Within several days of passing the $20,000 milestone, the price of Bitcoin already managed to briefly pass over $24,000 several times. Is $25,000 next? Or is BTC due for a correction?
At press time, it certainly seems as though the latter may be true. Within the last 24 hours, Bitcoin had fallen more than three percent, seemingly on the way down from its latest move over $24,000.
Could the correction move further? It’s certainly possible. After all, with such explosive price growth in BTC, corrections are almost a certainty.
Alex Mashinsky, Chief Executive and Founder of crypto lending company, Celsius, previously told Finance Magnates that “we will see $16k before we see $26k.”
”Bitcoin Is My Safe Word”
However, Bitcoin could still have a ways to go on its upward journey before a meaningful correction takes place, and it could have a lot to do with Tesla Founder, Elon Musk.
“Bitcoin is my safe word,” Musk tweeted on Sunday.
Bitcoin is my safe word
— Elon Musk (@elonmusk) December 20, 2020
Bitcoin Could Be over $200k by 2025, but There Are Some Obstacles on the Way
With or without Elon Musk, though, many believe that Bitcoin is on its way up.
Zac Prince, Chief Executive of crypto lending company, BlockFi, recently told Finance Magnates that he foresees Bitcoin headed somewhere between “$50K and $100K” by the end of 2021. Additionally, he predicted that it will be less than six months before Bitcoin reaches above $25,000.
Still, Prince believes that BTC’s path forward may not be without its obstacles, specifically pointing to the possibility of “overbearing regulation from major world governments” could reverse the course of Bitcoin’s current bull cycle.
And a wave of regulation could be headed straight for BTC and other cryptocurrencies: earlier today, Finance Magnates reported that the US Financial Crimes Enforcement Network (FinCEN) proposed a rule that would require users of centralized cryptocurrency exchanges to provide personal information about the owner of digital wallets connected to their trading accounts.
Moreover, there are other factors to consider, including Bitcoin’s usability. Alex Mashinsky, who believes that BTC will end 2021 somewhere between $30K and $40K, told Finance Magnates that Bitcoin’s growth can only be sustained if it is backed by mass adoption.
“We need mass adoption for sustainable growth in crypto, which means at least 500 million new users who come for store of value and yield,” he told Finance Magnates.
If that can happen, then anything is possible: when asked what BTC’s price outlook for 2025 is, Mashinsky said that while “it is hard to predict,” Bitcoin “should be over $200k by then.”
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