On June 25, Bitcoin (BTC) set a new 15-month record high price and it seems that this largest cryptocurrency does not have an intention to stop its growth. At the time of writing its price was up 4.05% to $11,326.06.
For the first time in 17 months, the pair is traded on those levels. Remind you, the same value happened in the first week of March 2018, before a protracted bear market set in, which took Bitcoin to lows of $3130.
The latest surge continues the long-awaited upward trend that started back on April 1. Even though it seemed like an April Fool’s joke, Bitcoin got rid off negative news pretty quickly and completely backpedaled most of its 2018 losses.
ThinkMarkets chief market analyst, Naeem Aslam, says that Bitcoin will hit somewhere between $60,000 and $100,000 during its next bull run. We have some strong points why to believe his predictions because in June 17 he said that BTC would hit $10,000 in “a couple of weeks”.
Next milestone could be $20,000 or even $50,000. Aslam says that getting to $20,000, discussion will move from conservative estimates exceeding the number one cryptocurrency’s all-time high to forecasts of $50,000 – from there, breaking $50,000 will move the price target to $100,000.
Veteran trader Peter Brandt agrees with him saying that Bitcoin is taking “aim” at $100,000 and describing the Bitcoin market as “like no other”.
He tweeted:
Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other. pic.twitter.com/wE4j3riMgI
— Peter Brandt (@PeterLBrandt) June 22, 2019
Changpeng Zhao, the CEO of Binance noted:
“Every crypto project that’s still alive should do an AMA this month, if you haven’t already, yes June. Time to get going.”
He further tweeted:
$BTC alone is $200B market cap now. I remember a few days ago, the entire crypto market cap was like $100B.
Bitcoin is pulling its weight, we need to follow the lead, people! pic.twitter.com/VSRUwUqgjx
— CZ Binance (@cz_binance) June 25, 2019
Technology entrepreneur and blockchain advisor Josh Rager tweeted:
$BTC doesn’t care about altcoin bags
Bitcoin Dominance continues to look bullish and as long as BTC continues to push up, no alt-season at this moment
At 62.4% and pushing – if Bitcoin price increases, expect dominance to go with it pic.twitter.com/KJBrMwSoLJ
— Josh Rager 📈 (@Josh_Rager) June 25, 2019
Asked what would be the target he said:
“Determines on price… when price goes to $13k… it might rip up to up to 64% to 68%.”
Controversial Hodlonaut also had his/hers saying:
New Bitcoin hashrate ATH yesterday.
The network is now secured by more than 57 quintillion sha256 hashes every second. The magnitude of this is hard to grasp.
Never before has wealth been stored with such security. This drives BTC price. Which drives hashrate.
Bitcoin won. 🚀
— hodlonaut🌮⚡🔑 (@hodlonaut) June 25, 2019
However, maybe one of the most realistic predictions come from the founder of Morgan Creek Digital Assets, Anthony Pompliano, who says that he believes that Bitcoin will reach a $100,000 price point before December 31, 2021. He said his current confidence level of this happening is around 70-75%.
He furthermore explains that Bitcoin is a highly volatile asset so it is unlikely that it will go from the current ~$11,000 to $100,000 without experiencing this volatility:
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
