Bitcoin Won't Hit $100,000 in the Next Bull Run, Analysts Predict

Francisco Memoria

Two popular cryptocurrency analysts have weighed in on the price of the flagship cryptocurrency bitcoin and made it clear they believe BTC won’t hit $100,000 in the next bull run.

In an episode of “Trading Bitcoin,” Tone Vays and the pseudonymous trader Filbfilb debated the cryptocurrency’s price performance and the current state of the market. Both analysts agreed that the cryptocurrency has to break specific targets in the near future to keep moving up, with Vays pointing to $10,450 and Filbfilb pointing to $11,500.

CryptoCompare data shows that bitcoin’s price hit a high of $10,480 this month but was quickly rejected off of that zone, dropping to a $9,460 low before it started recovering again. At press time, one bitcoin is trading at $9,700.

bitcoin price chartSource: CryptoCompare

Both analysts also dug into the next bull run Bitcoin is going to go through. They agreed hype surrounding Bitcoin’s halving event, which will cut block rewards in half to 6.25 BTC per block, is fueling price action so far this year.

Bitcoin has been through two halving events so far and its price surged after both, as the supply of new BTC entering the market drops while demand has kept on growing. Some believe the cryptocurrency could hit $100,000 over the halving event, but both Vays and Filbfilb seemed to believe this is an overly bullish prediction.

Instead, Vays said he’s looking for BTC to hit a $45,000 high, while Filbfilb argued the $60,000 mark would be a crucial one. He said:

I think we’re going to struggle to get past $60,000. I think $60,000 is going to be a really, really troublesome level to get across. I’ll certainly be looking to book in some serious profits at that point.

As CryptoGlobe reported various industry personalities have been making notable price predictions over the last few weeks. Max Keiser, who claims to have predicted BTC would hit $100,000 in 2012, changed his prediction to $400,000.

Thomas Lee, co-founder, managing partner, and head of research at the research boutique Fundstrat Global Advisors, claimed in an interview he believes bitcoin could see an almost 100X increase in price if it got to five million users.

Featured image via Unsplash.