Greg King, CEO of crypto firm Osprey Funds, has revealed he believes the price of bitcoin and ether could both double this year, as BTC’s break to a new all-time high was part of a larger bull run, he says.
According to Business Insider, King believes the recent sell-off in crypto markets, which saw the price of bitcoin drop below the $30,000 after surging earlier this year to new highs, is a “very natural thing and healthy” after such a significant run-up. Per his words, it’s how markets move.
The CEO said he does not have a near-term price prediction for BTC, but said he disagrees with those calling for a dramatic price drop in the near future. Bitcoin has already moved to a new all-time high above $35,000 and is seemingly going to keep moving up, according to CryptoCompare data.
To King, the price of BTC staying above $20,000 for at least a few days meant the upward swing was “part of a larger move higher.” As for Ethereum, he believes the second-largest cryptocurrency by market capitalization could drop to $800-900 before continuing to move up.
Both BTC and ETH, he added, could see their current upward trend be significant. King, whose firm is in the process of developing a bitcoin trust similar to Grayscale’s, was quoted as saying:
[I] would not be surprised if bitcoin and ethereum log triple-digit gains in 2021, as they did in 2020.
This means King believes the price of both bitcoin and ether could double from December 21 levels by the end of this year, which would put BTC at $59,000 and ETH close to $1,500. These price predictions, he said, are based on continued adoption from publicly traded firms and institutional investors.
King also sees the increasing likelihood of inflation growing over fiscal and monetary stimulus efforts to aid the economy as a factor driving crypto prices up. He said:
It seems even more clear that we have an environment of easy money, so the inflationary pressures are increasing, or are at least being sustained
Recently, a team of J.P. Morgan global market strategists led by Nikolaos Panigirtzoglou reportedly wrote in a note to clients that over the long term Bitcoin’s price could get to $146,000 and higher.
Featured image via Unsplash.
