Although some technical analysts are bearish on Bitcoin in the short term, the long term future of Bitcoin decidedly looks more rosy with a wide range of bullish price predictions served by experts in recent weeks.
According to data by CryptoCompare, currently (as of 10:25 UTC on June 9) Bitcoin is trading at $9,669.21, down 0.73% in the past 24-hour period, which means that this is the seventh consecutive day on which Bitcoin has remained below the $10K level:
On Monday (June 8), Bloomberg reported that the DVAN Buying and Selling Pressure Indicator’s fall “below the trend line for the first time since late May” suggests that Bitcoin “may be forming a new selling pattern.”
Bloomberg went on to say that Bitcoin “sees resistance at $10,000 and any drop will likely first test $9,500, which would imply a 2% retreat from current levels.”
However, Bitcoin’s speedy recovery from the sub-$4,000 lows it reached on “Black Thursday” (March 12) to where it is today — which has been partly assisted by the huge amount of quantitative easing being done by the world’s major central banks — seems to have convinced many analysts, researchers, and others in the crypto space that another 2017 style bull rally may be in the cards for Bitcoin.
Last Sunday (June 7), Timothy Peterson, author of the research paper “Bitcoin Spreads Like a Virus“, suggested that he believed that Bitcoin’s price could reach $75,000 in the next several weeks:
— Timothy Peterson (@nsquaredcrypto) June 7, 2020
Earlier today, Charles Edwards, Co-Founder of digital asset management firm Capriole Investments, tweeted that the 310% increase in open interest in CME Group’s Bitcoin Futures, which has helped it get much closer to the open interest on BitMEX’s XBTUSD, is further evidence for the “institutionalization” of Bitcoin.
It is worth pointing out that on February 16, Edward said that, based on Bitcoin’s Energy Value, it is likely that the BTC price should reach $100K by 2025:
Combining these estimates for HR and Efficiency, Bitcoin’s Energy Value should reach $𝟭𝟬𝟬𝗞 by 2025.
🧠 Sanity check: $100K Bitcoin = 1.8T market cap.
✅That's just 20% Gold’s market cap
— Charles Edwards (@caprioleio) February 16, 2020
Yesterday, well-known Bitcoin HODLer Jason A. Williams, Co-Founder and Partner at Morgan Creek Digital (where Anthony Pompliano enjoys a similar position), said that he believed that by the end of October 2020 Bitcoin’s price would reach a new all-time high (ATH) — meaning that it will go over $20,000 — and reminded us of famous Bitcoin price predictions by his colleague Pompliano and former macro hedge fund manager Raoul Paul:
Pomp is at $100,000 buy the end of 2021. @APompliano.
IMHO we hit a new ATH by the end of October 2020.
If you can't wait a few months or years for this potential GTFO.
— Jason Williams 🔴 (@JWilliamsFstmed) June 8, 2020
And if you think that Pal’s $1 million price forecast is perhaps a bit too optimistic, then you will probably find the future Jesse Powell, Co-Founder and CEO of crypto exchange Kraken, sees for Bitcoin even more interesting.
Regarding the long term potential for the Bitcoin price, Powell said:
“Most people have heard about Bitcoin, but they don’t own any Bitcoin. They don’t know what the future of Bitcoin is. I think if everyone knew about Bitcoin and the potential of Bitcoin and how great it was, the price would be like a trillion dollars a Bitcoin. We would all just be switched over to Bitcoin and not be using anything else…
“I think that there’s a lot that’s not priced in, even though it’s predictable, like what the future is…
“Ten years down the road, the US dollar is going to continue to be printed like crazy. It’s going to be totally worthless. No one is going to want it. Everyone is going to want Bitcoin.
“But that’s not priced in because of perceived risks or perceived uncertainty about the future, about regulation, about how does the government respond in different situations as Bitcoin continues to develop, or how useful does it actually become.”
As for the medium term future, Powell expects the Bitcoin price to reach $100,000 within the next two years:
“I believe that we’re in a completely unprecedented time in terms of the global political and economic systems. I believe that this is going to continue to drive a pretty massive shift into digital currency.
“I think the next couple of years we’ll likely see 1 BTC exceed $100,000.”
More recently, on June 4, Powell sent out the following tweet:
Qty Remaining: 2,500,000
People viewing this product right now: 7,800,000,000
Description: do the math. pic.twitter.com/klkAXy0XdJ
— Jesse Powell (@jespow) June 4, 2020
Although extremely bullish price forecasts for Bitcoin may not be a good thing since they could cause Bitcoin traders/investors to have highly unrealistic expectations, even much more careful/conservative market participants, such as Matthew Graham, CEO of Beijing-based investment firm Sino Global Capital, seem to find Williams’ prediction about a new ATH by November 2020 “not at all implausible.“