There are all kinds of Bitcoin predictions these days, and most of them are pretty optimistic. Fundstrat analyst and exec Tom Lee believes that Bitcoin’s bull run is just the beginning of what we’ll be seeing.
One price catalyst for Bitcoin
During a recent interview with CNBC, the firm’s managing partner and heard of research said that the fact that the dollar keeps weakening would be contributing to the surging of Bitcoin’s price.
“First, Bitcoin’s got to be denominated in something. So if the dollar’s weakening, [and] Bitcoin holds its value, then Bitcoin goes up. But the more important effect is this year we did see a lot of central bank liquidity,” he said.
He continued and pointed out to the fact that “The dollar was really strong, surprisingly, for much of the year, but its weakness now is going to make people think, ‘How do you keep a unit in sound money?’ A lot of people thought gold would be that store, and I think it still has a reasonable basis for someone to be long gold, but I think for younger folks and those who are in the digital generation, Bitcoin is that digital asset that they want to hold as a store of value.”
Lee also predicted that Bitcoin’s 2021 would outperform its bull run in 2020, and this means that we’ll see “something above 300%” on the year.
There are also some correction-related predictions about the price of BTC, and one of them came from the pseudonymous trader known in the industry as Pentoshi predicts BTC is about to tumble to the low $20,000 range.
He also said that the timing of the king coin’s movement is suggesting a reversal is in store for the coin. Check out the tweets he shared.
The time and distance of each $BTC move gets smaller. Less consolidation and less upwards movement.
Markets can be like a pendulum and this will swing the other way.
— Pentoshi (@Pentosh1) December 31, 2020
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $29,773.10.