BIT

Will Bitcoins continue its momentum in the New Year?

  • Bitcoins are predicted to touch heights of $30,000 in January 2021
  • When Bitcoins performed exceeding well in Q4, the trend subsequently reversed in Q1

Bitcoins have been going through an extended bull run for quite some time and the million-dollar question seems to be ‘When will this rally take a halt’? The red-hot cryptocurrency continued its extended streak after touching a height of $28,000 towards the end of 2020. The immediate term seems to be bullish but multiple statistics and traders believe Bitcoins will face a breather in the early part of 2021.

In such a scenario, where the world is re-opening its economy and various opportunities are coming back on track, there would be multiple theories and opinions floating around. As per the weekly chart below, Bitcoins are predicted to touch heights of $30,000 in January 2021 and then stabilise or face a gradual decline.

[Source: Bitcoin Prediction]
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One of the primary reasons is that institutional investors have opened their pockets for investments in crypto but the retail investors yet do not have the appetite. This might prevent other avenues such as mutual funds to consider investing in this market and hence the growth might slow down in 2021.

Mark Newton, Founder & President of Newton Advisors stated that in the past when Bitcoins performed exceeding well in Q4, the trend subsequently reversed in Q1 of the following year. This would offer an opportunity for investors to go bearish in crypto and bitcoins particularly. He is also looking to sell of his long positions in Bitcoin, Ethereum, Litecoins and various other digital currencies.

Basis the performance, there would also be talks of whether the market can touch $50,000 or more? However, these are all speculations which will depend on a large number of internal and external factors. Another aspect which will go hand-in-hand with the performance is the Volatility levels. These levels can define how the immediate performance of the entire market can be and is something which cannot be controlled.

If there is a foresight of $50,000 and increasing volatility, then there is a long way to go as the ultimate terminal valuation can be $150,000 – $200,000 before the movement can get exhausted. Thus, stability is expected in the short run with other factors impacting the regular performance of the market.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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