Bitcoin (BTC), which has traded over $10,000 in a single year, is expected to trade for $100,000 by 2021.
Hodlers wait impatiently for new all time highs, while BTC price action celebrates the first of many anniversaries.
BTC/USD: One Year in Five Figures
Thursday’s official BTC/USD trading volume reached five figures for 365 days.
One year ago, September 9, 2020, the largest cryptocurrency gradually slipped into the $10,000 range. It has never recovered.
BTC/USD 1-week candle chart (Bitstamp). Source: TradingView
It was $1,000 lower a month later. But fast forward to Q4 2020 and the situation was completely different — Bitcoin was trading at $28,000
It is expected that the transformation will repeat itself in 2018. Cointelegraph reported that even the “worst-case scenario” for BTC/USD would be $135,000 by January 1, 2022.
Even legacy finance is beginning to accept the idea of bullish continuation. This month, Standard Chartered forecast a cyclical peak of $100,000.
Peak high predictions for this bull cycle:#Bitcoin to $275,000-350,000 #Ethereum to $7,500-12,500#Polkadot to $100-150#Chainlink to $100-150 -> #Cardano to $3-5#Zilliqa to $0.80-1.20#Ripple to $0.50-0.60 Predictions from January, #Cardano will probably go to $10. https://t.co/NksnLIEQo4
— Michael van de Poppe (@CryptoMichNL) September 12, 2021
The predictions go up if you zoom out. Cathie Wood is Ark Invest’s founder, CEO, and chief investment officer. She believes Bitcoin will reach $500,000 by 2026.
BTC/USD hovered at $47,500 at the time of writing. This was after it had beaten what many feared would be a solid resistance overnight.
Related: Bearish pennant collapse confirmed? Five things to keep an eye on in Bitcoin this week
Five months after Bitcoin’s most recent all-time highs, there were few bearish voices in cryptocurrency circles. Profitable days, as always, account for 99.9% Bitcoin’s entire lifetime.
“Despite a more than 50% sell-off in May, a strong rally to the $29k lows and now another sharp sell off this week, HODLers seem unphased,” Glassnode, an analytics firm, stated in its weekly newsletter.
Cointelegraph also noted that long-term holders now account more of the BTC supply today than ever before October, when the bull market started. In the meantime, exchange reserves are at their lowest level since February 2018.