Despite Bitcoin’s mild retreat after hitting a new all-time high this week, VIP respondents to Kraken’s 2H2020 Survey are eyeing an average $36,602 price target for bitcoin (BTC) in the coming year.
The same respondents think ETH would be worth an average price of $1,451 in 2021 and that the current market rally still has the potential to grow rapidly over the next twelve months.
Respondents to the survey as per Kraken Intelligence included the exchange’s most active clients, comprising of investors (35%), traders (36%), institutional investors (17%), and crypto service providers or miners weighing in 4% of the responses.
A significant portion of respondents (70%) believe that the cryptocurrency markets are finally intertwined with traditional financial markets and suggest that this new relationship stemmed from the global economy’s current state.
The price projection for the industry’s two largest assets by market cap (Bitcoin and Ether) going into the new year also revealed that investors are optimistic about the current rally continuing.
Interestingly, the average 2021 price target for bitcoin in the Kraken Intelligence report came in at $36,602, which implies an over 100% return at today’s price of $18,800. The respondents’ median price target is $25,000, and the most commonly submitted target is $20,000.
But there are even more bullish investors with ‘8% of respondents providing a price target greater-than-or-equal-to $100,000, and roughly 20% of respondents reporting a price target greater-than-or-equal-to $50,000.’
As the above box shows, survey participants are also bullish for ETH in 2021, suggesting that the project that recently ushered in a new era of its network will hit a $1,454 next year. Close to 59% of respondents believe that ETH will, at least, hit $800 22% said the altcoin would surpass its previous all-time high of $1,595 set in early-January 2018.
Bitcoin was trading at an $18,771 price at the time of writing, while ETH was just under $590. The assets had a market cap of $348.3 billion and $67.1 billion, respectively.
