It is comforting to know that despite Bitcoin’s 80 percent dump in price from December 2017, a lot of people still believe a major comeback is on the way. Cryptocurrency enthusiasts, investors, and spectators are optimistic about its price in the long run. Therefore, the latest prediction is from a crypto trader, TraderScarface who has set Bitcoin’s price around $102,000 in the next bull run.
Bitcoin’s all-time high of $20,000 occurred in December 2017. However, there are expectations that the best is yet to come. According to an analysis by TraderScarface, each time the virtual asset suffered a major dump in price and was put down by the media and economists, it beat their expectations by finding its way to the top. The virtual asset may have died 345 times, but it won’t stay dead.
Cryptocurrency Trader Makes Reference to Forbes’ Publication
TraderScarface referred to Forbes publication titled “So, That’s the End of Bitcoin Then.” Forbes, on June 11, 2011, stated that Bitcoin has fallen from $17 to pennies on the Mt.Gox cryptocurrency exchange and within a matter of minutes. The media also said about 60,000 user accounts on the platform had been compromised which was linked to the sudden dump in price.
The writer at that time outrightly said: “No, the doesn’t necessarily mean the end of the Bitcoin experiment, but it’s a pretty good indication of it.” In his opinion, Bitcoin is not secure and cannot be a store of value due to its price volatility. He also added that who would want to accept them as a medium of exchange given these qualities?
Business Insider’s Pessimistic Comment About Bitcoin
TraderScarface also pointed out Business Insider’s comments about Bitcoin in 2013. At that time, the digital currency had a market value of $110.68, and in the media’s opinion, the bubble has burst and what’s left is for the price to dump. When that happens, it will disappear like Pets.com & Lehman Brothers to later become a figment of the imagination of economists’.
Fast forward to 2015, Jamie Domin, CEO of JPMorgan outlined that “Bitcoin will not survive.” Although the virtual currency was trading at $395.67, the CEO believed that people are wasting their time with digital currencies like Bitcoin. He was also confident that in five years, it would cease to exist. Nevertheless, it’s worthy to note that four years later, the financial institution has made plans to launch its digital currency.
Trader Predicts Bitcoin’s Next All-Time High to Hit $102,000
From these statements and the pattern exhibited by Bitcoin over the years, TraderScarface has made his deductions. His tweet on May 2 noted that for every time Bitcoin’s price dumped over 70 percent, the next cycle peak has been a 5.1-16.89 higher than the last one. Given that the recent dump in price is over 70 percent, he predicts that the next all-time high will be between $102,000 – $336,000. “Roll the dice & take the risk – Buy Bitcoin,” he adds.
People’s confidence this time around in Bitcoin can be attributed to some financial institutions like JPMorgan, Julius Baer and Fidelity Investments entering the market. Facebook, is reportedly looking into launching a cryptocurrency on exchanges by the first quarter of 2019.