Recently, crypto analyst and influencer Tyler Swope explained how he came up with his year-end price target for Bitcoin. He also talked about Bitcoin’s upcoming Taproot upgrade.
In a YouTube video released on June 11, the host of the “Chico Crypto” YouTube channel, told the over 253K subscribers that those who are predicting that the Bitcoin price will get as high as $100,000 by the end of this year are not being bullish enough.
According to a report by The Daily Hodl, Swope said:
“$300,000 by December is a tad bit crazy bullish to me. Why? Well, from the last cycle’s top to top, end of 2013 to end of 2017, for the sake of math, we will call it $1,000 to $20,000. That is a 20x. The cycle before that, 2011 to 2013, for the sake of math, we will say from $10 to $1,000, a 100x.
“From a 100x to a 20x, that is an 80% decrease in multipliers through the cycles. So if we say from the end of 2017’s $20,000 to December 2021 we hit $300,000, that would be a 15x. From a 20x to a 15x from this cycle to cycle would only be a 25% decrease. I don’t know about that...
“The top for this cycle will be between $100,000 to $200,000 by December 2021. This is and has been my prediction for a long time. But if I had to give you a specific number and day, how about right here: $150,000 by December 15th, 2021.“
The next day, the popular crypto analyst released another video, in which he talked about Bitcoin’s Taproot upgrade. According to The Daily Hodl’s report, he said:
“This is great for Bitcoin. I mean, it’s some of the best news ever because Bitcoin is about to get privacy and it’s about to get some more complex smart contracts that can make it do a lot more things. There’s going to be a big conversation coming on. I’m extremely bullish on Ethereum…
“I said I’m selling some of my Bitcoin for Ethereum, and I did do that. I picked up a good stack of Ethereum with some of my Bitcoin. But I mean there’s parts of me that are like ‘Was that a good idea?’ I think it’s a good idea for the short to mid-term but in the long term Bitcoin may still win out.“
Here is what Binance Academy says about Taproot:
“Along with Schnorr signatures, Taproot is one of the most anticipated technological upgrades to Bitcoin since the introduction of SegWit. Taproot’s goal is to change the way Bitcoin’s scripts operate to improve privacy, scalability, and security. This and more will be made possible by combining Taproot with a related upgrade called Schnorr signatures.“
On June 12, CNBC published an article titled “Bitcoin just got its first makeover in four years”.
Alyse Killeen, Founder and Managing Partner of Bitcoin-focused venture capital firm Stillmark, told CNBC:
“Taproot matters, because it opens a breadth of opportunity for entrepreneurs interested in expanding bitcoin’s utility.“
And Fred Thiel, CEO of crypto mining specialist Marathon Digital Holdings, had this to say:
“The most important thing for Taproot is…smart contracts. It’s already the primary driver of innovation on the ethereum network. Smart contracts essentially give you the opportunity to really build applications and businesses on the blockchain.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.