Intelligence, projects that it's more likely Bitcoin will rise to a value of $100,000 than that it will dip to $20,000, according to a new report released this week.
Bitcoin has dropped in value, with a value of about $37,000 as of June 4. That's down from a peak of more than $63,000 earlier this year. But cryptocurrency investors and analysts believe the decentralized digital currency will rise further in value in the coming months and years. "About $40,000 may be the Bitcoin cap a while within what we see as a resting crypto-asset bull market," McGlone said in the"Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000," McGlone said.
McGlone wrote that"Bitcoin's 2021 foundation is firm." He added that"toward the end of 2020, Bitcoin's history suggested the crypto would move sharply higher in 2021, and we see improving supports for this." In this photo illustration, a visual representation of Bitcoin cryptocurrency is pictured on May 30 in London, England"In 2020, 260-day volatility dropped to its lowest ever vs. most major asset classes, notably the S&P 500. Add last year's supply cut, the migration to institutional portfolios, Ethereum futures and the launch of ETFs in Canada and Europe, and we see greater potential for Bitcoin to head toward $100,000 than sustain below $20,000," the report continued.
Sounds like someone bought high and hopes it goes up to at least double to sell.