A new Twitter poll initiated by cryptocurrency analyst PlanB reveals that majority of market participants believe that Bitcoin (BTC) will breach $20,000 in 2021.
The poll, which surveyed respondents’ thoughts on the projected price of Bitcoin within the next 12 to 18 months, shows that 69.6% think that the cryptocurrency will trade above $20,000 by the end of 2021. Meanwhile, 16.6% say BTC will remain below its all-time high. The remaining 13.8% of the 13,339 individuals who participated in the survey say they do not know the direction of Bitcoin’s price.
Based on the results, PlanB says BTC will either surge to $14,000 in the short-term or his followers will prove to be overly bullish.
70% thinks bitcoin will be >$20K next 12-18 months. This either means that price will shoot to $14K (70% * $20K) soon, or that my followers are a bit more optimistic about BTC price than current buyers and sellers on markets 😎 pic.twitter.com/A2n03rom4L
— PlanB (@100trillionUSD) July 14, 2020
As Bitcoin coils in a symmetrical triangle dating back to late 2017, many crypto analysts believe a big move is on the horizon – but the direction it will take is hotly debated.
According to a pseudonymous analyst known in the industry as Capo, BTC may plummet to as low as $1,000 in the months ahead, while Bloomberg senior commodity analyst Mike McGlone thinks BTC will trade above $20,000 before the end of 2020.
At time of writing, the price of Bitcoin is $9,250.76, according to CoinMarketCap.
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