While the analyst didn’t back up his statement with any kind of chart analysis, in other tweets he made it clear he’s bullish on BTC and believes the cryptocurrency is no longer in a bear market.
Bitcoin is gonna break $100k in the next 24 months, and there’s nothing you can do about it.
— Bitcoin Macro (@BTC_Macro) January 11, 2020
Bitcoin has been trading above the $8,000 mark for a few days, according to CryptoCompare data, which to some analyses means it has bottomed out. It hit $13,000 last year, but has been dropping for months over what some believe to have been Ponzi schemes selling their ill-gotten funds.
Some of the microblogging platform’s users criticized Bitcoin Macro in response to his tweet, arguing he either isn’t thinking straight or should at least back up his claim with the thoughts behind it. Instead, he noted there’s “nothing you can do about it.”
Presumably, the analyst is looking into Bitcoin’s halving event as the catalyst to the bull run that could see it hit $100,000 in the next 24 months. As CryptoGlobe reported the halving event has already seen its hashrate hit a new all-time high above 120 million TH/s, as miners are competing with each other to mine as much bitcoin as possible before block rewards drop to 6.25 BTC per block.
The analyst’s prediction may not be too far-fetched, however, as another analyst on social media pointed out Bitcoin’s past halving events have seen its price rise exponentially. The first one saw BTC rise from around $25 to over $1,000, while the second one saw it surge from around $650 to its near $20,000 all-time high.
It’s worth noting, however, there were other factors behind BTC’s rise, and that some would argue the halving alone cannot explain the price increases throughout BTC’s history.
Corrections are roughly the same, but bull run ups reducing as the law of diminishing returns kicks in. pic.twitter.com/l9Aq8yp4Iy
— dave the wave (@davthewave) December 11, 2018
Other cryptocurrency community thought leaders have made less bullish predictions, with Tom Lee revealed he believes bitcoin’s price can rise 100% this year. Hedge fund manager Charles Hwang was more bullish, and predicted BTC will rise past $100,000, but sees it drop to a $20,000 low in the following bear cycle.
Bitmain’s co-founder Jihan Wu, predicted BTC will keep on rising over time, but noted he isn’t sure whether the halving will lead to a bull run.
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