Review of the latest Bitcoin price forecasts for 2021: What do the big names think about the market outlook?

At the end of each year, there are always many analysts or industry leaders in the market who make predictions about the price trend of Bitcoin in the coming year. Ruisi Finance has sorted out the predictions of a number of leaders on the price of Bitcoin in 2020 to see which of them are amazing predictions and which ones have been slapped in the face.

Bitcoin price predictions for 2020

Ruisi Finance has counted the difference between the predictions of 28 industry insiders and institutions on the price of Bitcoin in 2020 and the actual price of Bitcoin. For the predictions that give a range instead of a specific price, we uniformly take the end that is closer to the actual price as their predicted value. For those who propose a statement "above" or "below" a specific number, we uniformly take that value as their predicted price.

According to OKEx market data, Bitcoin soared all the way in 2020 and reached its peak on December 31 at the end of the year, reaching US$29,309, approaching US$30,000.

Looking back at these predictions for Bitcoin prices in 2020, most have slight errors, and the closer to the prediction time limit, the more accurate they are.

Among them, the most "god-like" prediction is the view of Sonny Singh, CCO of crypto payment company BitPay. It's not that his price prediction is accurate, but he said in January that "a black swan event will occur in 2020 and push the price of Bitcoin to $20,000."

The more accurate price predictions were made by Beam CEO Alexander Zaidelson, CoinCorner CEO Danny Scott, and crypto analyst Ethereum Jack, with the error basically within 5%.

In January 2020, CoinCorner CEO Danny Scott and Beam CEO Alexander Zaidelson predicted that Bitcoin would reach $28,000 and $30,000 respectively by the end of the year. At the time of their predictions, the price of Bitcoin was in the range of $6,870-9,576.

In February 2020, crypto analyst Ethereum Jack tweeted that for Bitcoin holders, whether long or short, don’t let short-term fluctuations and emotions affect your long-term judgment. In the long run, Bitcoin will still rise, and by December 2020, its price will be between 24,000 and 28,000.

At that time, the price of Bitcoin was still fluctuating between $8,000 and $10,000.

The predictions of former Bitcoin China CEO Bobby Lee and Litecoin CEO Jiang Zhuoer are also relatively accurate.

In April last year, Li Qiyuan predicted that Bitcoin would reach $10,000 after the block reward halving. By December 2020, the price of BTC will reach $25,000.

Jiang Zhuoer said on May 12, the day of the halving, that there will not necessarily be strong selling pressure after the halving. In order to maintain daily operations, pay electricity bills and buy new mining machines, miners will choose to sell their coins, and only 10-20% of the coins will be left. Therefore, after the halving, the number of bitcoins sold by miners is very small, which will not have a big impact on the price of the currency. The halving has changed the supply and demand relationship of Bitcoin, so the price of the currency is optimistic in the future. It is expected that it will rise to US$25,000 in 2020, and the bull market after the halving will last for 3 years.

According to OKEx market data, Bitcoin broke through $10,000 to $10,367 on June 2, nearly a month after the halving, and broke through $25,000 to $25,693 on December 26.

In addition, Mark Yusko, founder of Morgan Creek Capital Management, also made a relatively accurate prediction on the increase of Bitcoin in 2020. In a program interview in February, he said that Bitcoin may double or triple this year due to the increasing adoption of Bitcoin, the upcoming halving and the decline in global interest rates.

From the beginning of last year to the end of the year, Bitcoin's year-to-date increase did reach 300%.

The most famous Bitcoin price prediction for the end of 2020 is undoubtedly John McAfee’s $1 million prediction, who has repeatedly boasted publicly that he would eat his own genitals if he was wrong.

However, he conceded in early 2020, claiming that it was just a gimmick to attract attention. Well, after all, his "prediction" was a bit far-fetched.

With the exception of McAfee, most were actually pretty close, given that it is extremely difficult to predict the price of an asset that is notorious for its wild volatility a year or more in advance.

People who are asked to predict the price of Bitcoin are usually industry insiders, and in most cases, they hope that Bitcoin will rise.

Psychological research shows that people tend to be overly optimistic when making predictions. A 2011 study showed that overoptimism appears to be an integral part of human nature, regardless of gender, race, nationality, or age.

The reason why the price forecast for 2020 is basically accurate is simple. Against the backdrop of favorable factors such as massive money printing by global central banks, depreciation of the US dollar, the impact of the epidemic, and Bitcoin halving, it is not surprising that the price of Bitcoin has risen dramatically.

Bitcoin price outlook

So what about price predictions for 2021? This time, it seems many industry insiders are aiming high again.

Market analyst Artem Shevelev predicts that Bitcoin is expected to break through to $70,000 or higher by mid-2021. Bruce Ng and Juan M. Villaverde, analysts at cryptocurrency rating agency Weiss Ratings, also hold the same view.

Crypto analyst MagicPoopCannon believes that Bitcoin will test the price of $80,000 to $90,000 in mid-2021 .

Dan Morehead, founder and CEO of Pantera Capital, predicted in a letter to investors that Bitcoin would exceed $500,000 in August this year.

As for the price forecast for the end of this year, most people are optimistic about it rising to $80,000-100,000.

Morgan Creek co-founder Jason Williams tweeted that by December 2021, the price of Bitcoin will exceed $80,000.

Morgan Creek founder Anthony Pompliano says Bitcoin will hit $100,000 by 2021.

Cryptocurrency analyst PlanB predicts that Bitcoin will reach $100,000 by 2021, with the next bull run peaking at $288,000.

However, compared to predicting the price at the end of 2021, most people who are optimistic about Bitcoin prefer to predict the price of Bitcoin in the next few years or even decades.

Galaxy Digital CEO Mike Novogratz said Bitcoin will reach $50,000 or more in the next two to three years.

Robert Kiyosaki, author of "Rich Dad, Poor Dad", said that Bitcoin will reach $75,000 in three years.

A research report released by Bloomberg last October stated that the price of Bitcoin is "expected" to reach $100,000 by 2025.

Dan Hold, business development director at Kraken, said that more fiat currencies will flow into the cryptocurrency market rapidly during this bull cycle and push the price of Bitcoin to $100,000.

Bobby Lee, former CEO of Bitcoin China, said in an interview that the price of Bitcoin will exceed $100,000 in the next two years, and will eventually reach $1 million or even higher. This is the biggest investment opportunity in our lifetime.

Crypto analyst Crypto Michaël tweeted that Bitcoin is going through its third price cycle, and each cycle is much longer than the previous one. The current cycle may end in 2025-2026 and will reach a new high of $150,000.

Rekt Capital, a cryptocurrency analyst, said that after the first and second halving events, Bitcoin rose by 13,378% and 12,160%, respectively. If Bitcoin has a similar performance after the third halving, its price may reach $385,000 to $400,000.

Raoul Pal, founder of Real Vision, said in an interview that the price of Bitcoin may reach $1 million in the next five years because it represents the future of the financial system.

Whether the above price predictions are accurate or not, we will find out next year.