Bitcoin has undertaken a massive step forward in terms of its pricing, starting at just shy of $30,000 at the beginning of 2021 and gradually progressing to $65,000 in early April.
The promising upward trend in price represented by Bitcoin from the start of the year has slowed down. In the process since February, Bitcoin investors and traders are constantly trying to estimate the market high to gain maximum profits.
Recently, experts have forecasted the cryptocurrency will again surge in price eventually, progressing above $100,000 in 2021. Moreover, a third of the experts surveyed predicted Bitcoin could even go beyond $120,000.
On average, the panel surveyed believed that the price of Bitcoin could increase somewhere close to $107,484 during 2021. Whereas the majority of the panelist believed institutional investors constituted the principal reason for the price of Bitcoin rallying up. However, roughly one-fourth of the panelist believed the price of Bitcoin to soar up is due to retail whereas, some 18% believed whales represent the primary reason for Bitcoin price to soar up.
Paul Ennis of University College Dublin stated accompanying his findings that the mental barrier of $100,000 is not easy to reach. However, institutional investments will maintain their track record of driving up the price of Bitcoin.
The survey was conducted by the Finder website. The survey consisted of crypto industry players and academics, among whom 51% believed that Bitcoin is undervalued, whereas 24% believed Bitcoin to be overvalued, and similarly, the rest 24% of panelists believed Bitcoin to be justly priced.
The last bull run for Bitcoin increased its price by 450%, which was the result of PayPal beginning to support digital currencies and some other institutions like Tesla beginning to accept digital currencies as payment. The panel believes Bitcoin will end up near $100,000 in the latter half of 2021. However, they are confident of Bitcoin price to follow its upward trend and by 2025 accomplishing an impressive amount of $360,000.
Van Hoorde of Delta.app thinks correction within each bull cycle would be beneficial to achieve sustainable growth for Bitcoin. However, the co-founder of Origin Protocol contemplates the price of Bitcoin to reach $1 million in the latter half of 2025. While describing the fundamental demand/supply rule, John Fraser said that the demand for Bitcoin is exclusively going to increase, whereas the supply will only dwindle.