BTIG strategist Julian Emanuel thinks that despite Bitcoin (BTC) current struggles, the price of the cryptocurrency could return above $50,000 by the end of the year. Cryptocoin. com, in recent months, the market has seen BTC drop from $64,000 to just over $30,000 in a few days. The downward move prompted several investors to sell their BTC. However, according to the data, many continue to hold their BTC.
BTIG strategist’s Bitcoin and Ethereum predictions
There are several factors behind Bitcoin’s decline. The first is Elon Musk’s views, and the other is China’s negative stance on BTC mining. But there are many experts who think the asset will be worth $500,000 in the future. Winkevoss twins, who made millions by adopting BTC early, stated that they will not sell until the cryptocurrency reaches half a million.
The price of Bitcoin was predicted to exceed $100,000 by the end of 2021. However, the estimations for these levels seem to have decreased with the effect of the decrease. According to Emanuel, BTC has a chance to rise above $50,000 by the end of the year, while Ethereum’s value is expected to rise above $5,000. The strategist used the following statements in an investor note:
While regulatory uncertainty remains in the US and elsewhere, the BTIG team sees the long-term situation for digital assets – the transformational power of blockchain, its store of value in an increasingly uncertain and inflation-prone world – stronger than ever. We reiterate our 2021 year-end price target and make $50,000 for Bitcoin and $5,000 for ETH.
BTC’s current price situation: “A positive bounce, but not enough”
Despite the volatility, Bitcoin is still making waves and growing fast in terms of popularity. BTC rallied over the weekend. On top of that, Miller Tabak Chief Markets strategist Matt Maley stated that the bounce was positive, but it meant a muddy bullish as it only pushed BTC back to the middle of the old range. So, this rise is not enough to give any signal of a breakout to the upside anytime soon.
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