According to experts, the Bitcoin price is expected to hit $38,000 in 2021. This is largely attributable to the recent highs seen in the market due to significant corporate investments and anticipation around a potential Bitcoin ETF approval from the SEC.
These factors have caused a significant surge in investor optimism and have driven the price of Bitcoin up from the $10,000 low seen earlier in the year, to its current price of around $33,000.
MicroStrategy Inc.’s recent purchase of an additional $15 million worth of Bitcoin is believed to have added to the bullish sentiment in the market. The company has now allocated around $2.2 billion of its treasury to Bitcoin investments.
Meanwhile, the much talked-about approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) is yet to materialize. While the talks of an ETF approval have caused significant price spikes in the past, the pushback from regulators has prevented a decision from being made.
Given all the positive developments, many experts believe that the $38,000 mark in the short-term is within reach. However, there is still the question of regulatory uncertainty which could cause a retracement in the price.
Overall, Bitcoin’s price could either remain at its current levels or could dip slightly due to short-term price corrections. But, looking at the momentum that BTC has seen recently, odds are in the favor of the bulls as the price could ultimately reach the $38,000 level.
