Bitcoin has been the hot topic lately, with prices jumping to over $58k, only to fall over $10k within a week. It’s such a volatile asset, but nonetheless very exciting to be involved with it.
There are so many predictions with how high or low Bitcoin will go this year it’s hard to figure out what to expect. In fact, the reality is no one really knows. We all hope to see Bitcoin hit ridiculous prices, but outside factors could easily determine its future.
Right now, F2Pool, the largest mining pool in BTC hashrate, dumped a massive amount of Bitcoin, resulting in the crash we saw earlier. Events like this can flip the entire crypto market upside down. So we really don’t know if anything else will cause another crash.
But now, things are looking positive. We are seeing Bitcoin and other altcoins entering into a bullish move upwards, hinting we could be back to seeing another crazy run. But how far will we be going this time?
2021 Bull Run
It’s no surprise we are in a bull run with crypto, but for how long and how far will it go? According to the intensive research I’ve spent hours doing on this subject, or rather what the professionals did for me, we could be looking at a bull run up until end of Summertime.
Anywhere from August to October could be where the bull run ends and we enter into a bear market for a year or 2. So that would leave us with 5 to 7 months left of potential gains.
Now let’s get to the main point of this post. How high will Bitcoin go during this bull run? Before I say it, let me again remind you I am no professional. Any advice or predictions I make are merely my own opinion.
I am predicting we will see Bitcoin hit close to $300k during this bull run. Again, many things could change this prediction, but as of right now, I truly believe we will see this price point before the end of the bull market.
So let’s dig into why I think we’ll hit that target.
Mainstream Acceptance
Let’s start with one of the obvious ones. Bitcoin has now been widely publicized as the currency of our future. From celebrities to Billionaires, Bitcoin has become the hot talking point.
Just recently Kevin O’Leary from Shark Tank became an advocate of the cryptocurrency. He once stood on the other side of the coin, refusing to accept it and even calling it garbage. But now he has officially allocated 3% of his portfolio to this popular asset. He even suggested everyone else contribute at least 5% of this portfolio to Bitcoin, believing it is here to stay.
Still not convinced? Look no further in Shark Tank than Mark Cuban. The Billionaire owner of the Mavericks. He has been praising the coin lately and compared this new opportunity to the early stages of the Internet.
Even Elon Musk has gotten involved, investing $1.5 Billion into Bitcoin. Michael Saylor, who owns $4 Billion worth of Bitcoin, recently held a conference call for over 4,000 CEOs and Billionaires teaching them all about Bitcoin and how to properly allocate business resources to invest in it. He is hoping to get as many businesses involved with it, since the more money flowing into the coin, the higher the price can go.
More and more money is flowing into Bitcoin, and it will only continue to get more popular.
Bank Adaptation
Banks are now wanting to get in on the action. This includes Goldman Sachs who just restarted their cryptocurrency desk. They will once again begin dealing Bitcoin futures and non-deliverables forwards starting next week.
Other banks, such as JPMorgan, have admitted to being open about Bitcoin, but still think it’s a bit too early for their involvement. The pressure is on Wall Streets now to accept Bitcoin as a formal asset class.
What’s even more unbelievable is Citibank just made a statement that the cryptocurrency is a tipping point. It is either “at a tipping point of mainstream acceptance or a speculative implosion.” It’s performance lately has caused Wall Street to reevaluate the coin.
They even went on to say Bitcoin could one day become the currency choice for international trading. That is amazing news and the potential for cryptocurrency is finally being seen.
Bitcoin Scarcity
Lastly, let’s talk about the scarcity of Bitcoin. It is always being compared to Gold, but there’s one main difference between the two. Besides one being a physical asset, and the other digital, Bitcoin has a set limit of 21 million coins. Where Gold is seemingly limitless. We don’t know how much gold there is out there. Elon Musk even suggest there could be even more gold available on asteroids.
Surprisingly, there are only 2.3 Million Bitcoin left to be mined. Over 18 Million Bitcoins are in existence as of right now. No more will ever be added. That means there is a hard limit to the number that will be available to us. Once it runs out, that’s it.
If Bitcoin really will be the currency of the future, owning a small piece of one may be the shortcut to wealth.
I predicted Bitcoin to reach $300k this bull run, but what about the next one? There are still so many factors and unknowns to be sure, but a million-dollar Bitcoin is definitely not impossible at this stage of the game.
Michael Saylor and several other Bitcoin enthusiasts believe we could be seeing a 100 trillion-dollar market cap in the future. That would give us a $5 Million dollar price target. That means owning just 20% of one Bitcoin could result in owning $1 Million dollars. Right now, with the price at $54,000, we only need $10,800 worth of Bitcoin for it to one day make us a Millionaire. Let’s hope that future prediction is true! I’d love to see my portfolio grow that much.
