Crypto Chart Analyst: Bitcoin’s Value Has Skyrocketed 4 Times Already, Another BTC Rally Seems Inevitable
Bitcoin could eventually reach $336,000 if it keeps the trend that it’s currently following. Bitcoin (BTC) reached $20,000 back in December 2017, but it dropped since that moment more than 80%. This is something that has affected the whole cryptocurrency market in 2018. Indeed, mainstream media and experts say that Bitcoin is already dead and that cryptocurrencies failed.
However, the cryptocurrency analyst @TraderScarface said that Bitcoin could eventually reach between $102,000 and $336,000 in the future. He quoted a phrase from Sir John Templeton that says:
“The four most dangerous words in investing are ‘this time it’s different.’ Follow market trends and history. Don’t speculate that this particular time will be any different.”
He went on saying that each time Bitcoin crashed more than 70%, the following cycle peak has been 5.1 – 16.89 times higher than the previous. Thus, Bitcoin could be traded close to $336,000 during the next bull run.
As mentioned before, there were several individuals claiming that Bitcoin is dead. However, why would Bitcoin stop growing in the future when it already did it several times?
Another expert in virtual currencies, The Crypto Dog, explained that Bitcoin could reach $1,800 and Ethereum (ETH) could fall down to $50. Of course, he is not clear whether the market will see these prices, but this shows that the market could still fall once again before starting to grow.
The Crypto Dog has also mentioned that there are some analysts that think Bitcoin could drop even further and reach $1,200. Nevertheless, he said that he is not sure that Bitcoin could fall that much.
…and of course there is always the ~$1200 crew. Many analysts believe we won't see a bottom until we touch the highs of the 2013 bull market & revisit this patch of price action that really kicked off the parabolic run in 2017.
I'm not so sure that we drop that far. pic.twitter.com/ZVrHAW5Sgd
— The Crypto Dog📈 (@TheCryptoDog) February 5, 2019
Another virtual currency trader in the market, Flib Flib, explained that Bitcoin could continue to gain traction and expand around the world. He said that the most popular digital currency could eventually reach $333,000 in just a few years.
PlanB on Twitter has also given his opinion about Bitcoin and the future of this virtual currency. He pays close attention to stock-to-flow ratio saying that compared it to precious metals, Bitcoin remains undervalued under $10,000. However, once Bitcoin’s blocks reduce their reward for miners, Bitcoin’s stock-to-flow will fall dramatically leaving Bitcoin undervalued.
In May 2020, Bitcoin is going to experience its next halving, reducing the new issuance from 12.5 to 6.25 coins per block. Thus, if there is an increased demand for the digital asset, the price of the most popular digital currency could reach also new highs.
At the time of writing this article, Bitcoin is being traded around $3,800 and it has a market capitalization of $67.89 billion.