Price predictions for bitcoin are usually met with a lot of skepticism, which is more noticeable when the figures are ridiculous by today’s standards. A million-dollar BTC is not beyond the realms of possibility but it is still a long way off.
Bitcoin Price at $1 Million by 2038?
Looking at historical cycles is a good way to make predictions on future ones. The caveat is that BTC is only a decade old so we don’t really have a great deal of data to go on.
In his latest video, analyst Benjamin Cowen has extrapolated data from the bitcoin logarithmic regression model to attempt a realistic prediction as to when prices will reach seven figures.
A ton of people have been asking me to extend the $BTC logarithmic regression model to estimate when #Bitcoin can reach 1M. Here it is! Check out the video where I discuss this chart!https://t.co/lgCbPGf6Lb pic.twitter.com/ieFfAqbWIY
— intothecryptoverse (@intocryptoverse) December 31, 2019
The first primary assumption is that market cycles are getting longer with the first peak to peak taking 2.5 years and the next took 4 years. There are only two data points though so there is a huge margin for error.
The next bitcoin price peak according to this theory would be around 5.5 years after the December 2017 peak. This would put bitcoin prices at around $100,000 by 2023. This has all been plotted using logarithmic regression under the assumption that there will not be a halving rally this year.
Cowen added that this is purely hypothetical and based upon long term movements ignoring the market pumps and dumps of a couple of thousand.
He then plotted the next potential market cycle which took 7 years to take bitcoin to $500,000 by 2030. The peaks are getting closer to the regression band as market cycles extend. Assuming BTC stays on this course it could realistically arrive at the next peak which is a million dollars by 2038 or 2040.
Four More Halvings
By then it will have gone through four more halvings which will have dramatically decreased the supply, potentially increasing demand through perceived scarcity.
The prices have been derived by adding a number of logarithmic regression lines for potential support and resistance zones as time goes on. Each cycle drops 2.5 log lines during each bear market in this model.
He added that volatility will be reduced over time and the ‘mania phases’ will also decline. The next cycle is expected to produce massive gains over the next 3 years or so but subsequent ones will be a lot slower in terms of potential returns on investment.
“If you’re in the bitcoin market you still have a much greater potential ROI in the next three years,”
So there you have it, another price prediction which puts BTC at a million dollars in the late 2030s, by which time John McAfee will have already had his phallic lunch.
When will bitcoin price peak next? Add your thoughts below.
Images via Shutterstock, Twitter: @intocryptoverse The post appeared first on Bitcoinist.com. origin »
The Bitcoin UTXO count hit an all-time high in 2019, despite the price dropping by a massive 68%. BTC hit its local high in a bear run on June 26, a day when 1 BTC was worth $13,800. However, the BTC The post Bitcoin's UTXO hits new ATH of 64.
The last five years have been a test phase for bitcoin derivatives, which began tentatively when Bitmex eased into life in 2014. Now, as the cryptoconomy prepares to enter a new decade, derivatives products will play a pivotal role in price discovery.
The Tezos price is possibly finishing an A-B-C correction. The price has almost finished the A-wave, which should be followed by a short relief upward move and another longer decrease. The correction began on December 13, when the XTZ price reached a high of 2550 satoshis.
Bitcoin appears to be settling into a tight range and the completion of the most recent relief rally has traders wondering when bulls will regain momentum
This year, the majority of the Bitcoin-related Google search saw a spike during the periods when the digital asset was either surging in value or falling. Search volume for Bitcoin surged during the last week of June when BTC price rose sharply from $9,000 to $13,900.
So apparently, it was Christmas this week… Did anybody get any bitcoin? Bitcoin Price So we didn’t really get much of a Christmas present when it came to bitcoin price this year. A push at the start of the week took us to $7.
The second biggest coin ETH has been in the lows recently, however, analysts believe the price may spike in the near future ? when certain marks on the chart are behind
While ETH is still trading at $127, a crypto trader is convinced that when the next bull run is here, Ether will surge to hit $10,000, will ETH 2.0 help with that?
The Ethereum Classic price has fallen to an all-time low but has shown several strong reversal signs. We believe that a new market cycle will begin in the near future. The Ethereum Classic (ETC) price has been correcting since the beginning of August when it initiated an upward move.
