Despite the massive volatility in the crypto market, there are all kinds of optimistic predictions.
One of them has been made by crypto trader Lark Davis who said that there’s a 2013-style double bubble scenario that could be the technical pattern that sends Bitcoin on a 300% rally.
“I do think that the end of the year is going to see some real fireworks coming in here for the cryptocurrency markets. We’re not going to get a 700% rally for Bitcoin but maybe we get another 100% or 200% or even a 300% rally, and I know there’s still a lot of people who are saying ‘Look Lark, a 300% rally, it’s just not going to happen. Bitcoin’s too big. The market cap is just too damn big. It’s just not realistic to see that playing out.’”
He also made sure to point out the fact that the current market cap of Bitcoin is just a little under a trillion dollars.
“At its all-time high price, we were at $1.2 trillion. A 300% price rally from there would put us up near a $4.5 trillion to $5 trillion market cap.”
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $48,144.81.
Bitcoin is ready to resume its uptrend
Not too long ago, we revealed that Jurrien Timmer, global macro director at financial giant Fidelity, says Bitcoin (BTC) is just about to resume its uptrend.
In a new tweetstorm, he said that BTC is “no longer a sideshow” as the king crypto’s market cap inches closer to previous highs.
He also said that he’s impressed with Bitcoin’s recovery. More than that, he said that he’s seeing signals indicating that the leading crypto asset has already placed a bottom.
He addressed Bitcoin fundamentals and said:
“In fact, Bitcoin’s fundamentals (its network) are steadily improving.
The mass adoption of Bitcoin is also going great, and there are various moves that are taking the crypto market in the best direction. Stay tuned for more news.