Prominent Trader: Bitcoin Price in USD Could Skyrocket to $80,000 If Crypto Market Cycles Persist
Bitcoin (BTC), the most popular and largest cryptocurrency in the market, could skyrocket in the future and reach $80,000.
After the surprising price increase experienced by Bitcoin in the last few days, experts are starting to think about what would happen if Bitcoin continues this bull trend.
Could Bitcoin Rreach $85,000
In the past, Bitcoin completed three bull and bear cycles in which the digital asset experienced a massive price increase followed by a massive correction of over 80%. The recognized cryptocurrency investor, trader and expert, Josh Rager, explained that Bitcoin had a return in 2011 of 318,864%, 58,474% in 2014, 11,960% in 2017 and the digital currency could have a potential return of 2,392%.
If this prediction takes place as expected, Bitcoin could reach an all-time high of $78,500 in 2022. That would represent a price increase of 881% from the current price levels.
Bitcoin Rate of Return Each Market Cycle
(Each cycle had a 20% return of the previous cycle)
2011: Return of 318,864% = $31.90 High
2014: Return of 58,474% = $1,177.19 High
2017: Return of 11,960% = $19,764.51 High
2022: Potential Return of 2,392% = $78,500.00 Potential High pic.twitter.com/7KP439cpZE
— Josh Rager 📈 (@Josh_Rager) May 14, 2019
Although Rager’s prediction is very bullish for Bitcoin, there are several users that believe and expect Bitcoin is going to be much higher than what Rager proposed. In a recent poll conducted by the crypto trader and investor, 42% of the respondents answered that Bitcoin is going to be traded above $80,000. Meanwhile, 58% voted that Bitcoin will be traded below $80,000.
Another virtual currency expert and trader called Galaxy believes that Bitcoin could reach a much higher price during the next bull run. As he wrote on Twitter, a similar bull run as the one that happened between 2015 and 2017 would drive the price of the most popular digital asset to $330 per coin by the end of 2021.
As soon as May 2020, Bitcoin could be reaching $50,000 according to Plan B, another crypto expert that uses stock-to-flow analysis. An important reason for this price increase is going to be related to Bitcoin’s next halving event that will reduce the new issuance of new coins from 12.5 BTC to 6.25 BTC per block.
With an increased demand for the digital currency and fewer Bitcoins sold by miners, the price is expected to increase as well.
Currently, Bitcoin is being traded above $8,000 and it has a market capitalization of $141 billion.