If you’ve been on Crypto Twitter, you’ve likely heard the term “miner capitulation” time and time again in reference to Bitcoin. For those who missed the memo, when BTC started to tank last month, the Bitcoin network’s hash rate began to stall, failing to grow after months of growth in the cryptocurrency mining ecosystem.
In June, when Bitcoin was soaring above $10,000, nearly every trader and their mother expected the cryptocurrency to continue rocketing higher. Though, one analyst incessantly called for rationality to return to the crypto markets, claiming that this surge above $10,000 was a clear overextension of BTC’s long-term growth curve.
You’ve likely heard the term “echo bubble” tossed about in relation to Bitcoin over the past couple of months. For instance, hedge fund manager Mark Dow, an investor that shorted BTC when it traded at $20,000 in December 2017, recently quipped that the leading crypto is in a “textbook echo bubble.
The investor and billionaire Tim Draper explains when the Bitcoin price should finally hit the long-awaited $250,000 level ? thanks to women getting involved
Just when the bears were gearing up for another mauling, bitcoin price bounced off long term support in an epic 14% pump. The move has kept BTC on track to make greater gains next year as long term technical indicators have held strong.
With Bitcoin’s price dropping below $7,000 this week, attention has turned towards Bitcoin miners and their hardware to determine when profitability will be lost. Already, a number of older model miners have lost their profitability, with only a few newer pieces of equipment still in the green.
The Theta price has increased by 42 percent over the past six days. A daily close above 1400 satoshis would likely indicate that we are heading towards the next resistance area at 1800 satoshis. The upward move began on December 14, when the price was trading near 4000 satoshis.
If you’ve been on Crypto Twitter at all during 2019, you’ve likely heard the term “Bitcoin futures gap” mentioned again and again. For some context, a “gap” in a financial market is when an asset doesn’t trade at a certain price, leaving a gap in the order books and charts which is highly irregular.
The Tezos price has increased by 165% since the beginning of November. It is currently trading inside an area of resistance and is likely close to reaching a top. When MATIC, a Binance IEO plummeted by 70% in just a matter of hours earlier this week, many expected Tezos (XTZ) to do the same.
Last week, the one-week Bitcoin chart printed an extremely bullish sign: the golden cross of the 50-week and 100-week simple moving averages, with the former crossing above the latter. (As an aside, a golden cross is when a short-term moving average crosses over a long-term one to imply bulls have control.
Another chart of Bitcoin (BTC) price movements shows that in hindsight, periods of appreciation coincide with active, concerted minting of Tether (USDT). Bitcoin Cycles Coincided with USDT Printer In hindsight, Bitcoin price moves upward coincided with the printing of Tether (USDT).
The current Bitcoin movement has several similarities with the bottom reached in 2018. If the price acts in the same way, it should consolidate until February before breaking out. The Bitcoin price has been increasing since November 25, when it reached a low of $6615.
Bitcoin’s volatility as an investable asset has always been a talking point. It is heralded when the price jumps 40 percent in one day but scorned when it swings into a downward spiral. However, while Bitcoin’s price movements are newsworthy, there are other areas where such downward volatility can also be seen.
Bitcoin price predictions are all over the map, with some expecting the price to reach zero, while others expect beyond a million dollars per BTC. One cryptocurrency analyst has charted the asset using a logarithmic growth curve, that could provide accurate clues as to when Bitcoin price could reach prices of $100,000 or higher.
There are now less searches for ethereum on Google than during some weeks of 2016 when its price was just $20 at the then peak. According to Google Trends, ethereum...
The post Ethereum Google Searches Now Lower Than Even in 2016 appeared first on Trustnodes.
Bitcoin's price collapse creates opportunity to buy more BTC, but how much?
When AngeloBTC, BitMEX's ex-top trader tweeted that Bitcoin would dip into the $6,000 zone on October 15, most of the traThe post How many Bitcoins should you own to stay a millionaire? appeared first on AMBCrypto.
After spending the first half of the year in a powerful, parabolic uptrend, Bitcoin price has been suffering from a downward spiral ever since the summer when the first-ever cryptocurrency topped out at $14,000.
