There are many indications that Bitcoin will fight on the chart for the ATH level, i.e. $ 20,000, later this year. This is what it cost recently in 2017. Increasingly, you can hear forecasts according to which the cryptocurrency will repeat the pattern from almost four years ago and will soon start a new speculative bubble. So, will Bitcoin reach the new ATH in 2021? And if so, at what level? We asked three Polish experts about the future of digital currencies.
Bitcoin with a new ATH in PLN
At the outset, it is worth recalling that yesterday on BitBay the BTC price broke the level of PLN 70,000. Today, you need to pay as much as PLN 70,400 for 1 BTC. It is possible that this is not the end of increases. In dollars, the rate is only at $ 18,700. So there is still $ 130 left to ATH.
We have it! 💪
Bitcoin has just reached the price of PLN 70,000! 🎉
Thus, he set a new record 📌 pic.twitter.com/xgwAdPppXU
– BitBay (@BitBayPolska) November 20, 2020
Bitcoin likes bubbles
Taking advantage of the fact that the end of 2020 is slowly approaching, we asked three experts what they expect for the next year.
The first of them to whom we asked this question was Jakub Mościcki from Trading Jam Session.
“BTC is known to like to form bubbles. Bitcoin’s trading history is the history of speculative bubbles. Rapid increases and equally spectacular declines interrupted by reflections of the “dead cat”. Will it be similar this time? Everything points to it “
– claims Mościcki.
Unfortunately, there is also some tar in this barrel of honey:
“Without universal acceptance to give Bitcoin some stabilization and support in reality, it will be doomed to purely speculative moves. If we do not see this widespread adaptation, BTC will continue to be subject to the same laws as before: when enthusiastic buyers are over, the bubble will end. “
Finally, we got a little investment advice:
“Such bubbles almost always end when the street begins to enter the asset, an anecdotal example of a barber and taxi driver – if we hear about something in the evening news, it is definitely too late to invest.”
Bitcoin at $ 150,000
Robert Wojciechowski, president of the Blockchain and New Technologies Chamber of Commerce, is less certain about the future:
“The increase in the value of Bitcoin causes interest in digital currencies among the current market participants, but also among completely new ones, which is confirmed by the BTC and Bitcoin search statistics on Google.
What’s next? It’s a good question, but I always say it’s a bit of reading tea leaves. Today we have over $ 18,000 for 1 BTC, but what happens next depends on many factors, such as the long-awaited reaction to the reprints of national currencies, especially USD, and the December formal change of the US president. This may be one of the determinants of BTC value, but only in the short term.
However, I believe that by this key date, December 14, the value will continue to grow, although it will not be a significant jump. Then, of course, there may be a short decline and a return to much higher values of around $ 40,000 in the spring, or – with the market reacting to policy changes – also earlier upward pressure.
At the end of the first half of 2021, however, I would expect the price of the new ATH to fall and a return to short-term growth at the end of 2021, but more effective than now.
However, if you foretell on coffee grounds, do not expect a price higher than 50 percent. Citibank’s forecast, which is approximately USD 150,000. Let me just remind you that I am not an expert in course analysis and a trader. “
In fact, CitiBank analyst Tom Fitzpatrick predicts that the BTC price will rise above $ 300,000 in 12 to 24 months.
– Bitcoin is the new gold and a solid hedge against inflation – underlines in his analysis.
Does that sound too optimistic? We asked another person from the Polish cryptocurrency market for their opinion.
A bubble different from the previous ones
We directed the next steps to Jacek Kubiak from Litpay, Satsback and inpartes.pl.
“First of all, I would like to warn you that I am not fond of price questions and try to look at Bitcoin in the long term”
– he pointed out immediately.
However, he continued his argument:
“In the perspective of the year, these are speculations, perhaps supported by close (and subjective) observation of the market and its participants, but still only speculations. In my opinion, we can expect something different than we had during the last price rally. There is probably a longer growth market ahead of us. The price will rise more steadily and sustainably, mainly due to who will enter the market, and I expect most of them to be large companies, institutions and larger investors who do not get carried away only consistently and balanced build their positions. “
Despite these emotions, however, we will not miss:
“Of course, there may be moments of stronger increases, decreases or longer consolidations, but next year I do not expect a parabola as at the end of 2017, if it ever happens.”
He points out that much more interesting things can happen at the level of foundations and the technology itself:
“As far as technological issues are concerned, I am very glad that the environment is very open to the efficient introduction of changes such as Taproot and Schnorr’s signatures. The mining market has also shown a strong and stable upward trend recently, with the center of gravity shifting from Asia to other parts of the globe. Increased efforts in this regard are, for example, seen in North America.
I am also observing the development of the Lightning Network very closely and the number of innovations introduced here is also a pleasant surprise, such as the recently launched Lightning Pool (i.e. a non-custodial liquidity exchange for nodes in the Lightning Network) or applications running on LNs such as Sphinx Chat (encrypted and on messenger censorship). If we add to this what is happening from a macroeconomic point of view around the world, it looks like we are going to have a very interesting period in Bitcoin’s history. “
What will the future hold?
As you can see, each of the experts we interviewed had a slightly different opinion on the BTC rate in 2021. Currently, however, it is not difficult to find many analogies from 2016 on the chart, which suggests repeating the pattern from the previous bubble: in the vicinity of ATH, a deeper correction and a return to strong price increases in spring next year.
However, let’s remember one thing: in 2016 and 2017, good economic conditions were visible in almost all markets. Today, the world is struggling with the economic crisis, the coronavirus pandemic, and in the background of all this we observe friction between the great powers: the US and China. How will all this affect Bitcoin’s price in 2021? We’ll find out in a few months.
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