Bitcoin has had a dramatic turn out of event since 2017 when it hit $20,000 out of nowhere after starting the year at $963. It has declined since then by over 80 percent to the $3,800 price level it is currently trading at. Nonetheless, MagicPoopCannon’s survey on Twitter reveals that people expect Bitcoin’s price to hit over $100,000 to a million in the long run.
Survey to Ascertain Bitcoin’s Value on the Long Run
MagicPoopCannon, a cryptocurrency analyst and trader on February 26 began a survey to ascertain people’s confidence in Bitcoin. The analyst with over 20,000 followers first predicted that Bitcoin will hit $100,000 in four years and probably reach as high as $150,000. He also believes the virtual asset has the potential of climbing up to $1 million.
The crypto trader’s predictions were made alongside a poll asking his followers where they see the value of the virtual currency in a few years time. Out of 2,960 votes, 42 percent voted that Bitcoin will reach $100,000 to millions. 30 percent went for $20,000 to $100,000 and 13 percent were confident about $3,000 to $20,000 price range.
15 Percent of Respondents Predict $0 to $3,000
15 percent, on the other hand, saw the digital asset trading even less than what is obtainable today. In their opinion, Bitcoin will be valued between $0 to $3,000 in the future. While each person obviously has their reason, let’s focus on those who are seeing the light at the end of this long tunnel.
Given that a higher percentage voted for a price even above Bitcoin’s all-time high, it can be assumed that they’re seeing more than the current market situation. For starters, financial institutions like Julius Baer, JPMorgan, and Fidelity Investments have all entered the crypto market. It is expected that more institutions will follow in their footstep which will, in turn, influence Bitcoin’s price and other virtual assets.
Cryptocurrency Enthusiast’s Make Comments
MagicPoopCannon, on the other hand, is reputably known on TradingView, a popular charting site given his 53,000 followers and over 10 million views. The trader had forecasted that Bitcoin will dump to $3,000 which came to be 10 months later. Now, will his prediction come true this time around?
That aside, several comments were made in line with MagicPoopCannon’s survey. One of such which stood out was from the user, @ClearOpendoor who said:
‘Mr. Nakamoto’ created a store of value which can be accessed everywhere, it has already achieved global consensus as THE driving force behind all the crypto coins, and most importantly it can never be shut down.
Like these social media enthusiasts, members of several industries have also predicted Bitcoin’s price in a few years. John McAfee, the Presidential candidate for the U.S. 2020 elections forecasted on July 17, 2017, that Bitcoin will hit $1 Million by 2020. Likewise, Jesse Lund, IBM’s VP on February 22, 2019, stated that Bitcoin will hit a million dollars someday.