How Bitcoin Reaches $300,000 in 2021
Previous percentage gains say a $300,000 bitcoin is possible next year.
A $300,000 bitcoin might sound crazy.
In many ways, it is.
But, plenty of cryptocurrency experts and early adopters have previously predicted price points of $100,000 in the short term and even $1 million within just a matter of years.
$300,000 falls right in that range.
Lark Davis, a Twitter and YouTuber influencer in the crypto space, tweeted about a potential bitcoin rally to over $300,000 by late 2021.
Comparing price action from 2016–2017 to what’s happening now, the charts say that it’s possible if you look at percentage gains.
Bitcoin Is Holding Over $10,000
Bitcoin is holding over $10,000 for FAR beyond the original 63 days and counting that I posted about in September. The world’s largest cryptocurrency continues to look bullish.
Price action on October 20th even took us to the $12,000 mark on some exchanges and bitcoin continues to collect itself in the high $11,000s.
The FOMO is being felt on Twitter and elsewhere online. Will it be able to breakout above the $12,000 mark?
QUICK UPDATE — since writing this story, bitcoin has broken well above $12K levels. Bitcoin reached as high as $16,000 in early November.
Max Keiser took to Twitter to Tweet that the correction from previous all time highs in 2017 is ending. He thinks that bitcoin can quickly jump to new all time highs.
According to Keiser, a break above $13,000 means new all time highs are coming.
We’ve seen other bitcoin personalities like PlanB call for a $100,000 next year. Those predictions fall right in line with Keiser’s line of thinking.
Twitter Aside, Bullish Indicators Remain
Bitcoin remains bullish no matter what social media is saying. You can even forget what’s happening on the exchanges right now too.
Mainstream bitcoin adoption is occurring and that’s probably the most important thing to watch in coming days.
Companies like MicroStrategies are placing serious bets on bitcoin. Square, with bitcoin supporter Jack Dorsey, were quick to follow the MicroStrategies playbook and invest $50 million in bitcoin.
$12,000 Is Another Mental Hurdle
The $12,000 mark is another mental hurdle for bitcoin.
CoinDesk reported on a large number of sell orders set for bitcoin at $12,000. That could easily make the push beyond the mental barrier to stall in the short term. Overall though, bullish sentiment remains.
If bitcoin can regain momentum in the high $11,000s and setup another push to $12,000, traders are likely to start feeling the FOMO.
This, on top of the other bullish sentiments for new all time highs within the year, mean that bitcoin is hands down something to watch right now.
So, is $300,000 possible by the end of 2021?
Don’t rule anything out.
Don’t count on it but never say never when it comes to bitcoin. Its true intrinsic value is becoming more and more apparent in the wake of the global pandemic and its adverse economic effects.
It’s taken unprecedented quantitate easing, but people are now looking around for US dollar alternatives and bitcoin is one of them.
Bitcoin Price Action — Key Takeaways
Keep an eye on bitcoin’s price in the upcoming days and weeks. We’ve already discussed that the US Presidential Election is likely already priced in but remains a cautiously bullish indicator for bitcoin.
Beyond the election though, mainstream adoption is what to lookout for. It feels like MicroStrategies made it okay for other companies to start looking at investing reserve funds in bitcoin.
Chart analysis (take it for what it’s worth) also has people like Lark Davis throwing out possibilities of a $300,000 bitcoin in just over a year. Again I say, never say never when it comes to bitcoin.
Thanks for reading! I am not an investment or financial advisor. This is not financial advice. All opinions expressed are mine alone. If you want more content like this, sign up for my weekly email.
