HomeForex News CryptoBitcoin’s March to $100K: A Number of Crypto Experts Who Believe the Price per BTC Touches Six-Digits
Bitcoin’s March to $100K: A Number of Crypto Experts Who Believe the Price per BTC Touches Six-Digits
June 8, 2020
A number of analysts believe that at some point in the future, Bitcoin prices will touch the six-digit zone or $100,000 or more per unit. This price point has been predicted by a variety of experts and analysts including the stock-to-flow (S2F) proponent Plan B, financial analyst Peter Brandt, the popular crypto trader Theta Seek, Blockfyre’s Simon Dedic, and Morgan Creek CEO Mark Yusko.
There are a number of industry insiders, experts, and analysts who think the price of bitcoin (BTC) could easily reach $100,000 or more per coin. On June 4, 2020, Simon Dedic, the cofounder of crypto-analysis firm Blockfyre estimates that BTC will touch a high of $150K.
Dedic’s tweet forecasts a number of price predictions including BTC ($150K), ETH ($9K), LINK ($200), BNB ($500), VET ($1) and XTZ ($200). The Blockfyre cofounder is not the only crypto industry executive who thinks BTC will reach the six-digit price range at some point in the future.
On June 5, the popular trader Theta Seek told his 5,528 Twitter followers that BTC could touch $100K, but there needs to be $90M in investments per day. “At 100K per BTC, the market has to absorb a miner supply of $90 Million USD daily,” Theta Seek explained in his tweet.
“Assuming that there are 10 million people worldwide buying BTC on a regular basis. It would cost them each $9 daily to sustain those price levels. I’ve met people who spend more than $9 on coffee,” the trader added. Further, one person replied to Theta Seek and said: “When the price gets high there is a lot more supply than just miners.” The traders responded by stating:
Data suggests otherwise though, HODL-ers throughout the past 3 ATHs have not been selling in significant portions. 60% of BTC has not moved for more than 2 years. Even if that were to be true, the long term supply of BTC will eventually be equal to the mining (new) supply.
There have been many others who claim that it is possible BTC could touch $100K per coin. During a May 6, 2020 interview, the CEO of capital management giant Morgan Creek, Mark Yusko, explained that BTC could easily reach $100K in 2021 or 2022. During the discussion, Yusko also said BTC could reach $400 to $500K as well. Yusko stated at the time:
If we come to gold equivalence, meaning the market cap of Bitcoin equals the market cap of gold, which I think is perfectly logical, you could easily see that $400,000 to $500,000 price [at] some [point in time].
Even though the analyst and popular financial trader, Peter Brandt, recently tweeted that the Bitcoin halving was “grossly over-rated,” he has stated that BTC could touch six-digits as well. This was mentioned during Peter Brandt’s Crypto Update on December 5, 2019.
In the video update, Brandt said that at some point BTC will march toward the $100K region, but the crypto asset’s market cycle would be bearish first. Brandt noted that BTC was at a crossroads and said that by July, in 30-days, the price could bottom out. However, Brandt’s prediction was well before the Covid-19 outbreak and the ‘Black Thursday’ event on March 12, 2020.
There are so many people that believe BTC could very well touch the six-digit range at some point including Morgan Creek’s executive Anthony ‘Pomp’ Pompliano, Plan B (@100trillionUSD), Pantera Capital, crypto analyst Nicholas Merten, venture capitalist Tim Draper, and RT host Max Keiser.
Moreover, the question of whether or not BTC could reach $100K per unit has been asked for many years now. It seems that many crypto-asset investors and old school bitcoiners do believe that at some point in time, BTC will be priced at $100,000 per coin.
At the time of publication, BTC is trading between $9,600 to just above the $9,700 per coin zone and the crypto economy is worth $275 billion on Monday. Most crypto assets on Monday are up between 1-4% depending on the coin. 24-hour global trade volumes have dipped over 4% but there’s still around $18.1 billion in global crypto swaps today according to market stats.
Do you think BTC will reach $100k per coin? Let us know in the comments below.