Bitcoin to reach $ 40,000 in 2021 – Prompting institutional investors to embrace
The $ 19,500 mark, the price of bitcoin in a consolidation phase, is crucial in determining how to climb to new heights. Institutional investors bought up to 7,000 BTC in less than 24 hours.
Analysts agree that Bitcoin’s price will rise beyond the $ 40,000 mark in 2021.
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Bitcoin moved between $ 18,500 and $ 19,500 in the region for more than a week. After an ever-rising period, the cryptocurrency seems to be slowing down and consolidating in that region. Analysts advise caution as BTC prepares to close out one of its best years.
At the time of its release, Bitcoin was trading at $ 19,055 in horizontal movement (-0.44%) over the past 24 hours. In weekly and monthly charts, Bitcoin gains 7.52% and 22.50%. In this recent period, XRP and XLM took the lead in the rally with earnings exceeding 110%.
Trader Josh Rager expects that the price of the cryptocurrency will continue to move sideways around $ 19,000, the value it currently holds. A break in support of $ 18,500 or a resistance of $ 19,700 may indicate that Bitcoin is a more determined move to retreat to new highs or lower levels.
Trader Il Capo crypto expects more movement on the price of Bitcoin and a possible close to all-time highs. In its latest analysis, The Investor set a target of $ 19,100 as a big sign before a possible increase in BTC’s price.
According to Bybt data;
Indicates an increase in activity of old Bitcoin addresses. CryptoQuant CEO Ki Young Ju believes this indicates a “shift” in Bitcoin owners. As such, he estimates, old whales are selling their funds to institutional investors.
The above is supported by the activity of digital asset management firm Grayscale. As the chart below shows, Grayscale increased its Bitcoin purchase for the GBTC fund. Last week, the business bought 7,000 BTC in less than 24 hours.
$ 50,000 Bitcoin in 2021
In Bloomberg Intelligence’s latest monthly report, senior commodities strategist Mike McGlone predicts a $ 50,000 price for Bitcoin in 2021. McGlone believes the price of BTC will rise to new heights as rising corporate demand and the circulating supply of cryptocurrency declines.
In addition, the analyst set a support level of around $ 10,000, with the possibility of a correction early next year and moves similar to those experienced by BTC in the final quarter of 2020. McGlone had previously stated that BTC could reach $ 100,000 by 2024.
Speaking about the fall in the price of the cryptocurrency in the short term, investor CrytpoBirb used data from the firm centiment to suggest a bigger volatility scenario. The trader believes the drop in Bitcoin percentage on trading platforms is an indication that new investors are entering the market.
Therefore, there is the potential to see a significant increase in the BTC price with increased daily volatility, this metric has remained relatively low throughout 2020. CryptoBirb sees $ 5,000 daily candle potential in the short term, and $ 40,000 if the minimum BTC price exceeds the all-time high.