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The world’s largest cryptocurrency as well as the cryptocurrency market in general have been performing very well this month. The Bitcoin price has climbed all the way from $5,300 at the beginning of May to around $8,600 at the time of this writing. The bullish market has sparked many price predictions. We gathered the most interesting ones in this article.
Bitcoin set to reclaim its ATH in 2021 (Canaccord Genuity analysts)
Analysts at financial services firm Canaccord Genuity predicted that Bitcoin could set its new all-time high by surpassing the $20,000 mark as soon as early 2021. The prediction is based on the four-year cycle, identified by the firm’s analysts, which the Bitcoin’s price seems to follow. This cycle is thought to be influenced by Bitcoin halvings.
“Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021.”
Bitcoin will reach $30,000 by end of 2019 (Jehan Chu)
Jehan Chu, the managing partner at Kenetic Capital, set an even more optimistic price prediction in a recent interview with Bloomberg. He thinks that companies like Facebook, Fidelity and Rakuten will have a huge impact on the cryptocurrency adoption, which will propel the price past $30,000 by the end of this year. According to Chu, another reason why investors will be turning to Bitcoin is the poor performance of IPOs.
Bitcoin could top out at $78,500 in 2022 (Josh Rager)
Using the information from the previous major market cycles of Bitcoin, Josh Rager, a popular cryptocurrency trader, concluded that the current cycle might end in 2022 with Bitcoin’s value reaching as high as $78,500. “Each market cycle’s return has been 20% or 1/5 of the previous cycle’s return from bottom to new peak high,” Rager identified.
Bitcoin will eventually reach $100,000 (Max Keiser)
Max Keiser, the host of the financial program called Keiser Report, believes that Bitcoin will eventually reach $100,000. He started buying Bitcoin in 2011 when it’s price was only $1, but he claims he did not sell any Bitcoins. His target price is $100,000 or even higher. He believes that Bitcoin is currently transitioning from being a store of value to being a medium of exchange, and it will eventually become a unit of account.
Bitcoin can reach as high as $400,000 and overtake gold (Mark Yusko)
Mark Yusko, the founder of Morgan Creek Capital Management, has always been known for his incredibly bullish stance on Bitcoin, but he recently surprised with another bold prediction. In an interview with Bloxlive.TV, Yusko stated that he believes that Bitcoin could eventually overtake gold in terms of market capitalization and thereby become one of the most important assets acting as a store of value. During the process, Bitcoin would probably cut out a big chunk out of gold’s market share. $400,000 is where the price of Bitcoin would be if it had the same market capitalization as gold has today: $7.4 trillion. Nevertheless, Yusko says this will probably take more than a decade.
Bitcoin is not built to last and will likely go to below $500 (Jason Calacanis)
Nevertheless, not everyone is so optimistic. There are, of course, still many Bitcoin sceptics who believe Bitcoin was not built to last. Jason Calacanis, a prominent Silicon Valley investor who helped companies such as Uber and Robinhood secure multi-billion dollar valuations, predicts that Bitcoin will eventually become obsolete, as another cryptocurrency or another asset will take its place.
“Said another way, bitcoin is likely MySpace, Yahoo or Palm, which all seemed inconceivable at their peaks. It might hit 100k a coin before going to zero — we will see,” he said and added: “It will likely go to 0-$500”.
My position remains the same. #Bitcoin will likely be replaced by a new technology & it’s manipulated
It’s possible it’s built to last, but not probable, so keep your position to an amount you’re willing to loose
For most, that’s 1-5% of net worth
It will likely go to 0-$500. https://t.co/8Bs4PGmiN5
— @jason (@Jason) May 27, 2019
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