Bitcoin Bulls Take Out Crystal Ball as Price Barrels Toward USD 40K
All is well in crypto land. The bitcoin price is barreling toward USD 40K once again. Meme coin favorite Dogecoin is trading above the psychologically important USD 0.20 level. Ethereum is comfortably above USD 2K. And several major catalysts are in the pipeline, not the least of which Tesla potentially accepting BTC payments once again and e-commerce giant Amazon eyeing bitcoin for payments. Now that the bulls have wrestled back control, market leaders are getting out their crystal balls.
Bobby Lee, co-founder of China-based cryptocurrency exchange BTCC and CEO of crypto wallet Ballet, is among the biggest bitcoin bulls out there. Lee revealed to Fortune his short-term and long-term bitcoin price predictions. Lee says he feels “confident” the bitcoin price will cross USD 65K and then continue to rally to beyond USD 250K by year-end 2021.
Lee, who is also the brother of Litecoin founder Charlie Lee, doesn’t believe the bulls will stay in control forever. Next year, he is anticipating a “bear market cycle” in which the bitcoin price will see its value slashed by between 50% and 80% from its peak. The bulls will return, however, every several years.
Lee’s medium-term prediction in which he looks out to 2024-2025 is for the bitcoin price to “cross half a million dollars and might even touch USD 1 million.” From there, he has no problem seeing BTC trading above USD 1 million-2 million in the next 10-15 years.
In the short term, it appears to be only a matter of time before the bitcoin price is perched above USD 40K once again. Twitter account Stocktwits comprising investors and traders has polled its followers about whether the bitcoin price will cross USD 40K before the end of today. So far, out of nearly 1,400 votes, 57% of respondents are feeling bullish, while the rest are not banking on it.
Meanwhile, Galaxy Digital’s head of firmwide research, Alex Thorn, warns that “short term traders should remain cautious” until either the bitcoin price is steadily above USD 40K, or the 200-day moving average is reclaimed. Investors who are stacking sats, however, might want to keep doing what they’re doing.
i don’t normally do TA, but it seems clear that shorter term traders should remain cautious until we break and hold $40k or even retake the 200d MA. sat stackers remain unaffected. #bitcoin pic.twitter.com/XblFPpp2F9
— Alex Thorn 🎲 (@intangiblecoins) July 26, 2021
As the bitcoin price goes higher, the leading cryptocurrency is getting more popular with Americans. According to a recent Gallup poll, 6% of Americans own bitcoin compared to 2% three years ago. Bitcoin ownership among Americans under the age of 50 hovers at 13% vs. 3% of Baby Boomers.