Bitcoin Unlikely To Hit $100K In 2021 — Bitwise CIO


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With 2021 running to a fast close, many crypto enthusiasts are beginning to doubt the earlier forecasts for Bitcoin (BTC) to hit $100,000 before the year runs to an end. And according to the chief investment officer of Bitwise Matt Hougan, believing that Bitcoin will break its new all-time highs in the course of the next three weeks, might be too far a reach.

Institutional Support Could Help Bitcoin Hit 100K, But Not This Year

Over the past one week, there has been a major flash crash in the global crypto market, thus, casting a real shadow of doubts over earlier end-of-the-year price predictions for Bitcoin.

In a Monday interview on Bloomberg, Hougan maintains that $100,000 is still achievable maybe in 2022, but for this year, he’s “not so sure” anymore.

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Furthermore, he pointed to the fact that there’s a very high chance of a potential crypto rally in 2022. And according to him, that will be largely thanks to the growing numbers of institutional investors. Hougan confirms that his projection of 2022 is based on what his firm has seen while in talks with potential institutional investors, adding that many others are still trooping into the market for the very first time.

The Earlier Predictions By Industry Experts Still Achievable?

The entire crypto industry have kept a keen eye on the price of Bitcoin all year long. In fact, prominent figures also weighed in at various points, predicting how BTC will hit $100,000 by the end of 2021. Amongst the notable forecasters were those of SkyBridge Capital CEO Anthony Scaramucci, PlanB — who is the stock-to-flow model creator for Standard Chartered crypto research unit, co-founder of Morgan Creek Digital Assets Anthony Pompliano, and many others.

At the time of putting this report together, Bitcoin is trading at $51,693, obviously rising from the ashes after crashing below $47,000 on Saturday, per data from Coinmarketcap.

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Bitcoin started 2021 at around $30,000 before hitting all-time highs of nearly $68,000 in mid-November.

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