Bitcoin (BTC) Will Reportedly Not Hit $1 Million During This Cycle – Realistic Levels To Expect
Despite the massive volatility in the crypto market, there have been a lot of optimistic crypto predictions that have been popping up in the crypto space.
You are probably aware of one of the boldest ones – the prediction that BTC will one day reach $1 million.
Crypto analyst Josh Rager has a lot of predictions that claim that BTC will reach between $100k and $1 million in a new bull cycle.
BTC to hit $75k -$80k
Now, he updated his Twitter followers and said that we should be more realistic at the moment.
“Unpopular Opinion: The next Bitcoin peak high will not be as high as most people think. Lots of analysis out there point from $100k to $300k to $1M. Simple rate of return will show you bottom to peak return reduces by around 20% each cycle. In my opinion, the next high hits $75k to $85k,” he began.
Rager continued and said: “Just a word of caution for some of you who wait until $100k to $1M Bitcoin to take profits. Don’t let greed get the best of you this time. When you see Bitcoin all over media and everyone outside crypto Twitter talking about crypto, it’s likely the top in, whether that’s $50k, $75k, or $100k.”
BTC level to watch is $10,350
If Bitcoin can break $10,350, Rager says that this will mark the beginning of a new long-term rally, according to info cited by the online publication the Daily Hodl.
“Prices to Watch: $9400’s – Held as support for June-Sept range, significant area to break. $10,350s – Point of control, the highest volume traded at this price point from May to December. Breaking $10,350s, In my opinion, I will confirm the next big uptrend with 5-digit BTC for months to come.”
At the moment of writing this article, BTC is trading in the green, and the most important coin in the crypto space is priced at $8,670.95.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
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.