For the “gurus” of the global market, the question for bitcoin is no longer whether it will reach a new all-time high – the question is when.
With Bitcoin already breaking the records – at $67,000 on Wednesday and at $64,650 yesterday – and with the American “BITO”, the first ETF futures linked to bitcoin, making a turnover of more than $1 billion in one day and becoming the second most sought-after ETF in the history of the market, predictions are now touching the… Sky.
The most interesting thing is that these predictions no longer come only from the old – and sometimes heretical, even marginal – crypto fans, but also from leading systemic banks, fund managers and analysts. In short, bitcoin is becoming mainstream and the party seems to be just starting now.
In 2021, bitcoin’s rally has already led to a 120% rise. Last year, in 2020, it had climbed over 300%. And according to one of Wall Street’s best-known bankers, former Goldman Sachs CEO Lloyd Blankfein, the global bitcoin market now exceeds a value of $2 trillion dollars.
“There are a lot of things in this world that went diabolically well for bitcoin. if anything, there is a reality that should not be overlooked: The fact that the cryptocurrency may have fluctuated sharply in recent years, but it did not show, even in the most adverse phases, that it may “die” – even though it had, as he says, dozens of regulatory obstacles against it, but also a few powerful economic operators who reject it and would love to see it crushed.”
– Lloyd Blankfein on Bloomberg
Blankfein Not The Only One
Lloyd Blankfein is not the only representative of the conventional market who now declares himself “open” to cryptocurrency.
Bank of New York Mellon, Goldman Sachs Group and Morgan Stanley are among the banks that already provide services linked to cryptocurrencies.
Don Fitzpatrick, chief investment officer of George Soros’ fund, confirmed that there are now bitcoins in the company’s portfolio and said crypto “has become mainstream.”
The Next Bet
Having this scenery in mind, the next bet is where bitcoin can go and when. According to Lee Wilde, managing director of Valkyrie Investments, who was among the companies that prepared the success story of “BITO,” the introduction of ProShares’ ETF into the market, the next target will depend on the supports that bitcoin will find in the $65,000 region.
In the past, it was common whenever the cryptocurrency recorded a new record to be followed by a strong sell-off, with investors clearly seeking to register profits.
If this time the supports prove to be strong, then analysts also see strong chances of an even bigger rise relatively soon.
“If the upside momentum is maintained, a rise to $80,000 is not out of touch with reality. I think $100,000 is an over-optimistic target for this year, but anything is possible And I wouldn’t be surprised if we even got there.”
– Lee Wilde
Bitcoin Over $100K
Some other, less restrained, analysts, who are attempting to approach and decode bitcoin’s possible trajectory based on technical analysis, are already seeing a rise even above $100,000.
Tom Lee of Fundstrat Global Advisors tells Bloomberg that “BITO” will attract total capital flows of $50 billion within the fund’s first year of operation, while bitcoin itself claims to reach $168,000.
If this time the supports prove to be strong, then analysts also see strong chances of an even bigger rise relatively soon.
The Differences With Recent History
The most ardent bet comes from one of bitcoin’s oldest and most famous supporters, Michael Saylor, MicroStrategy’s CEO has promised to hold a big party for bitcoin fans if the cryptocurrency reaches $100,000.
Recent history, however, has shown that the leaps of cryptocurrency are usually not continuous. On the contrary, it is customary to have a folding and a pause after each new record.
This was also the case in December 2017 after BTC futures joined the CME, and so did Coinbase Global’s IPO last April, as Genesis Global Trading analyst Noel Acheson recalls.
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