The $137,000 Bitcoin Call
Although the crypto market has yet to break out to the upside, investors have continued to speculate where Bitcoin (BTC) will peak next. One analyst notes that it will be far above $20,000, which BTC first reached in late-2017. Market psychology specialist Philip Swift recently took to Twitter to explain his call, citing indicators from Willy Woo and the Bitcoin Network Momentum.
Swift notes that as per Top Cap and the momentum indicator, which gauges transactional throughput, BTC is most likely to have a market capitalization of $1.7 trillion to $2.6 trillion by October 2023, meaning a per coin price of around $92,000 to $137,000. He adds that more likely than not, transactional volume on the blockchain has likely reached a low, setting a positive precedent for medium-term price action.
Swift’s analysis elicited a response from Woo, who created the model he used to ‘call a top’. The Australian researcher noted that making such an estimate/forecast “so early in the game” is like trying to catch a pop-fly with your eyes closed. Regardless, Woo noted that this is still fun to do, hence why people make such analysis decisions. Regardless, in the past, the industry commentator has claimed that it is only a matter of time before BTC meanders back to its $20,000 high.
In a number of comments on Twitter, the trader stated that he believes that fundamentals are stronger than ever. The popular analyst even remarked that eventually, Bitcoin will recover, just like the past, touching on the fact that institutions, mainstream media, and representatives of the traditional realm of finance bashing the cryptocurrency “is amazing.”
Not The Craziest Crypto Prediction
Although $137,000 for a single unit of the flagship cryptocurrency is preposterous by current standards, Swift’s prediction is far from the most optimistic. Per previous reports from Ethereum World News, $carface (Scarface), a popular trader on Twitter, first noted that it would be irrational to claim that BTC won’t undergo another parabolic cycle. He added that if the cryptocurrency follows its historical habit of rallying to 5.1 to 16.89 times above its previous peak, Bitcoin could move to $337,000 in the next market cycle. This, of course, is well above Swift’s call, but is still in the sextuple-digit range.
The aforementioned Survivalism has noted that while the last cycle returned 16x, as BTC ran from ~$1,200 to $20,000, the next cycle could post even greater returns. The analyst, attributing to hopeful forecast to adoption and Bitcoin’s resiliency on a global stage, thus concluded that a “pump to ~$750,000” wouldn’t be illogical.
Yet, some have claimed that eventually, the leading digital asset will break out of being sub-$1,000,000, especially as the legacy economy could begin to buckle under heavy debts.
Jesse Lund, the vice president of IBM’s blockchain and digital asset branch, recently took to an interview with Finder.com to explain why $1,000,000 is possible. He explained that while BTC is only likely to end 2019 $5,000, over time, $1,000,000 could be in the cards, especially as institutions and the public siphon capital into this space, creating a positive feedback loop that pushes prices higher with time.
Title Image Courtesy of Descryptive.com Via Unsplash
