Launched over ten years ago in 2009, Bitcoin a virtual currency powered by blockchain technology. The coin was created by Satoshi Nakamoto to overcome the shortcomings of government-issued currencies without requiring a controlling authority. It acts as a store of value and a payment method for any transaction process in the markets.
It has since then grown in popularity and demand, often being compared to gold. Therefore, this article will cover the Bitcoin (BTC) price forecast to end of 2021. Bitcoin trades on all the major crypto exchanges flashing the biggest market cap.
The popularity of BTC and blockchain technology has led to more people scrambling to get a place on the Bitcoin (BTC) train when time is still prime. Therefore, we will discuss the Bitcoin price predictions for 2021.
BTC prices could rise and hit as much as millions according to expectations. This rise could happen eventually as only during February, the price change of one BTC increased by more than 70 percent leading to its all-time high.
Key Bitcoin moments to note
The popularity of Bitcoin brought with it a host of other problems and opportunities. For example, in 2019, scammers stole $722,000 million from unsuspecting investors who were fooled into investing in non-existent BTC mining equipment. If you have a GPU and an internet connection, you can easily mine crypto and benefit from gathering more funds.
Mostly, scammers use websites whose registration dates and copyrights raise questions about their credibility. But as the value of every digital currency is reaching everywhere, we will see a decrease in scams rising in the coming years.
Current position of Bitcoin price
While Goldman Sachs thinks favors Ethereum and says that it will overtake Bitcoin as a store of value in the future, Bloomberg thinks that Bitcoin will go to $100K. The rising price of BTC might optimize the market sentiment.
After the recent events, including the El Salvador adoption and new marketplaces coming up in the NFT industry, much positive news is filling in the market. China has also played its part in the downfall of Bitcoin, and now, it seems to be backing digital Yuan.
Ever since BTC’s price and market share have been debated among institutional investors and advisors with the latest price predictions and analysis updated frequently, one still holds – BTC will reach a trillion-dollar cap soon, proving many predictions correct.
Popular cryptocurrency market figures have made other notable price predictions, such as Anthony Pompliano, the founder of Morgan Creek Digital, Max Keiser, a filmmaker and broadcaster, and Joe Kernen, CNBC’s Squawk Box host, many being leading institutional investors.
Adoption by El Salvador
Another key point and good news for Bitcoin’s existence was when El Salvador became the first nation in Central America to accept cryptocurrencies in June following the passage by a majority of the Salvadoran Congress.
The President of El Salvador, known for his passion for digital currency and violating the Latin-American president’s rules, said the legislators had adopted the Bitcoin bill. He gave the green light to any store that wants to accept payment in the form of cryptocurrencies. The demand will boost economies, analysts say.
El Salvador became the first country to adopt Bitcoin as a legal tender, while China once again caused a stir in the market by shutting off mines, and miners are now migrating to other countries.
Bitcoin’s adoption led to people fearing if too much power resources will be consumed since the mining of Bitcoin will also be legal in the Central American country. El Salvador’s government has partners who will help in the achievement of Nayib’s goals. The increase in payments using Bitcoin as a store of value and the involvement of partners have all helped El Salvador.
The establishment of Bitcoin miners in El Salvador was viewed internationally as a bold move owing to environmental concerns. But the President had a solution for that as well. The President will be harnessing the power of volcanoes to power the Bitcoin mines in El Salvador.
Around 95 Mega Watt power will be harnessed from the geothermal plants that would be enough to power the Bitcoin mines in El Salvador to validate payments and any transaction. Bitfury founder George Kikvadze applauded this step the President of El Salvador took to use Bitcoin in payments. He stated that in the current atmosphere, 95 MW would be easily able to accommodate around 3 Exahashes.
3 Exahashes can be used to mine Bitcoin at a rate of around 1800 BTC per month. At the current rate, this would mean around $750 million in a year. George Kikvadze claimed this to be the biggest and most lucrative project for the entire country or even Central America.
Bitcoin and social media
Jack Dorsey, the current Chief Executive Officer of Twitter, has revealed much about integrating Bitcoin with the platform. This is indeed a new concept that is still in the works. The recent introduction to Twitter Tip Jar was just a peek into the future, it seems.
In the recent call for income from the second quarter, the CEO showed that shortly, plans are made to change how Twitter works by integrating Bitcoin transaction and payment system and expanding it into twitter products and subscriptions such as Super Follows. This shows that the demand for digital currencies is high.
Jack Dorsey mentioned that his primary eyes and the company were on Twitter integration with Bitcoin payment system and on delivering platform users what they desire. This is the first time in which the CEO has made his plans publicly known concerning cryptocurrency.
Twitter said it would offer 140 NFTs on Twitter at no cost, and that’s an indication that a great deal was already prepared by the CEO.
Twitter is not the only social media platform that is coming up with integrating Bitcoin and other cryptocurrencies with their platform. Facebook is also preparing for the launch of Diem.
The Diem is a Facebook Pay-included stablecoin. The contrast between Twitter and FB would be that Bitcoin is a standard open to the internet.
Bitcoin’s integration with Twitter and Facebook will be the new future for artists and vendors. It is also being expected that the sale of NFTs will be held on Instagram with the help of a new feature that the platform has been planning to launch. With the usage of this new platform, the artists on Instagram will be able to easily sell their NFTs.
Bitcoin price prediction 2021
As mentioned before, Bitcoin price predictions for 2021 vary. Several predictions estimate the currency to be worth at least $1 million soon due to the adoption of Bitcoin transactions and increased investment compared to gold investors.
However, some price predictions predict the opposite – the currency will move below $20,000 and never recover.
The bitcoin price predictions are usually made by people seeking to manipulate the price of the currency in their favor using a certain process. This is why people like Jackson Palmer, the co-creator of Dogecoin, claim that the crypto industry is corrupt and manipulated.
Let`s take a look at the Bitcoin price prediction for 2021 and what price Bitcoin could reach based on the current price.
What to expect from Bitcoin by the end of 2021?
Bitcoin forecast: The first half of 2021
This year, Bitcoin saw strong bullish momentum at the end of January when support was found at $30,000.
What followed was a very strong rally towards $58,000 for the first time during most of February, which set a clear high and indicated that the overall long-term momentum is very bullish.
Thereafter, the onset of the bullish trend changed everything, and now, Bitcoin fell from its all-time high to half of its ATH.
Bitcoin forecast: The second half of 2021
The biggest question is the value of the coin by the end of 2021. It has been considered that BTC/USD is not following the Wyckoff Distribution pattern anymore. It might fall further, but what follows is a huge bullish momentum by the end of 2021.
My prediction, Bitcoin might reach $100,000 by the end of 2021 because of plenty of big whales accumulating Bitcoin in recent times, and a huge upswing is possible in the future.
Also, with the global adoption of Bitcoin, we can say that the pros outweigh the cons.
According to Wallet Investor, the price of Bitcoin will increase to a maximum of $62715.10 by the end of 2021. Although, the minimum price is set at 50260.30 USD for December 2021, according to the Bitcoin forecast by Wallet Investor.
On the other hand, Digital Coin has predicted a value of $69,235.27 by the end of 2021. They are as optimistic as Wallet Investor for the 2021 Bitcoin price.
My personal opinion is that there will be more pull-backs and that price will fluctuate. Bitcoin could see it drop as low as $25,000 but then start on a upward trend. It’s always tricky of getting price predictions 100% correct but with large institutions buying and a continuous supply shortage I can see Bitcoin reaching between $60,000 - $80,000 by end 2021.