Bitcoin (BTC) could move towards $100,000 in the next two years according to the cryptocurrency analyst Harold Christopher Burger. In order to reach this value, the analyst users a power-law model that sees Bitcoin becoming a six-digit digital asset by 2021.
Could Bitcoin Reach $100,000?
In a Medium post released by the analyst, he says that the model allows them to make broad predictions related to the long-term future price of Bitcoin. The first one is that Bitcoin’s price will reach $100,000 per coin no earlier than 2021 and no later than 2028. After 2028, Bitcoin will never drop under $100k.
The second prediction says that the price of Bitcoin will reach $1,000,000 no earlier than 2028 and no later than 2037. After this year, the price will never drop below $1 million.
In addition to it, the author sees Bitcoin being traded between two different bands. One that will be close to the lower price levels of Bitcoin, and another that will be at the higher-end predictions. Furthermore, he says that Bitcoin spends equal amounts of time in both bands, implying that there may be bull and bear markets ahead.
The analyst wrote in this blog post:
“I am quite confident that in the long-term, the price will indeed evolve approximately as stated in this article. In fact, I think it is more likely for these predictions to be too low rather than too high: I believe that bitcoin has more potential upside than downside to large exogenous shocks.”
One of the things he mentioned is that the rate of growth of the price of Bitcoin seems to be slowing. In order to show that, he explains that Bitcoin’s price moved from $0.1 to $1 in just a few months, much faster than subsequent gains of a factor of 10.
The model used by Harold Christopher Burger predicts a continued but slowing growth of Bitcoin. In addition to it, it predicts reduced, but still large volatility in the price of this virtual currency. The author of the article explains that John McAfee’s prediction of $1 million for Bitcoin is too optimistic.
A must read:https://t.co/108EfF28tt
— Nunya Bizniz (@Pladizow) September 4, 2019
At the time of writing this article, Bitcoin is being traded close to $10,566 and it has a market valuation of $189 billion, according to CoinMarketCap. In the last 24 hours, Bitcoin grew by 1.7%.