2019-6-25 12:30 |
Last month, Naeem Aslam made a surprising Bitcoin (BTC) projection. Per previous reports from this outlet, he claimed that the leading cryptocurrency was poised to blast past $10,000, despite the fact that it was then struggling in the $8,000 region. He wrote:
“If you are not ready then get ready, because the Bitcoin price is about the blast past the level of $10K, recovering half of its losses from its all-time high, a real embarrassing moment for those who said that the currency will never recover from its losses.”
After BTC continued to struggle for another week or two, the analyst, who hails from ThinkMarkets, doubled down. Via a Forbes post published some two weeks back, the crypto commentator revealed that June was likely going to be a good month for BTC due to pure historical numbers — not as good as May, but good nonetheless.
Citing data he gathered, Aslam stated that the five-year trailing high percentage number for Bitcoin’s performance in June is 25.98%, which, according to him, directly implies that BTC had the potential to run to $10,712.
After $10,000, What’s Next For Bitcoin?And indeed Bitcoin has run, all the way to $11,300 as of the time of writing this. Due to this accurate call, which can be few and far between in a market as volatile & convoluted as crypto assets, Fox Business beckoned Aslam to make another prediction. In a recent Fox Business segment, the investor proudly stated that as long as one technical signal is maintained, the only direction Bitcoin can take from here is up.
He noted that as long as BTC stays above the 242-day moving average, which is somewhat unorthodox compared to the traditional 50 or 200-day, a correction is unlikely. In fact, he quips that in the long run, Bitcoin is likely to enter the $60,000 to $100,000 range — just around six to ten times higher than current levels.
To embark on this spectacular rally, however, Aslam asserts that Bitcoin will need to decidedly break past $20,000, which will push BTC into a new region of price discovery. And from there, $50,000 and $100,000 remain the only other key resistances on the cryptocurrency market’s attempt to reach the so-called “moon”.
This comes after he remarked $400,000 over the long haul, which would mean Bitcoin would be worth as much as gold (in aggregate) is now, is “not a fool’s paradise”:
$400,000 is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.
Lofty predictions of a six-digit Bitcoin aside, is $50,000, let alone $100,000, even possible? Well, according to one model, it is entirely possible, and in less than 12 months no less. As reported by this outlet, this model in question is the stock-to-flow model. The model, as defined by analyst PlanB, reveals that there is a correlation between a commodity’s inflation and its valuation. As it stands, Bitcoin’s current stock-to-flow ratio (SF) is approximately 25.
With the next halving though, Bitcoin’s SF will begin to approach that of gold. More specifically, BTC’s SF will move from 25 to 50. If this theory holds up and if demand for the cryptocurrency stays the same or increases, BTC should begin to approach the value of gold. And an SF of 50 translates to a commodity with a market capitalization of $1 trillion, which should equate to $55,000 per BTC.
Title Image Courtesy of PixabayThe post Bitcoin (BTC) Can go to $60,000 From Here, Says Analyst That Predicted $10k appeared first on Ethereum World News.
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