Analysts remain bullish about Bitcoin (BTC) for the rest of this year. CryptoKaleo, for example, explained that a year ago people were also bearish about the largest cryptocurrency and BTC massively surged after that. At the same time, a panel of crypto experts has also predicted that Bitcoin could eventually overtake the U.S. dollar by 2050. They have also mentioned that BTC could also hit $66,000 by the end of the current year.
Bitcoin Could Continue its Bull Market
The panel of Bitcoin analysts said that Bitcoin could reach new all-time highs surpassing $66,000 per coin at the end of this year. As per the report, some countries are expected to start using Bitcoin as their currency. This is something similar to what El Salvador is doing that made Bitcoin legal tender in the country.
According to Joseph Raczynski, Bitcoin could surge to $150,000 and overtake the dollar in the next decades. This is due to the fixed circulation of Bitcoin and its ease of transfer. Nonetheless, Bitcoin could fall to around $25,000 per coin before starting a new move higher.
“Some countries will leverage Bitcoin as their primary currency of choice, said Raczynski. “With fixed circulation, ease of transfer, it will serve them well to move to a ‘bankless’ model inherent in this ecosystem.”
At the same time, the crypto analyst KaleoCrypto has also shared his views on how Bitcoin could suddenly start moving higher in the near future. He compared the price action of the cryptocurrency today with the price of the digital asset a year ago.
Additionally, he explained that although the price would not perfectly mirror the price behaviour of last year, it could be very similar to it. That means that the cryptocurrency could continue growing as soon as in the coming months.
Just a reminder that one year ago everyone thought BTC looked terrible also. The sane thing to do was to take profit before it crashed back down below $6K even though tech was running wild.
It didn't take long for the narrative to change. pic.twitter.com/snEdvlw80c
— K A L E O (@CryptoKaleo) July 12, 2021
These comments come as Bitcoin continues to be traded close to $32,000 a price level in which Bitcoin has been for several days now. Indeed, the virtual currency has been traded between $30,000 and $35,000 for several weeks.
Despite Bitcoin falling from $64,000 earlier this year, KaleoCrypto considers that history could repeat (although not perfectly) and it could help Bitcoin reach new all-time highs by the end of the current year. This shows that several experts and analysts are bullish about the future of Bitcoin despite short-term bearishness.