Bitcoin isn’t even past $10,000, let alone its previous all-time high of $20,000, but analysts are already speculating as to where the next bull market will take the cryptocurrency.
$50,000-100,000 is a totally rational prediction, one prominent analyst explained. And here’s why.
Bitcoin Will Soon Begin a Rally Towards $100,000
According to Tuur Demeester — founder of Adamant Capital — told cryptocurrency research firm Messari in a recent interview that due to central banks and governments printing trillions of dollars, he thinks $50,000 is an entirely logical price for Bitcoin to rally towards in the coming years:
I think a price target of like $50,000 is not insane at all, especially given just how crazy the money printing is. I would even say between $50,000-$100,000.
He added that right now, there’s an ongoing “land grab” scenario, with institutions are rushing into the cryptocurrency market to be the first to get a stake in the Bitcoin market — something similar to a gold rush.
This increase in demand for Bitcoin, Demeester explained, will only help accelerate the rally to the price points he forecasted.
His Track Record
Although a $50,000 Bitcoin price may seem like a quixotic dream at the moment, Demeester’s track record should not be understated.
He explained in a recent discussion with Kraken’s Dan Held, ShapeShift’s Erik Voorhees, and Litecoin founder Charlie Lee that he first entered the Bitcoin space in 2011. Demeester said he quickly recommended the cryptocurrency, which was then around $5, to followers of the newsletter he was writing at the time.
As we well know, buying Bitcoin at $5 is just about one of the best investments you could have made… ever.
In November 2015, his company published a report titled “How To Position For The Rally In Bitcoin.” The report covered a swath of topics, but its core point was to convince readers of why having some BTC in one’s investment portfolio makes sense. November 2015 marked the start of an over 6,000% rally from $300 to $20,0000.
And early last year, Adamant Capital once again published a report titled “Bitcoin In Heavy Accumulation.” The report postulated that the cryptocurrency would soon enter a bull run, citing on-chain data, historical analysis, volatility trends, and more. Bitcoin rallied 200% in the two months after the report was published.
Others Are Convinced
$100,000, why not $1 million?
Raoul Pal — CEO of Real Vision and a former executive at Goldman Sachs — recently explained that Bitcoin’s technical and fundamental trends in tandem indicate that the asset may rally to $1 million — yes, $1 million — in the coming five years.
The long-time fund manager and macro analyst explained that the “KEY technical break” BTC exhibited when it rallied past the $9,500 range two weeks ago have “dramatically” increased the probability it rallies to “vastly higher prices.”
Pal added that the confluence of the halving and the world’s central banks printing more money than ever before is only confirming this bullish assertion:
This is confirmed by stock to flow models by PlanB and the breakout has happened almost exact at The Halvening. Add to that HUGE the ENTIRE worlds central banks are […] printing money like CRAZY. quantitative easing fiat meets the hardest money that automatically quantitatively tightens.
Pal is so bullish that he opined Bitcoin currently has one of the “best set ups in any asset class I’ve ever witnessed…technical, fundamental, flow of funds, and plumbing.”
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Source: Early Bitcoin Investor Is Convinced Rally to k-0k Is Coming