There are a lot of optimistic predictions about the price of Bitcoin these days, despite the market’s recent fall. Check out the latest one below.
Bitcoin new price prediction is out
The chief investment officer of crypto asset manager Bitwise Investments is unveiling his massive price target for Bitcoin (BTC) despite the ongoing bear market.
In a new Stansberry Research interview, Bitwise executive Matt Hougan explained the fact that Bitcoin could rally by over 2,273% from its current price of $21,062 as he believes BTC will come close to gold’s market capitalization of more than $11 trillion.
“I think it’s perfectly rational to believe that Bitcoin could trade to half a million dollars over time. The way I picked that number out of the hat is if Bitcoin held as much wealth as is held in gold, it would be about half a million dollars a Bitcoin.”
Hougan also explained that he sees Bitcoin’s market cap ascending to greater heights as BTC outperforms gold as a store-of-value asset.
“If you think out five or ten years, could Bitcoin be as big a store wealth as gold? I think the answer is yes. And that leads to half a million dollars a Bitcoin. Will we get there? I don’t know. But I think that’s certainly within the realm of possibility.”
Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $21,243.
Not too long ago, we revealed that the popular crypto analyst Kevin Svenson said that Bitcoin (BTC) and Ethereum (ETH) are gearing up for the next leg of their respective rallies.
Kevin Svenson said that both Bitcoin and Ethereum are flashing bullish signals on the lower timeframes, and this is one reason for which you should hold on to them.