Bitcoin recently hit a new high, and is currently trading sideways in a minor correction.
According to recent comments in reports, Kraken believes that the price of Bitcoin can reach $96,000 by the end of the fourth business quarter of 2021.
It remains to be seen whether or not their forecast will be accurate, but other analysts are bullish as well.
Hedge fund manager Anthony Scaramucci believes both Bitcoin and Ethereum will “vastly” outperform gold, and as inflation hits record levels investors are sure to flock to the best hedge against erosion.
As a friendly reminder, I am invested in Ethereum, and I recently sold what little BTC I held at the recent high of ~$68,000. Always do your own research before making any investment.
Here’s what the firms and analysts are saying:
Kraken predicts $96K BTC price top as analyst says $1T Bitcoin market cap is ‘now cemented’ https://t.co/Tdq7dPcdWs
— CryptoMaker (@CryptoMakerBtc) November 9, 2021
Kraken’s comments were featured on Crypto Potato:
In its “October 2021 Market Recap & Outlook,” the veteran platform – Kraken – explained its bullish prediction with past events. It pointed out that Q4 is usually a highly successful period for bitcoin. As such, if the leading digital asset copies its price rally from 2017, it could hit $96,355 by the end of the current quarter:
“Assuming BTC continues to follow in the footsteps of 4Q 2017, we could expect BTC to rally even higher into month-end. For some context, a +220% return in 4Q 2021 would imply a price of $96,355 for BTC.”
— BitcoinAgile (@bitcoinagile) November 13, 2021
The Fed Said It Was "Transitory." Hedgeye Went Long Inflation In June 2020
Economists, pundits & bureaucrats preached that inflation was transitory. We knew it wasn't. So we went long on June 23, 2020
— Hedgeye (@Hedgeye) November 9, 2021
Daily Hodl had more on Scaramucci’s perspective:
Listen, I’m never gonna sell short gold; it’s got a 5,500-year history of offering a store of value, but like everything in our society, when you get a technical property where there’s a massive improvement, that has a tendency to eclipse things.
We had DVDs, and we moved to Netflix and streaming. The Satoshi Nakamoto white paper basically put us into a new era, and the technical properties associated with Bitcoin are infinitely better than gold: you can move it costlessly, you can store it – virtually costlessly – and it has this ledger that is completely missile-locked. You can’t hack it.
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