What Driving Forces Could Cause Bitcoin Price To Reach $50,000 BTC/USD In The Next Few Years?
Could Bitcoin Start Growing And Reach $50,000 In The Next Years?
Peter Brandt, a recognized trader, has recently predicted that Bitcoin could move towards $50,000 in the next years. He wrote on Twitter that if the market bottomed, it could enter a new parabolic phase in the near future. Mr. Brandt was also able to forecast Bitcoin’s 80% drop in 2018. But is it possible for the digital asset to reach that value?
Could Bitcoin Reach $50,000?
During a recent conversation with Yahoo Finance, he mentioned that he believes that charts reflect the underlying supply and demand for fundamentals. He explained that after bottoming out in 2015, Bitcoin prices moved parabolically, and this is something that could happen now once again.
After several months in a bear trend, experts believe Bitcoin could enter a new bull market in the near future. There are also other experts that agree with Mr. Brand and that consider that it is possible to reach $50,000 in the future.
According to Joe DiPasquale, the CEO of the crypto fund of hedge funds BitBull Capital mentioned that technical analysis has a place in all the market, but past performance does not mean that history will repeat itself. However, he said that the rally is getting consolidated and that it is possible for Bitcoin to keep growing in value.
Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet, commented:
“We have to be careful when trying to predict markets. Parabolic movements happen once in a blue moon. We can’t depend on them as they tell us more about the crowd's sentiment than the actual value of the asset.”
In addition to it, he said that market history can prove helpful but the market has matured and participants have already changed. DiPasquale stated that if Bitcoin adoption continues to grow, in the next years, the digital asset could eventually reach $50,000.
The next year, Bitcoin is expected to experience a halving. That means that the new issuance of Bitcoin will be reduced. If the demand remains stable or increases, it is very possible that the price of the digital asset would increase.
At the time of writing, Bitcoin is being traded just under $5,050. It has a market capitalization of $88.96 billion and in the last 24 hours, the virtual currency lost 4% of its value. Bitcoin is still the best performing asset among the top 20 in the last 24 hours.