• BTC/USD has been recovering from the recent lows.
  • Anthony Pompliano expects it to hit $100,000 by the end of 2021.

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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD jumps on US-China trade war escalation

Bitcoin (BTC) has built up a strong upside momentum during early Asian hours on Monday. The first digital coin has recovered from $9,900 and hit $10,665 high in a matter of hours amid strong bullish sentiments and growing trading volumes.

More Bitcoin News

Cryptocurrency market update: IOTA and Ethereum Classic fly the bullish flag high

The cryptocurrency market has a blend of both red and green signals. The largest cryptocurrency Bitcoin is back above $10,100 after recovering from Saturday’s dip below $10,000. While trading at $10,160, the bulls have eyes on $10,200 in the short-term.

More Cryptocurrencies News

ETH/USD recovers from Sunday's lows, upside momentum fades away

A move above $195.80 is needed to mitigate the bearish pressure. The significant support is created by a confluence of technical indicators below $186.00.

More Ethereum News

Ripple technical analysis: XRP/USD sustained uptrend hints breakout above $0.3

Ripple price is lethargic under $0.28 short-term hurdle but $0.27 is a credible support area in the short-term. Despite the visible declines in the short timeframe charts, XRP/USD has sustained an uptrend from August lows close to $0.24.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP