Bitcoin’s price inches in on all-time high as experts project an 80k year-end valuation
Over the last 12-month window, Bitcoin has accrued gains of 440+%.
- Proshares’ BTC ETF has made an extremely strong market debut, with the offering recording an opening day natural volume of over $1 billion.
- Billionaire investor Carl Icahn believes Bitcoin is a strong hedge against monetary inflation.
- A recent study conducted by Finder revealed that Bitcoin could close out 2021 at a price point of around $80k.
Bitcoin (BTC) made a strong monetary push over the past week. The digital asset scaled as high as $67,118 yesterday. As a result, the flagship crypto’s monthly gains stand at 35%. At press time, BTC is trading for $64,917.
This latest move comes on the heels of ProShares’ Bitcoin Strategy exchange-traded fund (BITO) making its market debut. On the day of its release, BITO recorded a first day “natural volume” of over $1 billion, making it the highest-ever traded volume for an EFT on opening day.
ProShare’s BTC ETF launched on the New York Stock Exchange (NYSE) on October 19 at a start value of $40.88. By the end of the day’s trade cycle, the offering closed out at a value of $41.94 with a total of 24.313 million shares – which works out to over $1 billion.
Billionaire Carl Icahn warned investors worldwide that with a major market crisis looming large on the horizon, it would be smart for future-looking investors to start considering Bitcoin as a bet against inflation. In Icahn’s view, with the US government continuing to dilute the US dollar further, currencies worldwide may become more and more devalued. He added, “The jury is really out on whether Bitcoin has intrinsic value or acts as a store of value. If inflation gets rampant, I guess it does have value.”
Finder survey reveals a solid “price top” for Bitcoin in 2021
In a new study conducted by Finder earlier this week, a 50-person industry panel revealed they believe Bitcoin could close out this year at a price point of around $80,000. The panel included Cypherpunk Holdings COO Daniel Cawrey, Kraken director Jonathon Miller, Arcane research analyst Vetle Lunde and CryptoQuant CEO Ki Young Ju, among a host of other specialists.
Earlier price forecasts released by giants such as Standard Chartered and Bloomberg also suggest that Bitcoin could very well close out 2021 well over the $100k range.
With the market rallying strong on the heels of Bitcoin’s recent ETF announcement, the total capitalization of the industry now stands at an impressive $2.6 trillion – a figure that lay at $1.7 trillion a little over a month ago. Therefore, it will be interesting to see how the coming few months play out for the market as a whole.
Disclosure: The author owns a range of cryptocurrencies at the time of writing