Bitcoin: Market Experts’ Forecast

After strong rallies in recent days, the largest cryptocurrency by market value, Bitcoin, has reached levels of $ 64,000. Bitcoin dropped below $ 63,000, but remained above $ 62,000 levels and closed above this level for two consecutive days.

Bitcoin fell 3% at $ 62.3K, recording a high of 64.7K and a low of 61.5K.

Goldman Sachs

Goldman Sachs said about Bitcoin’s advantage over gold that there is a massive valuation of the digital currency in the coming years and expects tremendous progress for Bitcoin, but sees that there are some obstacles represented in the regulatory restrictions on the cryptocurrency. Goldman Sachs stated that the bank’s clients have demanded to enter the market and that the bank will look to ways to assist clients with this. In comparing it to gold, Goldman Sachs said that the path of Bitcoin will reach the same market value as gold and may surpass that as the rise in the cryptocurrency happens faster than we expect. Goldman Sachs believes that Bitcoin is not a payment instrument but, like gold, its value increases over the coming years.

JPMorgan

As for JPMorgan, the bank believes that the Bitcoin process may reach 146 thousand dollars in the long term and will compete with gold, and experts in the bank believe that in order to reach such a price, the currency must become less volatile.

Bloomberg Intelligence

 Bloomberg Intelligence Research said it is expected that the second quarter of 2021 will see a currency form a new price boom.

Bloomberg Intelligence Research said that Bitcoin is likely to go further up towards $ 80,000 levels, while it is unlikely to decline to $ 40,000.

The adoption of the standard cryptocurrency as a global reserve asset has crossed the prevailing threshold, as we see it, and the market wave is on the rise, said Bloomberg Intelligence analysts.

Bloomberg Intelligence analysts said that the most likely scenario for the second quarter is to break through the $ 60,000 resistance and head towards $ 80,000.

William Quigley, General Manager of Magnetic

William Quigley, Managing Director  of Magnetic, says that the value of Bitcoin is still able to rise dramatically through 2022.

William Quigley believes that Bitcoin still has a long way to go from increases during the current year to 2022, and may jump by more than 500% in less than a year.

Quigley believes that when the miners who run the Bitcoin network are paid, which happens approximately once every 4 years, the amount that the miners receive is reduced by half.

The Director of Magnetic added that this happens in May of last year, and that what happens historically after that during a period of 12 to 18 months, a currency can rise by forming between 300% to 500%.

Quigley believes that Bitcoin is now still in the middle of its ascending journey and that the way is still ahead to reach levels of $ 100 thousand and possibly $ 150 thousand by the end of the year or the first quarter of next year.