,500, saying he expects the cryptocurrency market to cool off.

  • “The Bitcoin (and broader cryptocurrency) market seems to have entered a period of cool-down. While there doesn’t seem to be any slowing of institutional adoption that drives longer-term interest, it does feel reasonable to see it trade sideways or down into the first few months of the new year. If it does, it provides a stronger foundation for the period of growth many hope to see come into play.”

READ: Ethereum flying high, up 10%

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Tags: BitcoinBusiness NewsCryptocurrencyCryptocurrency NewsFred SchebestaGavin SmithJimmy Song

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