Bitcoin (BTC) Bull Run Is Reportedly Targeting $68,000
Here’s another bullish Bitcoin (BTC) prediction.
Crypto trader Nicholas Merten just said that a historical analysis for BTC’s previous boom and bust cycles shows that a new bull run would bring the price of BTC to $68k.
The man is also running the popular YouTube crypto channel called DataDash, and he said that BTC’s rate of return over time would probably continue to naturally decay, says The Daily Hodl.
BTC can reach $68k
He also made sure to highlight the fact that each bull run will bring about 1/5 return from the previous run.
“Bitcoin’s initial burst from $2 to around $1,000 represented a 51,000% return. The next bull run saw a 9,400% return, as Bitcoin went from around $200 to more than $19,000. By that logic, a new Bitcoin bull run would boost the price of BTC by about 2,300%, to around $68,000,” the online publication notes.
The same magazine says that in the long term, Merten sees that the dramatic plunges in the price of BTC during the bear market will be leveling out.
He said that we have the decaying returns to the upside and we’ll have decaying downside action as well.
He stated that where we have seen an 80% reduction, it will be likely that the bear market drags out longer and only see about a 60% to 70% reduction.
He continued and said that this would change in the future to 40%-50% which is what we see in markets that have matured.
You can find out more on his opinion by watching the video that’s on his YouTube channel above.
BTC could hit $1 million
This prediction which really seems very far-fetched came from PayPal director.
Wences Casares also believes that strong returns from BTC mean that most portfolios should be investing at least 1% in the digital asset
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.