Bitcoin’s historical maximum price of November 10, 2021, close to $69,000, represents a 137% increase over the price at the beginning of the year. In addition, it is 263% higher than the December 2017 all-time high.
Since the BTC reached the level, its price has been facing difficulties to break the US$58,000 barrier again.
In this regard, with the cryptocurrency price struggling to regain its price, many investors have begun to take profits fueling a prediction that the BTC may have peaked.
Although the short-term scenario indicates a lack of strength in the BTC price, this is not the opinion of Citibank analysts. They highlighted that the BTC has not yet reached its highest value in this bull cycle.
According to analysts, $69,000 will not remain the maximum in this BTC cycle. In private communication to its customers, Citibank estimates that, this month, Bitcoin will reach a price of US$ 318,315. So more than five times its current value.
If this forecast seems unrealistic, it is small compared to the projection of financial analyst Carlos Maslatón. That’s because he believes Bitcoin can end the current cycle at $400,000.
Bitcoin Price
PlanB, an analyst who uses the Stock to Flow model, sees the BTC going from $100,000 by the end of the year.
In the same vein, in early April, analyst Willy Woo predicted that Bitcoin would reach $300,000. According to his calculations, the goal would be met by December 2021 or January 2022.
It is not an easy task to predict where the price of Bitcoin will go. But more and more influencers and personalities are believing in the cryptocurrency’s potential.
More recently, SkyBridge founder and former White House director of communications Anthony Scaramucci recommended that investors buy the cryptocurrency.
According to him, the price of the BTC should reach US$ 500 thousand by 2025. After all, the BTC is very rare and has the potential to rival and even replace gold as a store of value.
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