Existing and potential crypto investors have been thinking around the clock about how far Bitcoin would go in the current bull run of around $ 60,000. As of April 12, 2021, there was already an almost 9-fold jump from USD 6,800. However, according to a Bloomberg study on the crypto outlook for 2021, Bitcoin could soar (over six times) to $ 400,000 in 2021, reflecting the bull run of 2013 and 2017 2013 and 15x profit in 2017. To hit price extremes similar to those of those years in 2021, crypto would approach $ 400,000 based on the regression since the 2011 high, “according to the April 2021 edition of Bloomberg Crypto Outlook 2021.
The astounding leap in Bitcoin could “rhyme” with the growth of digital coin in 2013 and 2017 after the Bitcoin halving event (after all 210,000 blocks were mined), which occurs roughly every four years. Bitcoin was last halved in May 2020. “The year after a supply reduction (halving) is what 2021 has in common with 2017 and 2013, along with subdued volatility. Initial support is at an average price of $ 44,000 by March 25, 2021, ”the study says. The reward for mining Bitcoin transactions will be reduced by 50 percent during the halving event, which will also lower Bitcoin’s rate of inflation.
Also read: PayPal’s Peter Thiel warns Bitcoin as a potential “Chinese financial weapon” against the US
On the other hand, Elon Musk’s Tesla, who recently bought $ 1.5 billion in Bitcoin, could be a “turning point” for Bitcoin that could mean a shift towards “risk-off”. One possible next test of Bitcoin’s maturation process is performance when the stock market slips. “Our graph shows the price of Tesla down about 25% versus a 35% increase for Bitcoin from the initial announcement of the grant through March 25th. The consolidation between roughly $ 40,000 and $ 60,000 forms a basis, like us, for the next leg of the rally, check it out. “
The total market cap of cryptos had topped $ 2 trillion for the first time earlier this week, with Bitcoin dominating 54.1 percent of that with a market cap of $ 1.09 trillion, according to crypto tracker CoinGecko. On April 11, 2021, the combined crypto market cap of 6,679 cryptos was $ 2.1 trillion, with Bitcoin dominating 53 percent of the value at $ 1.1 trillion.
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