• Binance U.S. CEO Catherine Coley is bullish on the future price of Bitcoin
  • She cited parallel events that happened in 2016 and 2020 that could lead to a 2021 repeat of the bull run in 2017
  • The parabolic bull run in 2017 was preceded by a Bitcoin halving event in 2016

As Bitcoin gets sustained in the $30,000 level, it’s possible for the rally to continue to $50,000 or even $100,000 by the end of 2021, according to Binance U.S. CEO Catherine Coley.

Bitcoin closed Sunday at $33,080 after a strong December rally that reached as high as $34,000, a new all-time high price. Bitcoin is currently up 6.73% in the last seven days and up 297% in the last 365 days. The parabolic rise began as soon as the psychological resistance of $20,000 was breached on Dec. 16.

Coley told KTLA that the surge could be due to more institutional investors coming in to buy Bitcoin even at this level. Last year, several institutions, including MassMutual and Guggenheim Investments, disclosed that they bought Bitcoin.

Guggenheim’s global chief investment officer Scott Minerd had a bigger price projection. “Our fundamental work shows that Bitcoin should be worth around $400,000,” he told Bloomberg TV.

Drawing parallels to the 2017 rally, which really started after the third Bitcoin halving in 2016, an accelerated price rally could happen this year because the fourth Bitcoin halving happened in 2020. The halving refers to a technical event wherein the supply of Bitcoin issued per day gets cut in half roughly every four years.

With that, Coley said while their previous initial target of $50,000 made sense, at this point, the price could go a little higher.

“I think we’re going towards $75,000 to $100,00 for Bitcoin by the end of 2021,” she said.

Coley is not alone in this price prediction. Morgan Creek Capital’s Anthony Pompliano said in a newsletter in 2019 that he wouldn’t be surprised if Bitcoin reaches $100,000 by December 2021. As long as larger institutions like PayPal and Square are buying all the daily new Bitcoin supply, eventually, there won’t be enough for other institutions to buy.

Cryptocurrency hedge fund Pantera Capital said in a report that if PayPal’s buying spree continues, it would be buying more than the new coins being supplied, resulting in a supply and demand imbalance.

“The only way supply and demand equilibrate is at a higher price,” Pantera Capital stated.

The first 50 bitcoins were born on January 3, 2009
The first 50 bitcoins were born on January 3, 2009 AFP / INA FASSBENDER