As a year marked by economic strife comes to a close, Kraken’s VIP clients are confident in Bitcoin’s resilience heading into 2021.
Most institutional traders surveyed by the San Francisco exchange say they’re even more confident of Bitcoin’s potential now than when the pandemic broke out in March, with 65% believing that Bitcoin remains in an uptrend, a 21% increase from the last survey.
When asked about their Bitcoin price targets for 2021, a majority of traders said they remain bullish heading into the new year. The average 2021 price target for Bitcoin came in at $36,602 and the median price target is $25,000.
About 8% of respondents gave a price target of $100,000 or higher while about 20% of respondents reported a price target of $50,000 or higher.
When asked what influenced their bullish outlook for Bitcoin, 23% of the respondents pointed to institutional adoption by MicroStrategy, Square and Paul Tudor Jones.
Analysts at Kraken says Bitcoin remains in a macro uptrend after defying expectations throughout 2020.
“Notwithstanding the uncertainty surrounding US politics, the global pandemic, global monetary and fiscal policies, rich asset valuations, and rising geopolitical issues, crypto assets remain in a macro uptrend after succumbing to a global liquidity crisis and hitting a year-to-date low in March 2020.”
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