A recent survey showed that 74% of UK Bitcoin investors plan to invest more in BTC in 2021.
A senior analyst at major financial publication Investing.com Jesse Cohen has predicted that the leading digital asset Bitcoin will “likely” reach $60,000 in Q1 2021. Specifically, Cohen said Bitcoin would reach the target price in the first half of the year. However, the analyst noted that he is “expecting a retracement” after the surge.
Bitcoin in Q1 2021
Cohen’s $60,000 prediction on Bitcoin coincides with a time where several retail traders and institutional investors are purchasing Bitcoin.
According to the analyst, the price of Bitcoin would surge in 2021 with the rise in new individual and institutional BTC investors. He also advised existing customers to HODL. Cohen added:
“The recent surge in first-time novice investors – combined with the flush of ultra-cheap money being pumped into the global financial system by the Federal Reserve and other global central banks around – have found their way into many risk-perceived assets, including Bitcoin.”
Cohen’s predictions also came at a time when Investing.com conducted a survey that revealed that UK residents are bullish on the price of Bitcoin in 2021.
In the survey report, Investing.com noted that about 800 UK residents participated. The total respondents included 58% Bitcoin investors, and 42% of them do not invest in BTC.
The report noted that 81% of the total respondents are bullish that Bitcoin will cross over $60,000 in 2021. In addition, 17% of the respondents believe that Bitcoin has already reached its record high for 2021. 30% of respondents who are Bitcoin investors also said that the king coin would exceed $100,000 this year.
UK Bitcoin Investors Plan to Buy More
Furthermore, the survey showed that 74% of UK Bitcoin investors plan to invest more in Bitcoin in 2021. About 47% of UK residents who do not currently have a Bitcoin investment plan to acquire the digital assets this year. 26% of respondents with plans to invest in Bitcoin hope to put in between £1 – £1,000 in 2021. 21% are also planning to invest £1,000 – £10,000 in 2021.
Bitcoin recorded massive increases in 2020. Several factors, including the coronavirus pandemic, fueled the rise in the digital asset. Additionally, Bitcoin began to record constant gains after PayPal Holdings Inc (NASDAQ: PYPL) announcement support for Bitcoin trading on its platform.
Following PayPal’s announcement in October 2020, Bitcoin saw an influx of new investors. The survey by Investing.com revealed that 71% of new BTC investors in 2020 arrived in the last three months of the year. Also, 50% of investors stated that they entered over the last three months.
A majority of the respondents are also concerned that new regulatory restrictions from the government may affect Bitcoin in 2021.
In this vein, Cohen said:
“With Bitcoin moving into the mainstream and capturing greater attention, it will likely draw further scrutiny from regulators in the United States, Europe, and Asia. In particular, I’m concerned with what the Biden administration could mean for cryptos.”
Bitcoin is currently down 1.40% to $37,116.14
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
