A 2000% Increase in Bitcoin Price is “Really, Really Low” Target, says Prominent Analyst
- Bitcoin back to around $10,000, every time it happened since it was hit two months back, altcoins bled even more
- After the shitcoin carnage, alts may be heading into a region of support,” said analyst Willy Woo
- BTC long term price target: Easily 100x
Bitcoin has dropped below $10,000 yet again. The $10,000 level was hit first time since March 2018 two months back on June 21st. During this time, we dropped around this “FOMO” level about four times.
$BTC first hit $10K two months ago on June 21st. Since then, it has traded around this level on multiple occasions.
Every time it has returned to ~$10K, major alts have bled out a little more in the process. pic.twitter.com/b0WATr6KNa
— Ceteris Paribus (@ceterispar1bus) August 21, 2019
The flagship cryptocurrency went down to $9,755 level on Bitstamp today at one point but is back to $9,900 level.
Currently, BTC/USD is trading at $10,050 while managing the daily trading volume of $1.1 billion. Altcoins are currently in the green with Ethereum Classic in the lead by more than 15% gains and Basic Attention Token almost 15%.
BTC dominance, however, is still holding strong at 69.6%.
— Peter Brandt (@PeterLBrandt) August 21, 2019
However, things might be about to change.
After all the “shitcoin carnage,” that has top altcoins like XRP (93%), Bitcoin cash (93%), Stellar (93%), Cardano (96%), Tron (94%), Dash (95%), IOTA (96%), NEO (95%), ZEC (95%), and VeChain (95%) among many others still down more than 90% from their all time high, finally, “alts may be heading into a region of support,” said analyst Willy Woo.
After all the shitcoin carnage, alts may be heading into a region of support. Top line is Alt Cap to BTC Cap Ratio (an alternative view to dominance). Bottom line is the ratio of Alt market volume to BTC volume at the exchanges. pic.twitter.com/CedGUHMhjo
— Willy Woo (@woonomic) August 21, 2019
But it is yet to be known which cryptocurrency will finally make it to new highs this time.
As for Bitcoin, it’s the sky’s the limit. Popular analyst, planB shared yet another interesting chart where he talks about how after each all-time high that Bitcoin hits, its price drops until a lot of miners aren’t profitable anymore.
As miners switch off hardware, the hash rate drops and difficulty adjusts downwards. This is until miners become profitable once again and difficulty rises. As difficulty hits bottom (100%), a new bull market starts.
After each ATH #bitcoin price drops until a lot of miners aren't profitable. Miners switch off hardware (capitulate), hashrate drops, and difficulty adjusts downwards .. until miners become profitable again and difficulty rises. Difficulty bottom (100%) starts a new bull market🚀 pic.twitter.com/IgriE3GkPq
— PlanB (@100trillionUSD) August 21, 2019
On the basis of the lower high trend, a crypto enthusiast found the top out at around 2,000% increase. With BTC price difficulty low at $3,500, he found the price top at about $70,000 around 2020-2023.
However, planB says this 2000% increment in price is “really really low.”
Bitcoin price, he says could very well go up by 10,000%, 100x as an average of the last two ATH. This puts Bitcoin price at $350k. But this isn’t the craziest prediction by planB. He has projected $1 million per BTC as well.