Bitcoin (BTC) will cost $100,000 by the end of 2021 - Anthony Pompliano

Bitcoin (BTC) has gained nearly 4% from this time on Wednesday to trade at $11,700 by press time. As the most popular cryptocurrency asset gains ground, recovering from the epic slump to $3,126 in December 2018, experts and cryptocurrency enthusiasts become bolder in their bullish forecasts.

Thus, Anthony Pompliano aka "Pomp," co-founder of crypto asset management firm Morgan Creek Digital Assets, expects that one bitcoin will go for $100,000 by the end of 2021. 

The price will be driven higher by classic market forces of supply and demand that are equally applicable both to traditional and innovative assets, he explained in the interview with BloxLive.tv on July 2. 

Also, he emphasized that the upcoming halving scheduled in May 2020 will serve as a strong bullish factor with the potential to push the price towards a new all-time high. If history any guide, the price will grow steadily ahead of the event. 

"In August of last year, I predicted bitcoin would go down to $3,000 before returning to $10,000. It essentially did that. Now I think it's going to $100,000, but there will be more volatility: there will be parabolic runs like we saw in June and then there will be 20-30% drawdowns from that," he said.

Meanwhile, institutional interest is already strong and growing, making the upside price momentum even more likely. Thus, the head of Morgan Creek believes that Facebook's Libra will support the bull's market. 

"People may not like Zuckerberg, but no one thinks he's dumb. Bitcoin will benefit from Libra being a "gateway drug" for cryptocurrencies," he said.

BTC/USD, 1-week chart