Bitcoin Price Predictions 2021: After the Musk Brouhaha, Has BTC Hit a Bottom?

If there’s one thing we know about Bitcoin (CCC:BTC-USD) after its recent price fluctuations, it’s that we don’t know anything. Who knows where the next boost or correction will come from? It’s volatile, it’s a little scary, and above all else for crypto investors, it’s exhilarating. With all of the chatter about Bitcoin’s future, Bitcoin price predictions for 2021 are heating up to supernova levels.

Image of cryptocurrency tokens in a wallet.

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Elon Musk is the Muhammad Ali to Bitcoin’s Sonny Liston. The billionaire entrepreneur has dealt an unexpected blow to the crypto play that has many wondering if it will be able to pick itself up. The blow comes in the form of a series of tweets, calling into question Bitcoin’s power consumption.

Bitcoin has dropped over $20,000 from its all-time high. Its market dominance dropped below 40% for the first time in years. And yet, it’s still on track to beat its best bull market ever, and it is showing strong fundamentals that make it an attractive player for miners even with its rampant power consumption.

Bitcoin Price Predictions 2021: Where Will BTC Go Next?

Overall, there have been more bearish takes popping up than the usual regarding Bitcoin. Without the innovative products of competitors like Ethereum (CCC:ETH-USD) and Binance (CCC:BNB-USD), some think Bitcoin’s correction is just the first sign of a future downfall. Others still say that the coin is simply going through some growing pains on its way to $100,000.

Let’s take a look at some price predictions and see what analysts expect of BTC’s price through this year:

  • InvestingCube is noting that Bitcoin is below its 25-week moving average. Keeping with the bearish trend, it predicts BTC to fall to around $32,000 before any significant rebound.
  • The Economy Forecast Agency has revised its charts. The outlet is predicting BTC to close out 2021 with a high of just $57,640.
  • Cryptopolitan predicted two days ago a move for BTC below $45,000. The site was correct in that prediction, which leads into its second prediction of a lower price consolidation incoming.
  • A couple of bulls are still grazing. Coin Price Forecast thinks BTC can rebound and hit another all-time high before 2021 is over. It predicts a high of over $78,000 for Bitcoin by December.
  • WalletInvestor is another bull. It forecasts an all-time high in 12 months’ time, pricing the coin at just under $70,000.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/bitcoin-price-predictions-2021-after-the-musk-brouhaha-has-btc-hit-a-bottom/.

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