What’s the Bitcoin Moon Target as the Bull Market Goes ‘Warm’ with the New ATH
The bull cycle that started in 2020 has eclipsed the wild rally for 2017, and the March 2020 low of $3,800 has become a blip on the Bitcoin price chart.
The latest bull cycle shows monster candles, five giant ones in a row, which has pushed the price of the leading digital currency to nearly $52,700. A few hundred dollars and Bitcoin would break the $1 trillion market cap mark and join the likes of Alphabet, Amazon, Microsoft, Saudi Aramco, and Apple.
But given that we have a long way to go, with on-chain analyst Willy Woo saying the market is “warm” and “we are in the middle phase of the bull market,” we might end up knocking all of these assets out and capturing the first place as the world's largest asset.
Now that the $50k milestone has hit, adding $20k in less than two months, the $100,000 price target is looking conservative to the market, which is not even 2x from the current levels.
This has venture capitalist Tim Draper reiterating his $250k per BTC call that he made a few years back.
“$250k by end of 2022. Just 5X from here. Looking a lot more likely than when I made the initial prediction three years ago, eh?” tweeted Draper.
While Draper’s call is in the short-term, in the medium term, Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets, sees bitcoin hitting $500,000. While $500k can happen by the end of the decade, Pompliano feels that eventually, $1 million could be achieved.
“I think that bitcoin will eventually rise to become the global reserve currency. I think bitcoin will eventually be much much larger than the gold market cap,” he said during the latest episode of CNBC’s “Beyond the Valley” podcast.
From the March lows of $3,800, Bitcoin price has already rallied nearly 13x.
The factors that can push Bitcoin price into the six-figure category include the relentless money printing by the central banks around the world. From individuals to financial institutions and corporations, they have found Bitcoin to be the best way to protect their purchasing power, which is the reason for the surge in prices, said Pompliano.
“If you think about that internet economy, there is no native currency … (bitcoin) will eventually take that seat at the kingdom of being that global reserve currency of the internet generation,” he said.
JPMorgan strategist Nikolaos Panigirtzoglou who wrote in this week’s report that at current prices, the digital asset is “unsustainable,” sees Bitcoin as a form of digital gold.
This means, to reach the market cap of gold held by the private sector, $2.7 trillion, BTC price would have to hit $146,000.