BITCOIN has fended off challenges from some unusual coins in 2021, as it rode out ripples from numerous altcoins, but has come out the tail end of the year in range of a landmark value. Could Bitcoin reach $60,000?
Bitcoin (BTC) has weathered attacks on established cryptocurrencies this year, with several altcoins on the prowl. As they grew exponentially in a matter of months, BTC suffered some significant value troughs. But now it appears ready to rally once again, now destined to meet a landmark target; $60,000 (£43,976.70).
Could BTC reach $60,000?
Bitcoin fell victim to the rampant market instability in 2021, most recently in July, when it fell to $29,837.35 (£21,869.14).
The value – its lowest since December 2020 – came as China and some western nations called for tighter regulation.
Since then, it has gradually rallied to nearly double that at $56,555.08 (£41,451.76).
Investors hope the new positive attention directed towards the coin and favourable market conditions will pave the way to $60,000.
Writing for FXStreet, former Forex trader Filip L suggested BTC is gaining momentum.
He correctly predicted the coin would continue to add buyers this week and add to its bull run.
As the volume increases, he added the repeating pattern would eventually see BTC hit the $60,000 this week.
Bitcoin price: BTC was dominated by crests and troughs this year (Image: COINMARKETCAP)
At this level, he said, the coin would see “quite some profit-taking”.
BTC has crossed the $60,000 mark before, its highest ever when it hit that range on the low end in April.
The 2021 high was $63,503.46 (£46,544.54), but it only held the value for around a week.
But rather than wait for the value to crest and trough, some investors are setting new targets for BTC.
They hope the coin can break records and eventually settle at $100,000 (£73,294.50).
And the stage is setting itself for BTC to make this long-awaited jump.
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, said the US Securities and Exchange Commission (SEC) could soon greenlight a Bitcoin exchange-traded fund (ETF).
ETFs are securities that track coin values but can be bought and sold on an exchange similar to stocks.
Should the SEC bring one of these in, it would drum up attention behind BTC.
Mr McGlone told Stansberry Research there is a “high probability” it would create an ETF.
He said they could follow Canada with a “futures-based bitcoin ETF”, and capitalise on money flowing over the northern border.
He added the pressure is “quite strong and high” for regulators to stop “missing out”.