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BNB $329.75 (2.44%)
ADA $1.36 (2.49%)
DOGE $0.19 (1.30%)

Bitcoin Price Prediction 2021 — Will Bitcoin (BTC) Hit $118k in 2021?

Bitcoin (BTC) Price Prediction 2021 — Will BTC Hit $118k in 2021
  • Bullish Bitcoin price prediction ranges from $39,516 to $64,826.
  • Bitcoin bearish market price prediction for 2021 is $25,703.

This Bitcoin Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into account upon coming up with our BTC price analysis and prediction.

There are many cryptos that spiked to a new all-time during this 2021 bull run. In contrast, some crypto also faced a downtrend position. As a result, many crypto traders are worried about whether it is time to hold or sell their crypto. This is also the same case that traders are experiencing in BTC.

Nevertheless, the crypto market is consolidating lately, and many cryptocurrencies are losing their previous profits. Will BTC experience the same price volatility? We’ll find out shortly in this BTC price analysis 2021 article. But first, let’s have a look at what BTC is.

What Is Bitcoin?

Bitcoin (BTC) is the first cryptocurrency developed to become a peer-to-peer electronic cash system. It stays as the digital asset with the largest market capitalization in the market despite being the first and the oldest of its kind.

Moreover, it is also known to be the brainchild of the still-unknown individual under the pseudonym Satoshi Nakamoto, Bitcoin, aka the ‘grandfather’ of digital currency, is the first well-known application of the novel blockchain technology.

Bitcoin has a significant impact on the crypto market by influencing altcoins. Even more, it continues to serve as the main ‘anchor’ in the market as BTC proves to be the most liquid crypto having over 5,000 altcoin trading pairs.

Now that we have an idea about BTC, do you think BTC will be profitable crypto in 2021? Join me and let us see the charts in this BTC price prediction.

BTC Current Market Status

As of the time of writing this Bitcoin technical analysis, BTC trades at $39,350.83 with a 24-hour trading volume of $42,634,263,040. The price of BTC has increased by 9% in the last 24 hours.

Furthermore, BTC has a current circulating supply of $18,734,675. Currently, the top crypto asset trading platforms for BTC are BitMEX, Binance Futures, FTX, Deribit, and more.

Now, let’s proceed to the next part of this BTC technical analysis for 2021.

Bitcoin Price Prediction 2021

Recently, BTC held 1st place on CoinGecko. But will the recent upgrades and changes in the blockchain help the digital asset price to reach higher? Let’s proceed to the charts in this BTC price prediction article.

BTC/USDT chart showing Descending Scallop pattern
BTC/USDT chart showing Descending Scallop pattern (Source: TradingView)

Over the last few months, the chart above shows a descending scallop pattern and usually this is succeeded by a downtrend. However, the pattern can also move into an uptrend. More so, this pattern took three months for the formation to take place.

In this scenario of our BTC price prediction 2021, BTC has to break past the Fib retracement level at $64,656. To do this, it has to establish more support at the Fib level at $21,958. If not, bears may gain the upper hand and drag BTC further to their territory.

As shown above, at the beginning of this period, BTC turned from a bullish trend to bearish. This is a result of the many trading volumes in that period. Moreover, in the smaller time frame, BTC showed a Falling Wedge pattern. This pattern is discussed at the end of the article.

The Relative Strength Index (RSI) is at 49, which means that BTC is in neither an overbought nor oversold state. However, traders can trade safely without any fear.

BTC Relative Strength Index
BTC Relative Strength Index (Source: TradingView)

Therefore, crypto traders must trade wisely and must not be disturbed by the crypto market hype. With this in mind, traders must trade carefully to avoid unexpected losses due to the crypto market’s wild swings.

Since the start of 2021, BTC’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by consolidation, fluctuations and corrections right away. Taking this into consideration, BTC has a competitive market this 2021.

Bitcoin Price Prediction Chart Showing Falling Wedge Pattern

As shown below in this BTC price forecast chart, in a smaller time frame, BTC has shown a Falling Wedge Pattern.

BTCUSDT Falling Wedge Pattern
BTC/USDT Falling Wedge Pattern (Source: TradingView)

The smaller time frame in the chart above shows the Falling Wedge pattern, a bullish pattern. Moreover, this could immediately proceed to a price breakout. More so, the falling wedges slopes down and have a bullish bias.

In the short-to-mid term scenario of our BTC price prediction 2021, BTC has to break past the Fib retracement level at $64,826. To do this, it has to establish more support at the Fib level at $25,703. If not, bears may gain the upper hand and drag BTC further to their territory.

Conclusion

BTC seems to have a great future ahead in 2021. With the ongoing developments happening within the BTC ecosystem, as well as in the overall crypto market, we may see BTC reach new heights.

BTCUSDT Price Chart
BTC/USDT Price Chart (Source: TradingView)

Meanwhile, our long-term BTC price prediction 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $64,804 this year. However, that will only take place if it breaks the past number of psychological resistances.

Even more, the bullish BTC price prediction in 2021 is $65k. It may even reach $118k if investors continue to side with BTC this year.

FAQ

How to Buy BTC Tokens?

Users can obtain BTC tokens by purchasing them from cryptocurrency exchanges such as Binance or BitMEX.

Will BTC Surpass its Current ATH?

BTC is the best crypto asset to invest in 2021. Best of all, BTC has a high possibility of surpassing its current ATH at about $64,804 this year.

Can BTC reach $118k soon?

Yes, it’s very much possible that BTC might reach $118k in the near future as per the current bullish trend.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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Crypto trading has enticed Alyssa Wiselin to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.