Bitcoin (BTC) To Rise Above $100,000 According To The Latest Analysis
Another bullish BTC prediction is here. The founder of Albright Investment Group says that the price of BTC did not reach its full potential yet.
As you know, last week marked a crucial moment in the crypto space for all of us because it seems that we’re out of the long crypto winter for good this time and bulls made their appearance, boosting BTC above $5,000.
The beginning of BTC’s next bull market
In a brand new article at Seeking Alpha, Victor Dergunov called BTC’s recent rally “very likely only the beginning of Bitcoin’s next bull market,” and he also made sure to note that BTC’s market cap pales when compared to other assets.
“Currently, only about 0.56% of potential users have exposure to Bitcoin, which implies nearly 99.5% of the potential market is still untapped,” he said, as reported by The Daily Hodl.
He continued and explained that Bitcoin’s popularity continues to increase, and also more users should continue to join the club.
On the other hand, Bitcoin’s market cap is only $90 billion, and the whole crypto market capo is valued at just $180 billion, “while the world’s fiat money supply is worth around $90.4 trillion.”
He believes that BTC’s pattern of bull cycles turning into bear cycles and the other way around will continue, and it will eventually result in BTC hitting more than $100k.
He said that “If we use the bottom end range of 500% on a peak to peak basis Bitcoin could top out at around $117,000 in its next cycle. Therefore, a possible top out the range in this wave could be between $76,000 and $117,000, and it will likely take several years to unfold.”
He also said that this would probably happen in a few years.
Bitcoin surge triggers
There have been some very interesting assumptions which were made about what contributed to the BTC rally during the past week.
Bitcoinist online publication said that the mounting global debt could be triggering pessimism about stocks while at the same time spiking Bitcoin fever.
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.