Can Bitcoin Hit $100,000 in 2021? Regulators and the Bulls may have to Battle it out!
Bitcoin, BTC to USD, is up a whopping 227% since the start of the year, with less than a week left to 2020.
It could have been even more impressive if Bitcoin had held the $ 24,000 level after hitting an all-time high of $ 24,244 on December 20.
Investors will wonder if Bitcoin can continue its uptrend, which started as low as $ 4,000 in March.
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Through the peak, Bitcoin rose by an even more impressive 506%, in just three quarters.
If we go down the same path, Bitcoin should hit the dizzying highs of $ 143,000 by the end of 2021 before retreating.
For investors who get it right, they can convert a used sedan into a used supercar or a down payment on a palace.
In late December, we saw the US SEC file a lawsuit against Ripple, claiming that Ripple had not registered XRP as collateral.
The damage to Ripple's XRP and the broader crypto market has been great.
Ripple's XRP fell from an all-time high in November of $ 0.78716 to a December low of $ 0.2000. That's an alarming drop of 746% in just one month.
As a result of the SEC move, Bitcoin lost momentum and retreated to $ 21,000 before stabilizing. The broader market also did the opposite, with total market cap for crypto falling from a high of $ 680.60 billion to $ 590.85 billion. It might not compare to the market slump in early 2018, but it was probably still a painful experience for those who stepped in too late.
Back in January 2018, crypto market capitalization had risen to an all-time high of $ 761.74 billion before collapsing to just $ 91.24 billion in December 2018.
Given the market stability this time around, Bitcoin and a number of other key cryptos have held their own.
While the momentum rally in late 2020 took cryptos to record highs, there was no sell-off of the herd mentality. This should comfort existing investors and those on the sidelines.
One has to question the timing of the SEC. Ripple's XRP isn't new to the market. More importantly, cryptos were under scrutiny in late 2017. So why now?
This could have something to do with the approach towards $ 1.00. An impressive run from a March low of $ 0.1165.
For Ripple and XRP owners, however, it wasn't just the 700% rally that raised eyebrows. Ripple's platform is a platform that continues to disrupt traditional remittance platforms.
Even after the so-called "bubble" of 2017, cryptos are still not largely acceptable to the supervisory authorities. It almost seems like the SEC saved the silver bullet for the next rally, which lasted nearly three years.
While regulators continue to exist and regulatory risk remains a major risk to the market, it is not all doom and gloom.
There have been some decent returns for investors who entered the market earlier this year. More importantly, for those who are clinging to, or entering, or even wanting to re-enter the market, another upward trend is plausible.
Adoption and greater adoption should continue to fuel demand for Bitcoin and its morphs.
The bigger question, however, is whether Bitcoin can go up much further.
It may well depend on how the rest of the year and early January develops ...
If Bitcoin can avoid slipping back below $ 20,000, the Bitcoin bulls will raise the bar. We heard talk of $ 1,000,000. Such a bar might be a bit too high.
A dynamic visit at $ 100,000? Never say Never.
This article was originally published on FX Empire
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