Bitcoin price prediction: FOUR incoming milestones for BTC as investors question next move

Bitcoin price prediction: FOUR incoming milestones for BTC as investors question next move

October 24, 2021

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The token is currently worth $61,146.95 (£44,438.19) apiece, having rallied from $41,034.54 (£29,821.61) in September. That rally has excited investors, who have expressed several opinions about what could be to come. They vary from mid-range suggestions for the $70,000 (£50,872.09) mark to the potential for the token to double its value again in 2021.

Could Bitcoin reach $70,000?

As BTC settles into the $60,000 (£43,604.65) range, the next feasible landmark it could meet as it trends upwards is $70,000.

The token’s highest price in 2021 inched closer to this position last week when it reached $66,930.39 (£48,641.27) on October 20.

That value became a new all-time high, but it would still have to climb another 12 percent to make it to $70,000.

A pool of analysts working with personal finance site Finder predicted it could close at $71,415 (£51,900.44) at the end of the year.

Could Bitcoin reach $100,000?

Investors are most excited to see whether Bitcoin can become the first cryptocurrency to cross the six-figure threshold.

The coin has blasted through the $1 (£0.73), $10 (£7.27), $100 (£72.67), $1,000 (£726.74) and $10,000 (£7,267.44) marks before all of its competitors, and it is conceivable that it could eventually cross $100,000 (£72,674.42) too.

In theory, all it would need to do is repeat its rally in 2021 and add another $50,000 to its value.

But experts believe it will ultimately take a little longer, with Nigel Frith, lead analyst at Bitcoinmoney.net, telling Express.co.uk it could take until 2023.

Will more countries adopt ETF trading?

The New York Stock Exchange (NYSE) has permitted people to publicly trade an exchange-traded fund (ETF) offered by ProShares, an American exchange-traded product supplier.

On Friday, their product traded for $41.40 (£30.09) under BITO, allowing people to indirectly buy and sell Bitcoin.

During that one day of trading, it managed to gather a volume of $1 billion.

The exchange is the second to allow trading like this, having followed the lead of Canada’s Toronto Exchange this year, and other countries could follow its lead.

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Could BTC overtake the market cap of gold?

Bitcoin has a self-limited unit cap of 21 million, making it inherently scarce.

Many analysts believe this quality creates its sky-high value and has helped build a market cap of $1,151 trillion (£8.36 trillion).

Gold, famously one of the world’s most expensive traded metals, has a market cap of $11 trillion (£7.9 trillion).

Some experts hope Bitcoin’s status as “digital gold” will help it overtake this, but this would mean each coin would need a value of $500,000 (£363,000), currently an unlikely prospect for some time.

Will Bitcoin collapse again?

BTCs position has held steady in the realm of $30,000 (£21,802) to $50,000 for months, refusing to descend below $29,807.35 (£21,662), its lowest value in 2021.

But its otherwise fruitful 2021 has been marred by other countries, namely China, toying with new regulations.

These crackdowns have cratered BTC’s value more than once, and although it is unlikely to retreat too far, it could happen again.

More countries appear open to fostering rather than fighting the coin, however.

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