Bitcoin Enthusiasts Make the Case for $7 Trillion Market Cap When Next Crypto Bull Run Begins
Bitcoin had a volatile run last week, but the weekend has remained relatively uneventful, keeping it between $3,800 and $3.900. The bear market has primarily ruled over Bitcoin and all other cryptocurrencies. However, one analyst is taking a look at the ways that the crypto industry has performed in the past around these circumstances, believing that Bitcoin could be seeing highs of $300,000 when the next bull run comes.
At the time of writing, Bitcoin is residing at $3,857.74, down less than 1% in the last 24 hours. Over the weekend, it even passed $4,200 before coming back down to this level. The price swings of Bitcoin were more substantial at the beginning of the bear market but have not been as wide as the winter has gone on.
A trader on Twitter, Scarface, spoke on the potential that Bitcoin has in the event of a bull run, under the hope that history does more of the same.
The status update follows years of statements from the market on Bitcoin’s story, which he calls a “failure.” He brings attention to a post in 2011, where Forbes believed that Bitcoin was over. Another article, this time in 2013 when the value was at $110.68 by Business Insider, said that Bitcoin was over as well. Then, in 2015, Jamie Dimon of JP Morgan said that Bitcoin does not have a chance of survival, which is a stance he has continually held. Even last year, Forbes again suggested that Bitcoin would soon end up at zero.
If history repeats itself, two things are certain:
- Critics will never cease to criticize Bitcoin or believe it is almost over.
- Bitcoin would need to have a substantial increase in funds.
Based on the report from NewsBTC on this topic, it is possible that the price point of $300,000 is nothing more than a dream. However, Mati Greenspan, the senior market analyst of eToro, spoke with Bloomberg, bringing the attention to the growing transactions on the Bitcoin blockchain, along with the total volume found across other crypto exchanges. He added that, despite the bear market, this increase is a good enough reason for celebration.
As the weekend ends, Bitcoin enters the week at a steady pace on CMC amongst the altcoins. Analysts and traders will both likely be watching the market to predict what is to come next, particularly looking for the increased volatility like the week before.