A Twitter poll created by popular cryptocurrency analyst PlanB shows that 51% of bitcoin investors believe the price of the cryptocurrency will appreciate to over $100,000 before December 2021.
PlanB initially polled his Twitter followers in July, asking what they believe the price of bitcoin will be by the end of next year. The results showed 23% of users believed the price would be $100,00, while 17% pointed to $288,000. Another 17% claimed BTC will be trading at $55,000. 43% said it would be below $55,000.
Earlier this month the analyst asked investors the same question, and the results changed to reflect greater bullish sentiment, as 29% pointed to the $100,000 mark, while 22% pointed to $288,000. Pointing to $55,000 were 18% of respondents.
PlanB is a well-known analyst in the cryptocurrency space for his stock-to-flow (S2F) model, which predicts the price of BTC will be $100,000 by December 2021. He showed he sees the survey’s results as reflecting an increasingly bullish sentiment from investors, as the price of BTC has remained above the $10,000 mark for some time now.
CryptoCompare data shows bitcoin consolidated between the $9,000 and $10,000 marks for two months before breaking out and surpassing the five-figure territory. The cryptocurrency briefly breached $12,000, before moving back down to $11,500 at press time.
Willy Woo, another popular cryptocurrency market analyst, revealed that he believes the bull market started in April 2019, and that it’s reminiscent to the fourth quarter of 2016, with different dynamics influencing the market.
These include institutional activity, the ease of buying cryptoassets, and the rise of Ethereum and its popularity.
Investors are now looking for ways to keep the value of their holdings, as the coronavirus pandemic and the stimulus governments have used to support the economy, including quantitative easing, have seen some fear the value of the USD could soon drop, along with the value of equities.
As CryptoGlobe reported MicroStrategy, a billion-dollar business intelligence firm, has made a $250 million bet on bitcoin. Other investors, including former Goldman Sachs manager Raoul Pal, believe cryptoassets could protect investors when the dollar’s value drops. To Pal, gold would be a good way to protect value, while BTC could see its value appreciate in the future.
Featured image via Pixabay.