Analyst Calls For Bitcoin To Breach $100,000 Or Even $400,000 In Next Rally
It’s been over 15 months since Bitcoin breached $20,000. And since then, mainstream media, cynics, and representatives of traditional institutions have done their utmost to put down cryptocurrencies.But, industry commentators have kept their heads high, as they await BTC’s next move higher.
Naeem Aslam, a crypto-friendly analyst at Think Markets, recently divulged his thoughts on the current state of the digital asset market. Unsurprisingly, he was rather bullish.
In a March 19th blog post on Think Markets’ website, Aslam noted that while the tussle for BTC holding above $4,000 has often been won by bears, “long-term investors” shouldn’t “worry about these short-term levels.” Echoing comments from Alec Ziupsnys, he explained that “catching the extreme low (bottom)” is “extremely arduous,” Aslam goes on to explain that more likely than not, the so-called “crypto winter” is coming to an end.
He writes that the next bull rally in the cryptocurrency asset class will likely push BTC a minimum of five times higher than its previous all-time high, meaning his low-end target is $100,000. His high-end target, on the other hand, is $400,000, as Aslam explains that this would mean history would have repeated itself (2017’s Bitcoin run was from $1,000 to $20,000 — a 20x return). It was elaborated:
This number is not a fool’s paradise. $400,000 is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.
Not The Only Optimist
While BTC breaching $400,000 is likely hard to imagine for most traders, many analysts expect the cryptocurrency market to embark on another parabolic rally… eventually. In a comment issued last July, The Crypto Dog, a “STEM Ph.D. drop-out” turned crypto trader, explained that Bitcoin still holds the “same economic properties” that allowed it to go to the moon at least four times now.
Thus, he determined, who’s to say that a rally to “astronomical levels” won’t happen again? In a later tweet, he remarked that greed is a “huge potential factor” that could be behind future bull markets, adding that there’s “more than one path to hyperbitcoinization.”
Hyperbitcoinization, for those who missed the memo, is a term often used by Bitcoin crusaders to describe BTC consuming fiat currencies.
Crypto Dog is far from the first to have touted this theory. Crypto personality $carface recently noted that it would be unfair to claim that there’s a high likelihood that Bitcoin cannot undergo a “boom and bust” cycle again. Backing his prediction, he cites a quote from Sir John Templeton, in which the economist said that the four most dangerous words in investing are “this time it’s different.” This reference is, of course, rebutting cynics’ claim that Bitcoin won’t rally to new all-time highs… eventually.
$carface writes that investors should “roll the dice” and buy Bitcoin, as BTC could appreciate to $102,000 to $336,000 if it follows historical trends of rallying 5.1 to 16.89 times higher than its previous peak.
Title Image Courtesy of Tim Mossholder