TL;DR Breakdown

• BTC to hit 100k by 2021 end
• ETH to outperform BTC

Bloomberg analysts have predicted that the number one cryptocurrency, Bitcoin, aims for $100,000 by the end of the year, and the coin can not shed to less than $20,000.

“Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000,” it summarized.

They describe the recent plunge in Bitcoin price as “discounted and refreshed” in their recent paper and predict that the coin may stay between $30,000 and $40,000 for a while, but its ultimate trajectory by the end of the year is towards $100,000.

BTC has struggled recently as it tries to break $40,000 on several occasions. Bloomberg experts looked into the development in their paper and predicted that the asset would remain between $30,000 and $40,000 in a “nap time” for a while.

They categorically note that the bull run of the coin in 2021 is not yet over.

Early in the year, when many analysts predicted prices for Bitcoin in 2021, many were bullish in their prediction as Bloomberg’s paper aligns with their predictions.

After Bitcoin, Bloomberg gives Ethereum forecast

Despite their research usually focusing on Bitcoin and situations around it, they frequently chip in forecast for Ethereum due to its recent popularity and USD value since the start of the year.

The number two crypto ranks among the best performing coin this year and has turned previous critics like Mark Cuban to enthusiasts. The billionaire recently listed reasons he believes the second-largest digital asset will continue outperforming BTC.

Bloomberg analysts agree with Cuban, noting that at some point, Ethereum will outperform Bitcoin as the number one crypto.

They added that ETH’s trading volume has more than doubled since the start of the year. No. 2 Ethereum is rapidly moving toward No. 1 market-cap status and has been a top driver of the Bloomberg Galaxy Crypto Index in 2021, they wrote.

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Source: https://www.cryptopolitan.com/bitcoin-price-is-discounted-aiming-for-100k/