Investor legend predicts Bitcoin price to range from USD 50,000 to USD 100,000
As some analysts now point out, the price of Bitcoin has become a strong bullish story. According to analysts like IncomeShark, bitcoin prices have formed an upward triangle whose upper and lower boundaries have been repeatedly identified. The cryptographic market appears to be in a more optimistic mood than ever after bitcoin prices rebounded strongly from yesterday’s drop to around $11,100. The rally after a $900 drop of $12,000 shows the strength the bull market has built up over the past few weeks. At its current price (at the time of writing) of $11,515, Bitcoin is well positioned to test the $12,000 mark again and then even higher. Charting analysts now seem to agree that bitcoin is in a very good position to push up to $13,000 because of the current rally. Legendary investor Dan Tapiero has predicted a long-term rise in the price of bitcoin to $50,000 to $100,000.
In particular, this is also true of
Tuesday’s drop in value, when the $11,100 mark confirmed the lower boundary of
the ascending triangle. Therefore, if BTC continues to validate this pattern,
the price could rise significantly in the coming weeks, as the analyst stated:
$BTC still is bullish. Green zone is where
I think we’ll chop before breaking up to $13,000. Some possible wicks above and
below but overall the trend is up and longing dips is still my preferred
The analyst “HornHairs” noted that a
permanent breakthrough above the USD 11,550 mark is significant from a chart
technical point of view. He notes that sustained trading above this level could
open the gates for another breakout over the $12,000 mark:
Took out the highs then took out the lows into demand, all within the range of the candle that started the month with a HTF retest. Above the pivotal zone and swing high at $11550 and we should have another crack at breaking $12k.
Meanwhile, investor legend Dan Tapiero,
co-founder of DTAP Capital, Gold Bullion International and other companies, has
also shared an extremely bullish forecast for Bitcoin via Twitter. Tapiero
wrote that Bitcoin’s logarithmic chart indicates that the price could rise 5 to
10 times, which could ultimately mean a BTC price of $50,000 to $100,000:
Tremendous long term Log Chart of #Bitcoin
projects up 5-10x on this run. Just breaking up NOW. Should last a few years as
2.5yr consolidation is fantastic base for catapult up. Break of old highs will
have explosive follow through. Time to sit and be patient.
I think because we are “valuing” it within
the context of what other asset classes are worth today and vs what it could be
worth (given a set of certain macro fundamentals)in the next 5-10 years. I also
think about how much money it would actually cost to build Btc from scratch.
Author : Jake Simmons