Bitcoin Sell-Off Defers $100K Price Dreams

Bitcoin (BTC) at $100,000, predicted by many analysts in recent years, is looking more fanciful thanks to the recent sell-off, the largest drop for the oldest cryptocurrency in eight months.

Those bullish price calls for a six-figure BTC price had come from big names including Goldman Sachs, Guggenheim, Pantera and Bloomberg Intelligence.

As late as November, when bitcoin surged to an all-time-high price of $69,000, some traders hoped the $100,000 psychological milestone might be reached in 2021. Now, at the current price of around $36,000, bitcoin would have to nearly triple to hit $100K.

Here’s a list of some of the high-profile bitcoin price calls that, if not negated altogether, are moving further into the realm of fantasy.

Dan Morehead, CEO and co-chief investment officer at Pantera Capital, predicted bitcoin would hit $115,000 in the summer of 2021, according to a CoinDesk story in March.Zach Pandl, Goldman Sachs’ co-head of foreign exchange strategy, predicted bitcoin would increase to just over $100,000 in the next five years, for a compound annualized return of 17%-18%, according to a CoinDesk story earlier this month.Nayib Bukele, El Salvador’s president, who successfully pushed for bitcoin as a national currency, tweeted on Jan. 1 that bitcoin would reach $100,000 in 2022. (Until then, he’s been buying the dip in price.)Samson Mow, chief strategy officer for bitcoin software company Blockstream, told Yahoo Finance in a story published on Jan. 3, “We will see $100,000 within the first half of the year.”Marcus Sotiriou, analyst at U.K.-based digital asset broker GlobalBlock, thought bitcoin would hit $500,000 within five to 10 years, and that it would not surprise him if it hit $100,000 at the end of 2022, according to an Independence story in December.Jurrien Timmer, Fidelity Investments director of global macro, said bitcoin could reach $100,000 as early as 2023, on the CNBC show “Squawk on the Street” in October.Chris Kline, Bitcoin IRA chief operating officer, said one in three Americans think bitcoin’s price would reach $100,000 in 2022, when he appeared on CoinDesk TV on Jan. 5.Adam Back said in an interview with Anthony Pompliano that after analyzing bitcoin options prices, crossing the $100,000 mark was still “quite possible” in a year, Benzinga reported in August.Mike McGlone, senior commodity strategist at Bloomberg Intelligence, tweeted in March that bitcoin could reach $100,000 in September. (That did not happen.)Lennard Neo, a certified financial analyst and head of research at Stack Funds in Singapore, predicted in November 2020 that bitcoin would reach $60,000 to $80,000 by the end of 2021.Tim Draper, the venture capitalist, predicted bitcoin could hit $250,000 by 2022 or the first quarter of 2023, according to a Bloomberg report in May 2020.Scott Minerd, the chief investment officer at Guggenheim Investments, predicted in February that bitcoin could reach $600,000. (In October he said he’s no longer invested in bitcoin, adding that “discipline tells me now I don’t fully understand this.”)

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