As Bitcoin embarks on a new rally, several crypto players project the asset will hit new record levels by the end of the year. Data provided by cryptocurrency trading simulator Crypto Parrot notes that 65% of 55 crypto hedge funds predict that Bitcoin will trade between $50,000 and $100,000 by the end of 2021.
The hedge funds that participated in a survey saw 21% put Bitcoin’s end-year price at between $100,000 to $150,000. Despite Bitcoin undergoing a short-term rally, only 1% of the hedge funds predict the asset’s price to trade below $50,000. The survey was conducted in Q1 2021 by Elwood Asset Management, targeting 55 hedge funds representing about 30% of all crypto hedge funds.
Elsewhere, another 63% of the hedge funds believe the cryptocurrency market capitalization to hit a value of between $2 trillion and $5 trillion. About 21% predict the market cap to range between $1 trillion and $2 trillion by the end of the year. Another 11% put the market cap at between $5 trillion to $10 trillion, while 2% project upwards of $10 trillion.