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Van de Poppe has strong forecasts for Bitcoin and is also bullish on Polkadot (DOT), which just recorded a new all-time high.
After an explosive year for cryptocurrencies in 2020, prominent crypto analyst Michael van de Poppe has unveiled his 2021 price outlook on Bitcoin. He said that Bitcoin would “probably” hit $200,000 to $300,000 in 2022.
Bitcoin 2021 Price Outlook
Several crypto analysts have unveiled their Bitcoin price outlook for 2021 as the digital asset records continuous gains and new highs.
In 2020, Bitcoin recorded significant gains and reached new all-time highs. The top digital coin rallied till the end of the previous year. On the 25th of December, Bitcoin hit an ATH of $24,600 as the world celebrated Christmas. Since then, BTC has continually increased and has now crossed $30,000 on the 2nd of January for the first time ever. And yesterday it neared $35,000.
At press time, Bitcoin is trading at $31,971.65 (-5.90%).
In a recent video, Van de Poppe revealed his outlook on Bitcoin and other altcoins for 2021. According to a report by The Daily Hodl, he said Bitcoin would continue to pull in gains in the first few months in 2021. Specifically, he said, there would be “a grind” until April or May and then a further extension towards the peak high. He analyzed:
“…In which case, we can derive those Fibonacci levels based from this previous impulse wave, lowest at $9,800, high around $29,000, first target is $41,000, second one $60,000. If we do it from the entire low until now, you can actually start targeting $70,000, which is not healthy in the case that we get this correction, start to grind, have the altseason, and then start to break out again.”
He added that BTC would continue to surge in 2022, reaching his $300,000 price target.
In an interview with Bloomberg Television, Bloomberg analyst Mike McGlone predicted that Bitcoin would hit $170,000 by 2022.
Van de Poppe’s Outlook on Altcoins
Speaking further, Van de Poppe is also bullish on Polkadot (DOT), which just recorded a new all-time high. The trader predicted that DOT would jump to $12. At press time, Polkadot is up 12.63% to $10.27, showing a strong performance.
Despite positive outlooks on BTC and other altcoins, Van de Poppe said Ripple’s XRP would continue to trade below $1 in 2021. Notably, Ripple has been in a legal battle with the US Securities and Exchange Commission (SEC). In the filing involving two top Ripple executives, the SEC stated that the payment protocol secured $1.3 billion through an unregistered, ongoing digital asset securities offering. The executives noted in the filing are Ripple’s CEO Brad Garlinghouse and co-founder Christian Larsen.
Following the SEC suit, Ripple declined significantly as several exchanges moved to delist Ripple’s native token from their platforms. Some of the exchanges include Coinbase, OKCoin, and Crypto.com, and more.
However, XRP is currently up 7.85% to $0.2367.