A panel of cryptocurrency experts has forecasted that Bitcoin is set to overtake the US dollar in dominating global financial markets by 2050, even with the current setbacks the digital token is facing, a Forbes report said.
These experts are predicting the Bitcoin price to soar back to $66,000 by the end of 2021, the report added.
Bitcoin Price Prediction: Bitcoin Seen to Reach $150,000 a Coin in 2025
Thomson Reuters technologist and futurist Joseph Raczynski made this bold prediction, adding that Bitcoin will reach a value of $150,000 when it overtakes the dollar. Raczynski mentioned Bitcoin's "fixed circulation and ease of transfer" as the main factors in moving to a "bankless model inherent in this ecosystem," the Forbes report noted.
As of this writing, Bitcoin rose 2.07 percent to $32,100.73 in the last 24 hours on Sunday, as per Coindesk.
However, the panel of cryptocurrency experts believed that Bitcoin is set to drop further to $25,000, an $8,000 fall from current prices.
While a majority of the panel predict the Bitcoin overtake by 2050, a still large 44 percent of the panelists do not see that happening. Bitcoin, said University of Western Australia associate professor Lee Smales, will "lose out to central bank digital currencies" that will arrive by the end of the decade.
US Federal Reserve chair Jerome Powell said the upcoming digital dollar would challenge the need for Bitcoin, other cryptocurrencies, and stablecoins, which are digital currencies identified as traditional assets. Europe has already advanced initiatives in developing a digital euro in the next few years, and China started trials for the digital yuan.
Bitcoin Price Prediction: More Bullish Forecasts from Crypto Experts
Even with warnings that Bitcoin would slide further in the next few months, the panel predicted that Bitcoin could hit $318,000 by the end of 2025.
Other analysts see Bitcoin to reach $120,000 by end 2025 and $500,000 in 2030.
On Friday, Bitcoin slid to an intraday low of $31,352, but managed to prevent falling below its first major support level of $30,960 in a mostly bearish day for cryptocurrencies, especially for Ethereum, which was down 2.43 percent, Litecoin dropping 2.46 percent, and Ripple's XRP falling 0.59 percent.
The total market cap of cryptocurrencies fell to $1.27 billion from a high of $1.312 billion earlier in the day, Yahoo! Finance reported.
Bitcoin Price Prediction: Further Sell-Off Could Bring Bitcoin Back to Sub-$30,000 levels
On Sunday, Bitcoin seemed to be back on track, rallying to the $32,100 level. The world's largest cryptocurrency could then test resistance at $34,000, with the next resistance level at $34,150, Yahoo! Finance further noted.
If Bitcoin fails to get the needed support to maintain its rally and lead to a sell-off, it could run smack into the sub-$31,000 levels and could even go to the second major support level at $30,030. An unfortunate further sell-off could bring it back to sub-$30,000 levels for the first time since June, Yahoo! Finance said in its report.