Bitcoin Could Surge To $400,000 Before It Drops By 85%, Says A Recent Prediction
It’s raining bullish Bitcoin (BTC)-related predictions in the crypto space for a while.
And ever since the bulls came back in the markets this year, back in April, these forecasts seem to become more bullish and bolder.
BTC could surge to $60k-$400k
Here’s another one. The former managing director and head of financial market research at AQR Capital Management said that BTC’s past price movements are showing that the next bull run can bring BTC to $60k-$400k.
In an article for Bloomberg, Aaron Brown address the fact that what’s happening now is pretty similar to what the most important digital asset in the market has been going through in its previous cycles.
“By 2015, [Bitcoin] was down 85% to $175 (although still above the high in 2013). It then skyrocketed, peaking at more than $20,000 by the end of 2017. In 2018, it again lost 85% of its value to $3,200 (but still above the 2015 high). This year, Bitcoin rose to more than $9,000 and now hovers around $8,100,” he said as cited by The Daily Hodl.
He continued and explained that “If the pattern of the last two rallies repeats, Bitcoin could rise to $60,000 to $400,000 before crashing 85% again.”
A new BTC rally will not happen too soon
He also pointed to the fact that there are two essential factors that are suggesting that another massive BTC rally will not take place in the near future.
He explained that BTC’s volatility relative to the S&P 500 is currently at -0.2, which is a historically low level.
This and the changes that are present in the BTC options market have the man thinking that a bit BTC run will not come too soon.
He believes that during this summer, the BTC price movements will be based on fundamental news rather than a parabolic rise that will be fueled by a collective FOMO like other predictions have said.
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.