Digital Assets: Analyst Projects $60K For Bitcoin In 2021

February 4, 2021 | Digital Assets, News
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Investing.com analyst Jesse Cohen says BTC could achieve that price in the first half of 2021.

A rise in crypto adoption, institutional support, and money-printing by global central banks could propel bitcoin to a price of $ 60,000, according to Jesse Cohen, a senior financial analyst at Investing.com. (Investing.com)

Cohen’s analysis on BTC

Cohen cited the following rationales for his bullish take on the leading cryptocurrency.

  • Bitcoin will continue its bullish strength into 2021 as more retail and big-name institutional buyers enter as investors
  • Bitcoin has benefited from the influx of first-time novice investors, drawn in by its stupendous performance in 2020
  • Ultracheap money from global central banks for propping up economies is likely to find its way into many “risk-perceived” assets such as bitcoin
  • Anything could happen in this market, but bitcoin will likely reach the $ 60,000 level probably in the first half of 2021.

In moderation, Cohen did cite the risks from “what the Biden administration could mean for cryptos,” as bitcoin moved into the mainstream and captured greater investor (and regulatory) attention.

He also said that the route to $ 60,000 may not be smooth and that he expected a retracement.

“The question is just how deep will it be?”

Investing.com survey on bitcoin

Investing.com also conducted a survey of about 800 UK respondents on investment in cryptos. The survey found:

  • About 58% of respondents invested in bitcoin. 42% did not.
  • 61% believe that bitcoin will push above $ 60,000 during 2021
  • About 17% think bitcoin is past its highs for the year
  • 30% of bitcoin investors think its price will jump beyond $ 100,000 this year
  • 74% plan to increase their investment in bitcoin this year
  • 47% of respondents, currently not invested in bitcoin, plan to do so in 2021
  • 26% would make an investment of £1-£1,000; 21% are planning one in the range of £1,000 – £10,000
  • 53% think that regulatory action is the biggest threat to bitcoin in 2021
  • 26% think that a large sell-off is the next biggest threat
  • 46% of respondents said they trusted bitcoin and other currencies “to some extent”
  • 18% said they trusted them “fully.”

Related Story:   Bitcoin Smashes Past $35K                                                

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