This has resulted in the renewal of six-figure price predictions for this market cycle, with some suggesting a top of $300,000 this time around.
At the time of writing, Bitcoin was trading at $37,900 after reaching an intraday high of $40,000 according to Tradingview.com. The asset had started to fall back during the Asian trading session on Friday and had failed to break its previous high of $42,000 but the sentiment is still very bullish.
Total crypto market capitalization has topped a trillion dollars again as some of the altcoins, such as Polkadot, make monumental 24-hour gains.
When Will Bitcoin Top $100K?
Popular traders and analysts are back in the game of predicting prices and they’re largely in agreement that this market cycle will result in six figure Bitcoin prices.
Josh Rager said that he thinks Bitcoin will see a six-figure price by early 2022;
I knew six-figure Bitcoin was eventually coming but thought it would be next cycle high
After the recent price action, hitting $40k this quickly, I have to say that I think Bitcoin sees a six-figure price by early 2022
And that $BTC will continue to catch fire across the globe
— Josh Rager 📈 (@Josh_Rager) January 15, 2021
He added that at this peak, the name of ‘Bitcoin’ will be mentioned on every TV, phone, and tablet around the world.
“This could certainly be the cycle that leads to Bitcoin becoming a household name along with serious adoption from those who once mocked peer-to-peer digital money,”
Fellow trader ‘TraderKoz’, who has 28k followers on twitter added that at a guess he would say that this cycle takes us to $250k to $350k.
“From there, we have 3 years of accumulation in the $60-90k range before Bitcoin takes over the entire financial system. That bull run will take us to over $1,000,000,”
Michael Saylor, who’s institutional investment firm MicroStrategy has been buying up large swathes of Bitcoin, continues to post bullish tweets about the asset to his 330k followers;
#Bitcoin is a feat of monetary engineering, and more closely described by the math, science, & technique of aerospace engineering than the models of financial or software engineering.
— Michael Saylor (@michael_saylor) January 14, 2021
The Institutional Effect
Aggregated derivative exchange data provider Bybit reported that Bitcoin institutional inflows are showing no signs of slowing down, adding that there may be a new round of buying by Grayscale.
Grayscale itself reported an assets under management (AUM) figure of $27.7 billion in its most recent update. The company has also just released its fourth-quarter report revealing that there was record investor demand in the period, with approximately $3.3 billion in inflows.
4Q REPORT: Last year’s investment into the Grayscale family of products surpassed $5.7 billion, more than four times the $1.2 billion cumulative inflow into our products from 2013-2019. Read more. https://t.co/T4sMVQhcDe pic.twitter.com/yuh5qj0GyT
— Grayscale (@Grayscale) January 15, 2021
The story made such an impact that even Reuters picked it up.