Chris Vermeulen – Founder and CEO of Technical Traders LTD – opined that bitcoin’s USD value would increase to $90,000 in about a year. Nonetheless, its price might plunge to $16,000 on its way to the new all-time high record.
How Does The Road to The Top Look Like?
In a recent interview for Kitco, Chris Vermeulen spoke about the future price tag of bitcoin. According to the presented charts and his analysis, the USD value of the primary cryptocurrency would go through major setbacks and would remain highly volatile in the next several months.
Speaking of exact numbers, the top executive predicted that it could plummet to $21,000 and even $16,000. Keeping that in mind, he advised investors not to deal with bitcoin, as of the moment, as its downtrend “could last one year, but it could also last eight years.”
He pointed out that many people are keen on cryptocurrencies. However, as is the case with precious metals, they should not “hold them when it’s not favorable” just because they “love them.”
While bitcoin’s future price seems hard to predict, Vermeulen noted that its recent pullback is one of the “smallest” compared to those throughout the years. However, he believes its price is likely to skyrocket to nearly $90,000 in mid 2022:
“We are looking at pretty much $89,000-$90,000 mark but that might not happen until next year, that’s my game plan.”
Is BTC Still on Its Way to Hit $100K?
While Vermeulen envisions a sharp price sharp ahead of a surge for BTC’s price, others believe that the asset will head north only, especially by the end of this year.
Such is Florian Grummes’ opinion. Last month the financial analyst stated that BTC could retrace to around $35,000 before skyrocketing once again. Landing at $100K would happen not later than the first quarter of 2022, he added:
“Bitcoin turns around at $35,000 and goes back to $60,000 and the bull market continues. I think $100,000 is probably happening within the next six months.”
The British cryptographer Adam Back shared an even more optimistic forecast: he sees the leading digital asset trading at $100K by the end of 2021. According to him, the global acceptance and deployment of bitcoin had reached a high enough level. It is also a better financial instrument than gold, he concluded:
“The comparison I liked was the competitor to physical gold, because, in many ways, bitcoin is a better physical gold.”