Why Industry Experts Think Bitcoin Is Headed For $80,000

Why Industry Experts Think Bitcoin Is Headed For $80,000

With Bitcoin BTC/USD trading close to $64,000 Tuesday afternoon and bullish sentiment growing in intensity by the hour, a panel of experts suggested that is headed for $80,000.

What Happened: According to a recent study, Bitcoin is going to see another bullish charge following today's listing of Bitcoin future-backed exchange-traded funds on the New York Stock Exchange following approval by the U.S. Securities and Exchange Commission.

Fifty industry experts contributed the study and expect Bitcoin to peak just above $80,000 this quarter and end the year at about $71,400. For Bitcoin to hit $80,000 it would need to see its price grow by about 27% from the price it is trading at as of Tuesday afternoon.


Still, these experts are not the only ones to have expressed such views: this past Friday, Bloomberg said Bitcoin was headed for $80,000 to $85,000, while a crypto data expert suggested resistance at $60,000 would have provided the last buying opportunity before the coin would head for new all-time highs.

Galaxy Digital Holdings Ltd OTC: BRPHF) CEO Mike Novogratz also recently said he expects Bitcoin and the crypto market as a whole to pull off another "parabolic move."

BTC Price Action: According to CoinMarketCap data, Bitcoin is trading at $64,000 as of Tuesday evening after seeing its price grow by about 4% over the last 24 hours. 

Posted In: ETFNYSECryptocurrencyNewsSmall CapSECMarketsETFs

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month