There are all kinds of optimistic predictions about the price of BTC these days, regardless of the market volatility.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $46,095.53.
BTC price to rise five times
Analyst Tone Vays said that BTC might only be in the middle of a long bull market cycle that sees its price skyrocketing over 5x from its current trading price.
Vays said that he believes this BTC bull run will last longer than the previous one, which was 28 months long from a technical perspective.
He said that the bull market will definitely last until 2022 but noted that it could extend into 2023.
“I would love to see this bull market go into 2023. I would love to see the bull market top in 2023 at a quarter of a million dollars or a third of a million dollars before falling 80%,” he said.
He continued and pointed out that “And it will be a very interesting bear market because falling 80% (starting in 2023) will create a fall into and through the halving, which is something that has never happened before.”
As the online publication, the Daily Hodl noted, Bitcoin plummeted in price on Tuesday from a high of $52,853.45 to a low of $45,299.59, a more than 14% decrease.
Bitcoin adoption explodes
As you probably know by now, the crypto market was suddenly crashed the other day, just following the news that El Salvador made Bitcoin a legal tender.
While the crypto space was celebrating and no one was expecting it, Bitcoin’s price started to crash, and it obviously dragged the other coins down.
Crypto Twitter started making all kinds of assumptions, and you can see a relevant one below.
So, on the exact day that El Salvador launches Bitcoin as a legal tender against the wishes of the World Bank and IMF , mysteriously every single major exchange goes down at the same time as the price crashes by 20%…
— Ran Neuner (@cryptomanran) September 7, 2021
Stay tuned for more news.