Bitcoin (BTC) continues to smash new targets as we approach closer to 2021! A few hours back, the world’s largest cryptocurrency hit another all-time high moving past $29,000 levels. At press time, Bitcoin is trading at $29,200 levels with a market cap of $542 billion.
With this move, Bitcoin (BTC) has flipped Warren Buffett’s American multinational Berkshire Hathaway, just within a week of flipping payments giant VISA. Back in 2018, the Oracle of Omaha Warren Buffett has once called Bitcoin “rat poison squared”. The legendary investor also said that Bitcoin and other cryptocurrencies will have a bad ending.
As of Wednesday’s closing, Berkshire Hathway (NYSE: BRK.A) stood at $539 billion whereas Bitcoin (BTC) has now marginally moved past it. This is an important milestone for BTC investors considering the cryptocurrency has flipped several banking giants, financial payments companies, and even some of the top investment companies, this year in 2020.
With the current gains, Bitcoin (BTC) has extended its weekly gains to above 25%. Also, BTC’s market dominance has once again moved past 70%. The Bitcoin rally over the last week has been nothing less than phenomenal. More importantly, it’s happening with some major institutional inflows showing no signs of slowing down anytime soon.
With the current BTC price surge, the Grayscale Bitcoin Trust (GBTC) hit a new milestone of over $17 billion in assets under management (AUM). The GBTC AUM has surged by more than $800 million in 24-hours.
Well, just as the BTC price crossed $28,000 levels, analysts had already started predicting that Bitcoin (BTC) could hit $30,000 levels very soon. Probably, as we approaching the last day of 2020, Bitcoin might be ending on a new high. Speaking to Barron’s Fundstrat lead digital strategist David Grider said that the latest BTC price momentum is because of large institutional purchases.
He also added that the latest wave of stimulus checks has also helped to fuel the retail rally. Grider has further raised the BTC price target over the next 12 months to $40,000, from $25,000 previously. He said:
“Conditions are in place for a continued rally in cryptocurrency prices over the course of the next year. We remain bullish and are raising our Bitcoin price target from $25,000 to $40,000, while again noting that we recommend investors seeking to add exposure should favor pull backs given the recent run and corresponding higher valuations.”
However, some of the crypto market analysts have given even higher targets for BTC by the end of 2021. Some even expect it to hit $100,000 levels in the next 12 months.
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