Bitcoin could hit $112,000 this year, says Standpoint Research

Standpoint Research analyst Ronnie Moas announced a $56,000 to $112,000 price target range for bitcoin in 2021. The analyst sees a “good chance” of bitcoin hitting the top end of the range, saying demand will be significantly higher and the available supply for sale will be significantly lower in 2021. If an exchange traded fund is approved by the SEC, the price of bitcoin could double “overnight,” Moas said in an email. The analyst recommends not selling any bitcoin until after an announcement of an ETF. He believes the market is expecting the approval before year-end.