Bitcoin Will Hit $100,000 in the Next 24 Months, Popular Analyst Predicts

Francisco Memoria

A popular analyst going by Bitcoin Macro on social media has predicted Bitcoin will hit $100,000 over the next 24 months presumably thanks to the halving event expected to occur later this year.

While the analyst didn’t back up his statement with any kind of chart analysis, in other tweets he made it clear he’s bullish on BTC and believes the cryptocurrency is no longer in a bear market.

Bitcoin has been trading above the $8,000 mark for a few days, according to CryptoCompare data, which to some analyses means it has bottomed out. It hit $13,000 last year, but has been dropping for months over what some believe to have been Ponzi schemes selling their ill-gotten funds.

Some of the microblogging platform’s users criticized Bitcoin Macro in response to his tweet, arguing he either isn’t thinking straight or should at least back up his claim with the thoughts behind it. Instead, he noted there’s “nothing you can do about it.”

Presumably, the analyst is looking into Bitcoin’s halving event as the catalyst to the bull run that could see it hit $100,000 in the next 24 months. As CryptoGlobe reported the halving event has already seen its hashrate hit a new all-time high above 120 million TH/s, as miners  are competing with each other to mine as much bitcoin as possible before block rewards drop to 6.25 BTC per block.

The analyst’s prediction may not be too far-fetched, however, as another analyst on social media pointed out Bitcoin’s past halving events have seen its price rise exponentially. The first one saw BTC rise from around $25 to over $1,000, while the second one saw it surge from around $650 to its near $20,000 all-time high.

It’s worth noting, however, there were other factors behind BTC’s rise, and that some would argue the halving alone cannot explain the price increases throughout BTC’s history.

Other cryptocurrency community thought leaders have made less bullish predictions, with Tom Lee revealed he believes bitcoin’s price can rise 100% this year. Hedge fund manager Charles Hwang was more bullish, and predicted BTC will rise past $100,000, but sees it drop to a $20,000 low in the following bear cycle.

Bitmain’s co-founder Jihan Wu, predicted BTC will keep on rising over time, but noted he isn’t sure whether the halving will lead to a bull run.

Featured Image Credit: Photo via Pixabay.com

Time to Be ‘Cautious or Short' Bitcoin, Says Bollinger Bands Creator

Francisco Memoria

John Bollinger, creator of the popular technical analysis tool Bollinger Bands, has tweeted out it’s time to be “cautious or short” on the price of bitcoin, after the cryptocurrency’s price dipped below $10,000 for the third time since the so-called black Thursday.

On social media, Bollinger pointed out that bitcoin’s last move p over the $10,000 mark, which came shortly after U.S. President Donald Trump finished a speech on law and order in which he vowed to take “immediate presidential action to stop the violence” and said he was “mobilizing all available federal resources — civilian and military — to stop the rioting and looting,” was a head-fake.

A head-fake, Investopedia writes, occurs when the price of a security moves in one direction initially, but then reverses its course and moves in the opposite direction. These trades occur most frequently at key breakout points – for bitcoin, a key point was the $10,000 mark.

The price of the cryptocurrency dropped suddenly after breaking its key breakout level earlier this month over a flash crash on BitMEX that saw its price dip to $8,600 before it started recovering. CryptoCompare data shows that bitcoin is now trading above $9,600, but that since the March 12 coronavirus-induced market crash it has tested the $10,000 mark three times already.

Bollinger, it’s worth noting, has a decent track record looking at cryptocurrencies. In October 2019 the analyst accurately said the price of BTC dropping to $7,300 was a head-fake, and the price of the cryptocurrency then moved up in a significant rally to $9,500.

In April of this year, Bollinger tweeted out BTC was “moving into squeeze territory,” shortly before the cryptocurrency’s price started surging. He was, however, caught off guard by the Black Thursday sell-off, as were most investors and analysts.

It’s worth noting many in the cryptocurrency space are still bullish long-term. As reported early BTC developer Adam Back – who some believe could be Bitcoin creator Satoshi Nakamoto – has said he believes the price of the cryptocurrency will hit $300,000.

Featured image via Unsplash.