Venture Capitalist Predicts Bitcoin Price Will Hit $50,000, Ether $7,500

Michael LaVere
  • Venture capitalist Chris Burniske predicts bitcoin will reach $50k during next bull cycle.
  • Burniske said bitcoin's rise will make ethereum the "new kid on the block" for mainstream investors. 

A venture capitalist has issued the prediction that bitcoin (BTC) will reach $50,000 during the next bull cycle, while ether (ETH) will record an even greater rally. 

Chris Burniske, a partner at the crypto-oriented firm Placeholder Capital, published a series of tweets arguing that bitcoin’s next bull cycle would take the asset to at least $50,000. 

According to Burniske, his prediction accounts for bitcoin’s historic pattern of posting diminishing returns in subsequent bull runs, with the last great rally taking BTC to $20,000 at the end of 2017. 

Burniske claims that if bitcoin is “half as volatile” during the current cycle as compared to last, investors can expect BTC to cross $50,000 and $1 trillion in network value. 

The venture capitalist argued that bitcoin’s move to $50,000 would prove fortuitous for ethereum, the second-largest crypto-asset by market capitalization. Burniske said ether could become the “new kid on the block” to mainstream audiences, igniting a frenzy of investment. 

Burniske also pointed to ether’s lifetime history of outperforming bitcoin and predicted the next rally could take ETH to $7,500.

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