Traders predict Bitcoin could rally to $12K but other investors are betting it could go as high as $50K in the long run
Many investors remain optimistic about BTC's short and long term prospects.
Tue, 16 Jun 2020, 16:55 pm UTC
Everyone is watching Bitcoin (BTC) after it managed to inch back up to $9,500 on June 16. But even among those who are optimistic about the cryptocurrency’s price trajectory vastly differ in their predictions as to where it could be heading next.
For instance, there are those who believe that BTC could be breaching the $12,000 mark soon. According to trader Michaël van de Poppe, this could happen because there is a strong correlation between the crypto and stock market movements, Cointelegraph reported.
Recently, BTC’s price movement did mimic that of the market’s. On Monday’s pre-trading rout, the token’s price likewise dropped below $9,000 briefly. Since then, it has recovered along with the stock market’s recovery buoyed by the Federal Reserve’s stimulus announcement.
BTC’s climb to $9,500 is welcome news to Michaël van de Poppe who believes that it is on track to climb as high as $12,000. “And, the price of #bitcoin is back in range and back on schedule to break above $10,500 towards $12,000,” he posted on Twitter.
While van de Poppe might sound a bit too optimistic, his prediction is nothing compared to other analysts and prominent investors. Apparently, some believe that Bitcoin is on track to soar to $50,000 with a market cap reaching the $1 trillion mark.
According to Forbes, some believe that Bitcoin will grab a significant portion of gold’s market share as it competes against the precious metal “to become an established store of value.” As a result, BTC’s price is predicted to rise between $50,000 and $100,000 in the next several years.
“Why Bitcoin above $50,000?” Placeholder partner Chris Burniske asked. “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.”
The Winklevoss twins also share the same optimism and called Bitcoin gold 2.0. “Our thesis is that Bitcoin is gold 2.0 and so until it has a market cap of $7 trillion, it’s a very undervalued asset,” the twins said.
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