Crypto Analyst Says ₿itcoin Price Could Hit $100,000 During Next Bull Run

Crypto Analyst Says ₿itcoin Price Could Hit $100,000 During Next Bull Run

ThinkMarkets chief market analyst Naeem Aslam predicts that ₿itcoin (BTC) will hit somewhere between $60,000 and  $100,000 during its next bull run, according to a Fox Business interview on June 24.

Aslam had previously predicted on June 17 that BTC would hit $10,000 in “a couple of weeks,” citing institutional involvement as a major driver. ₿itcoin successfully reached the five figure mark on June 22, marking a record high that has not been seen in over one year.

According to Aslam, the major price points to look out for now are $20,000 and $50,000. He argues that by hitting $20,000, discussion will move from conservative estimates exceeding the number one cryptocurrency’s all-time high to forecasts of $50,000; from there, breaking $50,000 will move the price target to $100,000. 

Aslam also discussed the use of BTC as a means to avoid risk, comparing BTC, which is often called “digital gold,” with gold. He remarks that in the last two months, there is a huge spike in price for these two assets, which he attributes to a lack of confidence in the stock market along with the ongoing U.S.–China trade war.

Aslam also points to unrest and even a potential war in the Middle East as the biggest driver of recent growth in these diversifying assets. He also remarks that BTC now has a reputation as a safe haven for storing wealth, saying there is evidence of investors “parking” their capital in the leading crypto.

As previously reported by Cointelegraph, ₿itcoin podcast host Trace Mayer said that the ₿itcoin price in 2019 will likely close at $21,000, according to the trajectory posited by his ‘Mayer Multiple’ price indicator. The Mayer Multiple reportedly is an equation that involves dividing current BTC price by its 200-day moving average.

Published at Mon, 24 Jun 2019 23:30:00 +0000