Over the past three months, the main cryptocurrency has tripled in price. Experts have named the conditions under which it would grow twice more this year.
On the night of March 18, the Bitcoin price again approached the $60K mark. The first cryptocurrency began to actively grow in price after it had broken the $20K mark in December last year. The value of the cryptocurrency has tripled in three months.
Now many traders and investors expect the growth of the price of the first cryptocurrency to the next important mark of $100K. Twitter users even launched a flash mob, in which they install a photo with “laser eyes” in the avatar and promise not to change it
until Bitcoin would reach $100K.
In the flash mob participate John Lennon’s son Sean, Tesla CEO Elon Musk, Morgan Creek Digital co-founder Anthony Pompliano and others. At the same time, the founder of Heisenberg Capital, Max Kaiser, predicts that the growth of inflation of national currencies
may lead to the exceeding of Bitcoin the $100K mark and reaching the level of $220K already this year.
Many experts agree that the probability that the first cryptocurrency in 2021 would rise in price to $100K is very high. The dynamics of Bitcoin at the moment almost perfectly corresponds to the dynamics of an asset with a deficit value. According to the Stock-to-Flow
valuation model (used to estimate the value of deficit assets), the goal of $100K is achievable this year.
Interest of institutional players
The first reason for the growth of Bitcoin quotes is the high demand for the first cryptocurrency from institutional players, experts of FXOpen note. Their interest is growing against the background of the record value of the flagship cryptocurrency and would
only stimulate its growth in the future.
The policy of the US Federal Reserve and the economic instability that has arisen as a result of the unprecedented emission of new dollars may play a role in the growth of Bitcoin price.
If the Stock-to-Flow scenario would continue to be realized, then the price of $100K per BTC is projected in late summer — early autumn 2021.
Growth after correction
In the coming weeks, a market correction is inevitable, as the market would need a “new impulse”. It may be caused by a high concentration of short positions on large crypto exchanges when the trend would change.
Back in December, it was widely believed that such a scenario was impossible, but we have already seen the rapid growth of 1000% twice in history in 2013 and 2017. Then, by the way, the majority also spoke about the impossibility of a multiple increase in the
price.