A new Bitcoin (CCC:BTC-USD) price prediction claims that the crypto could hit the $100,000 mark by the end of 2021.
That price prediction for Bitcoin comes from Bloomberg in its most recent Crypto Outlook. In that report, the publication weighs various cryptos and how it expects them to perform in the coming months.
In the case of Bitcoin, it looks like BTC could see major gains in 2021. The report says that the crypto is more likely to approach $100,000 this year than it is to fall back down to $20,000.
Here’s a direct quote from that report.
“About $40,000 may be the Bitcoin cap a while within what we see as a resting crypto-asset bull market. No. 2 Ethereum is rapidly moving toward No. 1 market-cap status and has been a top driver of the Bloomberg Galaxy Crypto Index in 2021. Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000.”
It isn’t just Bitcoin that Bloomberg is expecting to rally this year. The publication believes that crypto is approaching an upward trend in general. That means other digital assets, such as Ethereum (CCC:ETH-USD), are also likely going to see gains throughout the year.
Interestingly enough, the Bitcoin price prediction for 2021 comes as crypto markets see another crash today. While that may scare away some investors, the falling price also means it could be a good time to get into the game before prices head higher throughout the year.
BTC was down 5% over a 24-hour period on Friday but is still up 27.3% since the start of the year.
There’s more than just Bitcoin news in the crypto market worth looking at today.
Several companies and cryptos are worth talking about today. That includes a major e-sports deal for FTX Token (CCC:FTT-USD), Alaska Inu (CCC:LAS-USD) price predictions, as well as a crypto mining deal for The9 Limited (NASDAQ:NCTY). You can learn all about these subjects at the following links.
More Crypto News for Friday
- FTX Crypto Exchange News: 13 Things to Know About the Huge TSM E-Sports Naming Deal
- Alaska Inu (LAS) Price Predictions: How Long Is the Leash on the LAS Crypto?
- Why Did Crypto Crash Today? Elon’s Become So Numb.
On the date of publication, William White 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.