<span style="font-weight: 400">Bitcoin has reached yet another milestone of <a href="https://www.cryptoknowmics.com/news/btc-the-last-historical-high-34000-has-exhausted-buyers/" target="_blank" rel="noopener">$34,000</a> just weeks after breaking multiple records. Bitcoin’s price escalated quickly over the last few months of 2020. Its market cap has nearly doubled itself over the past 3 months and is nearing $600 billion at the time of writing this article. Its price almost advanced 50% in December when it cracked the $20,000 mark for the first time.</span>
<h2><b>Can Bitcoin win the game this time?</b></h2>
<span style="font-weight: 400">Bitcoin lost approximately 25% during March 2020 due to the pandemic outbreak. However, it was only onwards and upwards for Bitcoin after that. <a href="https://twitter.com/GarrickHileman" target="_blank" rel="nofollow noopener">Antoni Trenchev</a>, managing partner and co-founder of Nexo in London, said, “The currency will be on the road to $50,000 probably in the first quarter of 2021.” Moreover, with institutional investors returning to the action, it will probably boost the prices further. </span>

<img class="alignnone wp-image-184583" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2021/01/Screenshot_6-300x249.png" alt="Bitcoin to $50,000" width="443" height="368" />
<h2><b>Investments pouring over Bitcoin</b></h2>
<span style="font-weight: 400">Bitcoin is becoming a big name in major financial institutions like <a href="https://www.cryptoknowmics.com/news/grayscale-bitcoin-trust-gbtc-adds-another-12000-btc/" target="_blank" rel="noopener">Grayscale</a> and <a href="https://www.cryptoknowmics.com/news/paypal-ceo-dan-schulman-appears-bullish-on-bitcoin/" target="_blank" rel="noopener">PayPal</a>. Bitcoin has progressively been “embraced in more global investment portfolios as holders expand beyond tech geeks and speculators,” Bloomberg Intelligence commodity strategist Mike McGlone mentioned last month. Some investment officers even predicted that Bitcoin should eventually climb to about $400,000. </span>

<span style="font-weight: 400">Investment expert, Garrick Hileman, said that Bitcoin can become a trillion-dollar asset as early as next year. He also believes that even though the surge in the price of Bitcoin in 2020 was mostly due to institutional investors, he expects to see continued buy-in more from retail and Wall Street investors coming in. “Some big institutional players like Stanley Druckenmiller, have acknowledged that Bitcoin is becoming a reserve asset and validating the digital gold thesis,” said Hileman. </span>

<span style="font-weight: 400">Despite all the positive notes coming in favor of Bitcoin, it is wise to remain cautious as Bitcoin is still a thinly traded market. There was an 83% rout that came after the big run-up in price in 2017. </span>

Bitcoin to Hit $50,000 in the First Quarter of 2021, Says Antoni Trenchev

Antoni Trenchev, managing partner and co-founder of Nexo, believes Bitcoin will be on road to $50,000 probably in the first quarter of 2021.

Meghna is a graduate of the Indian Institute of Journalism &amp; New Media specializing in  Print Journalism. She is currently working as a content writer for Agio Support Solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.

Bitcoin to Hit $50,000 in the First Quarter of 2021, Says Antoni Trenchev

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