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Date:
18th Feb 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

Bitcoin Price to Reach $100k in 10 Months, BTCUSD Breaks $52k

On Feb 17, the Bitcoin price rose to a new all-time high of over $52.5k, breaking well above the $50k sell-wall. Analysts pin the surge to the inflow of funds from institutions and the high retail flows. Combined, they point to increasing demand for Bitcoin that can serve as both money and digital gold. Anthony Scaramucci—the former White House Communications Director,saidhe expects the Bitcoin price to reach $100k at the end of the year in an interview with CNN. He points to increasing Bitcoin's utility, deeper liquidity, making it attractive for institutions who are also hedging against inflation risks.


Details:

Scaramucci is in sync with Bitcoin believers and permabulls maintaining lofty price targets for the digital gold. In their view, the coin's fixed supply, its inherent property, and legitimization by institutions directlyboost the BTC/USD price. With BTC valuation more than doubling in less than three months, the entry of Tesla and other public companies listed at U.S. Bourses, there is more tailwind for Bitcoin to possibly reach $100k by the end of the year as per analysts' projections.


Impact on the BTC Price:

Bullish. The Bitcoin price is firmly on an uptrend, printing higher in a parabola. Its scarcity, increasing utility and liquidity, and the possibility of the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin Exchange-Traded Fund (ETF) can lift the coin to six-figures.


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