Investing.com Analyst – Bitcoin Will Hit $60,000 in 2021
Jesse Cohen, an analyst at renowned media outlet Investing.com, has issued a price target of $60,000 for Bitcoin (BTC) to be achieved this year. Specifically, the senior analyst has forecast that Bitcoin will hit $60,000 in the first half of 2021.
As per Cohen, Bitcoin’s rise this year will be stoked by institutional investors and the heaps “of ultra-cheap money being pumped into the global financial system” by central banks such as the US Federal Reserve:
“After a record-breaking year in 2020 that saw it jump more than 300%, Bitcoin looks to stay strong in 2021 as more retail — and big-name institutional buyers — enter the market […] For those already in, the strategy in place remains to HODL […] First-time novice investors have found their way into many risk-perceived assets, including Bitcoin.”
Cohen’s statement parallels a fresh cryptocurrency survey made Investing.com. The survey reveals that 63% of the participants in the UK intend to buy Bitcoin this year. Over 60% of 800 respondents also stated that they trust that Bitcoin will rally over $60,000 this year.
In spite of rising positivity about Bitcoin this year, still, there are lots of worries about the prevailing regulatory scenario. Cohen pointed out:
“With Bitcoin moving into the mainstream and capturing greater attention, it will likely draw further scrutiny from regulators in the United States, Europe and Asia.”
Cohen is specifically worried about the stance and decisions of the US President Joe Biden’s administration. Cohen further stated:
“The path forward may not necessarily be as smooth afterwards however. I’m expecting a retracement.”
As per the survey, predominant participants believe that fresh regulatory inhibitions as the greatest threat to Bitcoin this year.
Cohen’s forecast is certainly not the highest for the numero uno cryptocurrency. Dan Morehead, CEO of Pantera Capital, is optimistic that Bitcoin will reach $115,000 by August 2021. Earlier last month, Catherine Coley, CEO of Binance.US, had forecast that Bitcoin could reach $100,000 by the end of 2021.
PlanB, who developed the stock-to-flow model, also predicts that Bitcoin should trade between $100,000 and $288,000 by December this year.