The Bitcoin Survey Suggests Big Things
The survey suggests that approximately 51 percent of people believe bitcoin will jump into the $100,000 range by the end of next year. What’s interesting is that this figure has clearly surged since the previous time this survey was conducted. Plan B initially conducted this research in mid-July and asked some of his many followers and fans where they thought the currency would be by the end of 2021.
Roughly 23 percent of participants said that it would be at $100K, while roughly 17 percent felt it would be higher.
The remainder saw bitcoin trading at $55,000 or less, meaning that only 40 percent of the participants felt bitcoin could break the six-figure mark in approximately one-and-a-half years. Now, the same survey was conducted in August, and it appears that those thinking bitcoin could potentially explode in the coming 16 months has shot up by more than ten percent, meaning bitcoin’s reputation is stronger than it’s ever been.
In addition, approximately 22 percent of the participants felt that bitcoin could potentially reach beyond $280,000, up by roughly five percent from the previous survey.
Crypto analyst Willy Woo believes that the present price patterns bitcoin is exhibiting is similar with those it was experiencing during the fourth quarter of the year 2016. This makes sense, in many ways. That was also an election year – a year in which Donald Trump pulled ahead of contender Hilary Clinton for the position of commander-in-chief that November.
Following Trump’s election, bitcoin’s price began to explode. Now that 2020 is nearing its end, we are edging even closer to the next presidential battle between current president Trump and democratic hopeful and former vice-president Joe Biden. Given the political rivalry and tension that’s making its way through economic markets, no doubt bitcoin is likely exhibiting some of the same behaviors.
Granted things continue from here, we’re likely to see 2021 be the year for another massive crypto price explosion. As we all remember, the major moves for bitcoin and many of its high-ranking altcoin cousins (i.e. Ethereum, Ripple, bitcoin cash, etc.) came in 2017, roughly 12 months after Trump had been elected. This was when bitcoin reached its all-time high of nearly $20K, though this time around, analysts aren’t predicting $20K but $100K.
Should We Go Higher?
Some analysts are even taking their predictions and ideas to higher levels, with one – Dan Tapiero – believing that the bull run in question could last a minimum of two-and-a-half years, taking it well beyond the 2021 threshold. In a tweet, he explains:
Should last a few years, as 2.5-year consolidation is a fantastic base for catapult up.