The Bitcoin price has historically accelerated its rate of increase after breaking the previous all-time high. The long-term price movement suggests that a new all-time high will be reached in August 2020.
Крипто-предприниматель Алистер Милн ожидает, что третий по счёту халвинг биткоина, который состоится в мае 2020 года, вопреки сомнениям скептиков не пройдёт незамеченным мимо участников рынка. Please tell me again how ~$45million / week of unsatisfied demand won't move the price when Bitcoin's halving occurs … — Alistair Milne (@alistairmilne) December 3, 2019 Заложенное на уровне […]
A bearish cross on Bitcoin’s monthly moving average convergence/divergence (MACD) indicator could spell challenging times ahead. Such crosses occur when the 26-week moving average (MA) of BTC price goes above the 12-week MA.
Litecoin’s hashrate has fallen by some 70% from 520 terahashes in July to now just 150 terahashes. The currency saw a halvening during summer when its price reached around $150....
The post Litecoin’s Hashrate Plunges appeared first on Trustnodes.
According to a cryptocurrency market analyst, the current Bitcoin price trend looks similar to when BTC crashed by more than 50 percent in November 2018. In a tweet, Bitcoin Jack said: “This is starting too look awkwardly similar to the 6K -> 3K capitulation setup.
When bitcoin starts to turn south and the selloff intensifies, fingers start pointing. The crypto community wants to blame something and the mainstream media wants to sensationalize fearful headlines to get their clicks.
The altcoin market cap has reached a significant support level and has shown some signs of moving upward. However, the lack of a trading pattern does not allow for confirmation of this upward movement.
Earlier today, Bitcoin (BTC) fell to $6,600, a price level that nobody was expecting just a few weeks and months ago when the only topic discussed was the upcoming halving. However, after reaching that value, Bitcoin surged around 10% and remains traded close to $7,150 in some exchanges. This situation experienced by Bitcoin has also […]
It has not been a fun time of late when it comes to the cryptocurrency market. Very discouraging bitcoin price has pushed transactions on the whole. However, it seems that there is about to be a change for good.
XRP's price had been suffering under the bearish realm, however, the coin received another blow on 24 November, when its price slipped under major support. The price of the coin dipped as low as $0.
$30 million worth of USDT has been moved from the Tether Treasury to the Bitfinex trading platform, likely in an attempt to float the Bitcoin price. $30 Million USDT Bitcoin markets have been in disarray, registering four consecutive weeks in the red.
Bitcoin price is getting battered as if there’s no tomorrow. Following a huge red weekly candle closure, the benchmark crypto was crushed through another support zone in a plunge down to $6,600.
When the US Federal Reserve started its program of repo agreements to help out banks in trouble, many foretold the beginning of another financial crisis. As more dollars get printed and injected into financial markets, its depreciation increases and further pressure is put on the global economy.
In June, when Bitcoin was soaring above $10,000, nearly every trader and their mother expected the cryptocurrency to continue rocketing higher. Indeed, at the time, the asset was poised to take on its previous all-time high while emotions were riding high — a perfect combination for the price to go vertical.
Tesla launched its pick-up truck with a bang this week, and then a crash, as its windows were smashed in a demonstration to show that they were unbreakable. Tesla has still received 150,000 pre-orders, despite the gaffe, although the company does not currently accept direct payment in Bitcoin.
Since 2017, the price of XRP has held up well above an important long-term support level at $0. 19. However, earlier this week, the XRP price was at risk of breaking below this key support level for the second time this year.
The Bitcoin price often creates repetitive patterns that can be identified to predict future price movements. One such pattern is created by a long bearish upper wick and a moving average (MA) rejection.
It’s been two days and the bloodbath is continuing. Yesterday, we completely wiped out the gains made by the late October rally of 42% when we dropped to $7,400 level. Today, we took an even bigger hit and went below $7,000 level to the six month low, to $6,785 on Bitstamp. Bitcoin price drops to […]
Today, Bitcoin lost 8. 75% of its value after BTC price flash crashed from $7,800 to $7,400 on Bitstamp. We had already dropped under $8,000 but it has been after a few hours when things escalated and Bitcoin dropped like hard rock, losing $400 in a few minutes.
