My Bitcoin price prediction for 2021 is over $100k because I believe global money printing and a 2nd lockdown will lead to greater Bitcoin demand and adoption.
Bitcoin rallied as high as $64,000 in April but lost a lot of steam after the Coinbase IPO. However, I believe the changing of the seasons and easing lockdowns also contributed to the Bitcoin price crash.
In April, the weather got warmer in colder climates like America and Europe so people began spending more time outdoors away from the crypto markets.
At the same time, global governments eased lockdowns and brick and mortar businesses like malls saw an explosion in consumer activity.
That’s great for the economy but not so good for Bitcoin. When people are locked indoors, they are forced to increase internet usage and that means more will pour in Bitcoin.
The 2nd Lockdown Will Boost Bitcoin’s Price
The Covid-19 delta variant is more contagious than the original virus and many governments are issuing more lockdowns to stop the spread of this deadly virus.
Once news spread about the delta variant, Bitcoin bounces off its lows of $30k to $40k just in a few days. Many people said the Amazon crypto rumor caused this activity but Amazon went on record and stated no plans to accept Bitcoin and other cryptocurrencies in the future.
However, Bitcoin remained at the $40k level so something else is driving the price gains.
More Money Printing Will Come After Lockdowns
Once people are under forced lockdown, they cannot work or earn income. Governments will issue more stimulus money to take care of families as the delta variant spreads.
Whenever governments print money, that does wonders for Bitcoin because investors run to BTC to protect their purchasing power.
If Bitcoin went from $5,000 to $64,000 during the 1st lockdown then I expect prices to soar well above $100,000 during the 2nd lockdown.
My conservative Bitcoin price prediction is $150,000 at the top and we will ease into the bear market once the 2nd lockdown ends.
In short, I think Bitcoin will reach $100k in 2021 so get ready for a crazy journey.