2020-11-26 13:00 |
Bitcoin has exploded nearly 100% higher in the past six weeks, rallying from the $11,000 range to $19,200 as of this article’s writing Speaking to the Canadian news outlet Globe and Mail, the CIO of Off the Chain Capital said that he thinks Bitcoin rally 500% from here. That would mean BTC moves to $100,000 in this market cycle, which is a sentiment shared by many. Bitcoin Could Hit $100,000
Bitcoin has exploded nearly 100% higher in the past six weeks, rallying from the $11,000 range to $19,200 as of this article’s writing. Analysts think that Bitcoin could continue its ascent in the months and years ahead, citing technical and fundamental trends suggesting that strong growth is on the horizon.
Speaking to the Canadian news outlet Globe and Mail, the CIO of Off the Chain Capital said that he thinks Bitcoin rally 500% from here (or to $100,000):
“I have seen BTC go up 10X, 20X, 30X in a year. So going up 5X is not a big deal.”
He said that Bitcoin moving toward the $300,000 region also isn’t out of the realm of possibility in this market cycle.
As to why he thinks this is the case, the investor cited the stock to flow model, popularized by analyst “PlanB”. The model states that Bitcoin’s halvings, which take place every four years, have an extremely positive effect on the price action of the cryptocurrency. The model says that there is a relationship between Bitcoin’s inverse inflation rate (the stock to flow) and the price of the coin.
Bitcoin moving to $300,000 from current levels would be a 1,400% move.
Far From the Only One That Is This BullishHe is far from the only one that expects Bitcoin to see this sort of growth in the years ahead.
An analyst at Citibank, one of the big firms on Wall Street, recently compiled a Bitcoin report released to institutional clients.
In the report, he stated that he would not be surprised to see the leading cryptocurrency explode to $300,000 in the coming cycle, citing a macro pattern that indicates BTC rallies by a certain amount each market cycle.
The analyst also expanded that he thinks the fundamentals of Bitcoin are stronger than ever. He particularly mentioned the fact that there is such a large amount of money being printed each and every year, which lends him to believe that the government may increase taxes or take drastic action to make up the deficit.
Bitcoin, he suggests, is a way out of all that.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100kSimilar to Notcoin - TapSwap on Solana Airdrops In 2024
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