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.
Why #bitcoin > $50,000?— Chris Burniske (@cburniske) June 14, 2020
As discussed in May 2019, if $BTC is half as volatile in this cycle as it was in the last, we would still expect it to cross $50K and $1 trillion in network value.
$1 trillion has been a long time coming for this macro-asset.https://t.co/A2TlzzIjsh
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.
Meanwhile, to the mainstream $ETH will be the new kid on the block -- expect a frenzy to go with that realization.— Chris Burniske (@cburniske) June 14, 2020
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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