Bitcoin price may be crashing currently, but the first-ever cryptocurrency is expected to someday reach prices of $100,000 to as much as $1 million per BTC.

According to one crypto analyst, the first of those two numbers is a very “realistic” scenario that could occur as early as the end of the year in 2021.

At the height of the 2017 crypto bubble, Bitcoin reached an all-time high price of $20,000 per BTC, and nearly overnight became a household name. But after the turn of the year, the entire crypto market had a major crash, eliminating over 99% of the value from some altcoins, and over 80% of Bitcoin’s value.

Related Reading | Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average

But Bitcoin always bounces back, and throughout its history, has repeatedly gone through bubble-like cycles where the asset goes parabolic and reaches extreme values before suffering a major collapse and retracement.

The crypto asset has earned itself a negative reputation for being extremely volatile as a result, but if history continues to repeat itself, another bubble cycle could be coming, and one that’ll take Bitcoin to over $100,000 per BTC. But when?

BITCOIN (BTC/USD)

Most realistic scenario:

1. Bitcoin will never go below 5.8k again
2. Max. Price until end of 2020 = 14k
3. Next ATH will be around 100-110k in Nov/Dec 2021
4. Correction should put us around 30-40k@moonshilla whats up BigBrotha?#bitcoin #btc #btcusd pic.twitter.com/hsZW9SZuQG

— Roger Quantrillo (@rogerquantrillo) October 2, 2019

According to a chart shared by crypto analyst Roger Quintrillo, a “realistic scenario” for Bitcoin would be for the asset to reach between $100,000 and $110,000 by the end of the year in 2021. Much like past tops, the analyst expects Bitcoin’s next parabolic rally to top out in November or December of that year.

Using a curved growth line, the analyst’s chart shows the trajectory of how Bitcoin will reach such prices. The curved channel is traced along previous tops and bottoms, potentially providing the analyst with the next top and bottom of the next bubble cycle. With the top being roughly $100,000 per BTC, the analyst sees the correction following that top to take the price down to roughly $30,000 or $40,000 as the next cycle bottom.

The analyst also shared some additional aspects of what he calls a “realistic scenario” for Bitcoin’s price action over the short-term.

Quantrillo expects Bitcoin price to retrace no deeper than $5,800 during the current correction from the top at $14,000. That $14,000 price level where Bitcoin was rejected from back in June, the analyst says will be the high for the entire 2019.

Related Reading | 50% of Population To Use Bitcoin By 2043 If Crypto Follows Internet Adoption 

With Bitcoin expected to reach prices of $100,000 per BTC within the next two years, the current correction may present the best opportunity for investors to buy Bitcoin ahead of the next parabolic rally. If prices reach Quantrillo’s bottom target of $5,800, and rose all the way to $100,000, it would represent a return of over 1,600% – or to put it bluntly, buying during this correction could be an opportunity of a lifetime.

The post Crypto Analyst: $100K Bitcoin ATH By EOY 2021 Is A Realistic Scenario appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

173 +