Analysts expect Bitcoin to reach $32,000 in 2021

In the coming year Bitcoin will rise to $29,569, according to a report by Cindicator, which surveyed more than 156,000 analysts on its platform. Respondents with the most accurate forecasts, the so-called ‘superforecasters’, on average expect the maximum price in 2021 to be $32,056.

According to the report, the price of the first cryptocurrency will already reach $21,000 this year.

According to the analysts, set a record of $19,888 last week, Bitcoin could be surpassed as early as mid-December.

Next year the price will not fall below $15,000, according to the average forecast. The ‘superforecasters’ are less optimistic and expect a drop to $12,000.

‘Hybrid Intelligence’ Cindicator forecasts similar values within a tighter range: the price next year will not exceed $25,222 and will not fall below $16,000. ‘Hybrid Intelligence’ uses machine-learning algorithms to process data from the analytics collective.

At the same time, in 2021 the overall market capitalisation of cryptocurrencies with an 80% probability will surpass the 2018 record of $828 billion, according to the analysts.

Alexander Sasev, head of the analytics department at the company, drew attention to the fact that the forecasts of the ‘superforecasters’ exceed the expectations of analysts on average.

“Perhaps respondents who monitor Bitcoin more closely see significant potential in the fundamental news. The anti-inflationary nature of the cryptocurrency is key, and institutional investor interest is a consequence. They view Bitcoin as a way to preserve capital when the printing presses are turned on,” says Sasev.

In his view, volatility will persist:

“Superforecasters understand that growth is inevitably accompanied by corrections. They probably see that regulatory risks remain relevant for Bitcoin and other cryptocurrencies. In most countries around the world, the regulatory framework for digital currencies remains unclear.”

In the company, ‘superforecasters’ are users whose weekly Bitcoin price forecasts have yielded cumulative returns of 45% to 67% since January 2019.

Report Bitcoin in 2021 by ForkLog on Scribd

Founded in 2015, Cindicator builds tools for analysis and trading across traditional and cryptocurrency markets. The platform hosts more than 156,000 analysts from 135 countries.

In September, Cindicator launched the Stoic app for automated cryptocurrency trading based on a strategy using indicators from collective forecasts and AI. Since March, Stoic has delivered a +318% return and is currently connected to accounts with assets totaling $2 million.

In case you’ve missed, #Cindicator‘s Stoic app hit an all-time high return of +318% since March!
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Find more in the blog post ⤵️https://t.co/m8WxTu3g0A pic.twitter.com/2SwY77e2xb

— Cindicator (@Cindicator) December 4, 2020

As Bloomberg analysts note, the Bitcoin price range could be $10,000-$50,000, and its market capitalization could rise to $1 trillion. Earlier, they allowed for Bitcoin to reach $28,000 this year.

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