Bitcoin Price’s Story of Failure: Next BTC Value Is $102,000 – $336,000 USD Assuming Same Patterns
In the Land of Crypto, Haters Gonna Hate
The list of Bitcoin haters is not short that involves personalities like Warren Buffett, Jamie Dimon, and many others. The mainstream media has been right behind them, bashing the leading cryptocurrency.
Whether it's Forbes from 2011 not seeing anything for Bitcoin,
“They’re not liquid, nor a store of value & the price collapse shows they’ll not be a great medium of exchange either as who would want to accept them? Bitcoin has nothing going for it.”
Or the death of Bitcoin predicted by Gizmodo Australia,
“So Bitcoin, we’ll remember the good times, like the time that one guy who got heat stroke while mining Bitcoins. Or the time there was the great heist caper that shut down trading site Mt Gox for an entire day. The lulz were abundant. But frankly, it’s time for you to go. Farewell.”
“Bitcoins are a fake currency that is nothing more than a confidence scheme. Their only value is that there are a few layers of gullible people who are willing to accept them as some form of payment. Eventually this confidence game will end. Go out and buy Beanie Babies instead. At least you can take them to bed at night.”
Or, Jamie Dimon’s Bitcoin is a fraud, only to turn around and launch its own stablecoin, the comments have been harsh, not expecting Bitcoin to survive. But it’s been 10 years and guess what, it is still here and growing every single day.
But the thing is Bitcoin has Never Been Bigger, Better, & Stronger
Bitcoin might have crashed 80 percent from its $20,000 peak but the fundamentals have never been stronger. When it comes to institutional money, Bakkt and Fidelity are already laying down their path to launch platforms while one of the largest banks of Switzerland on its consumers’ demand is offering digital asset products. Nasdaq has already launched BTC and ETH indices as well.
This morning our team at Morgan Creek Digital announced a new $40 million crypto venture fund anchored by two public pensions.
The institutions aren’t coming.
They’re already here. 🚀
— Pomp 🌪 (@APompliano) February 12, 2019
The Lightning Network is further making Bitcoin payments more scalable and is fast growing at lightning speed reaching 737 BTC network capacity and 6,932 nodes.
Currently, the Bitcoin price aspects are bleak in the short term with bottom expected at below $3k but as eToro’s senior analysts, Mati Greenspan says, “Even though we’re still officially in a bear market there is plenty of cause for optimism.”
“What I’ve been watching lately are the number of transactions on the Bitcoin blockchain and the total volumes across crypto exchanges, both of which are holding at their highest levels in more than a year.”
Furthermore, Bitcoin halvening coming in 2020, we can expect another bull wave in the coming years that is expected to leave $20,000 peak far behind.
Yes, while those numbers may be staggering and hard to imagine during a prolonged bear market, assuming the same patterns, Bitcoin's price could reach anywhere from $102,000 – $336,000 USD per BTC if we see a 5x-17x returns given the fractal patterns bitcoin has been accustomed to in the past. What do you think, should you roll the dice and buy bitcoin given this chart and prediction?