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Could Bitcoin Reach $300,000 by December 2021?

Could Bitcoin Reach $300,000 by December 2021?

18 Dec 2020

Reading Time: 2 minutes

"To expect the unexpected shows a thoroughly modern intellect." - Oscar Wilde.

Everyone is currently awaiting the start of 2021 and getting away from this terrible year we have just gone through that was filled with lockdowns, job losses and deaths. Currently, Australia is reducing restrictions and even opening up state borders, so 2021 will be a restart where we can live like we should have these past 10 months.

Life is not the only thing that is looking good going into 2021 as cryptocurrency is set to have an incredible year. The Ethereum 2.0 Network is set for launch in December, PayPal will be allowing the world to use their service to buy, store and sell cryptocurrency. Along with Visa releasing their cryptocurrency debit card to the US.

Will Bitcoin price continue to rise?

Right now, Bitcoin is showing no signs of slowing down and is nearing record levels of both price and the amount that is being bought. More people are buying and holding Bitcoin, which will drive the price up going forward.

What could the price reach?

We have covered several price predictions before. Still, we have just heard the most optimistic prediction to date, and it came from a bank analyst.

Thomas Fitzpatrick, a senior analyst at Citibank, reviled in a report that he believed Bitcoin could shoot up to $300,000 USD by December 2021. The report was originally only for the bank institutional clients but was leaked by Twitter user "ClassicMarco"

Thomas Fitzpatrick backed this claim up by bringing up the past 3 bull markets of Bitcoin and how each was longer than the last. He went on to say that the current bull market could last well into 2022. If this is true, then we could see the price go even higher than $300,000. Although Fitzpatrick did clarify these numbers have been massaged and may not reflect what the price will be.

It seems that every week we are reporting on more high up individuals who are giving their two cents about Bitcoin and where it will go. This is entirely different from what we saw in 2017 as almost everyone was calling the spike unsustainable, which was correct. As more people come out in support of Bitcoin and cryptocurrency, the general public will start having more confidence in it.

Should we believe what Fitzpatrick said?

Always take any price predictions with a grain of salt, especially one that predicts a 20x increase over a year-long period. Although Bitcoins price is looking particularly good right now and could surpass its highest within the next month. It may never reach the amount that Fitzpatrick predicted, but the price ceiling of Bitcoin is seemingly limitless. 

The price of Bitcoin and other major cryptocurrencies are all set to increase in 2021, so to keep up to date with them, you can use our crypto tracker on the home page. 

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