Bitcoin Price Predictions: Where Will BTC Go After Dipping Below $60K?

Fans of cryptocurrency have not exactly been having a good week. Since Nov. 11, Bitcoin (CCC:BTC-USD) has shed 10% of its value while Ethereum (CCC:ETH-USD) has declined by 14%. Bitcoin’s price decline follows its Taproot upgrade, which occurred on Nov. 14. The update brought several new features, such as increased privacy measures, lower transaction fees and improved smart contract functionality.

image of bitcoin to represent cryptocurrency stocks
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After reaching an all-time high of $69,134 on Nov. 9, Bitcoin’s price has subsequently declined by 16% to $57,900 today. DecenTrader reasons that this price drop was caused by leveraged retail traders getting trapped at the top, then subsequently panic-selling after the price drop.

Lawmakers in Washington, D.C., also seem to have contributed to Bitcoin’s price decline. Representative Don Beyer (D-Va) is urging lawmakers to pass the DigitalAsset Market Structure and Investor Protection Act. This piece of legislation would categorize some cryptos as securities. Additionally, it would place any crypto regulations or oversight in the hands of the Securities and Exchange Commission (SEC). Beyer also wants stablecoins to be placed under strict supervision and taken off the market if they don’t comply with federal regulations.

On the other hand, Senator Mike Lee (R-Utah) argued that a “one-size-fits-all regulation” would have negative implications in the crypto world. Moreover, he believes that harsh regulatory policies would send companies involved in blockchain technology overseas. Senator Ted Cruz (R-Tex) sided with Lee, stating that “The one thing that’s capable of screwing all of this up is the U.S. Congress, and I have deep concerns that Congress is already in the process of doing so.”

With all the negative press recently, Bitcoin’s price has still returned 97% year-to-date (YTD), massively outperforming the S&P 500’s 27% return in the same period. Let’s take a look at what experts are saying about Bitcoin price predictions.

Bitcoin Price Predictions: What Do the Experts Think?

  • Morgan Creek has a five-year price prediction of $250,000. CEO Mark Yusko believes investors are underestimating Bitcoin’s potential. Additionally, he noted that the cryptocurrency “is a technological evolution of computing power that isn’t going away.” Yusko rationalizes his price prediction by comparing Bitcoin to gold. He stated that if gold’s monetary value was $4 trillion, then Bitcoin’s market capitalization should move up to that sum, which would value each coin at $250,000.
  • J.P. Morgan has a long-term price prediction of $146,000. However, the investment firm stressed that this is strictly a long-term target and that the price of Bitcoin could fall to as low as $35,000 due to its volatile nature. Additionally, the firm notes that the idea that Bitcoin can provide a hedge against inflation is gaining traction among investors.  J.P. Morgan first made its Bitcoin price prediction in January of this year and reiterated that prediction this month.
  • Fundstrat has a price prediction of $100,000. Impressively, CEO Thomas Lee believes Bitcoin could touch the price target by the end of 2021. Lee cites China’s ban on mining as a positive for Bitcoin, as mining will be diversified in other geographic areas.
  • CoinList also has a price prediction of $100,000. CEO Graham Jenkin issued the price target with a grain of salt. “It’s getting pretty tight so I’m not sure that we’re going to make it there, but that’s what we’re predicting toward the start of the year,” he said.
  • FxPro has a price prediction of just above $90,000. Analyst Alex Kuptsikevch notes that the crypto may see a period of consolidation before it “promises to make the year-end an extravaganza for the first cryptocurrency with a run to new all-time highs.”

On the date of publication, Eddie Pan 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/2021/11/bitcoin-price-predictions-where-will-btc-go-after-dipping-below-60k/.

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