Predictions from experts are probably what the market needs to survive the cryptocurrency winter. A ray of hope even if it’s false one is better than nothing. On the other hand, it is worthy to note that most analysts are optimistic about the market in the long run. MagicPoopCannon, for instance, an analyst for the past 11 years believes that Bitcoin will slowly grind to $150,000 by August 2023.
Bitcoin’s Next Bull Run Will Rally Around $150,000
MagicPoopCannon on March 13 posted on the Trading view platform that Bitcoin’s next bull run will set its price around $150,000 by August 2023. While that is four years from now, it can be assumed that the crypto enthusiast expects a gradual increment in price before it hits his set target. The forecast is also based on a comparison between the market’s performance in 2014/2015 and the current one.
In the same vein, MagicPoopCannon made reference to the fact that when Bitcoin’s price was around $10,000 in 2018, he had forecasted that the virtual asset will drop further to $3,000. At that time, it had earned him the name ‘Permabear’. However, when the prediction came true months later, he gained a new title, ‘seer of the future’.
Bitcoin Has Possibly Not Hit its Bottom Yet
The cryptocurrency enthusiast has also pointed out that while we may have hit the bottom, there is still a possibility for Bitcoin to trade even lower later in the year. If it does trade lower, then it will be slightly below $3,150 which is its lowest price since the second crypto winter began.
Nevertheless, the analyst said he does not care if the virtual currency declines further because it’s just a probability. In respect to that, he has begun to accumulate Bitcoin in his wallet in order to prepare for the sunny days which he expects to come a few years from now.
A More Realistic Prediction
While many may feel that four years is too far to see Bitcoin hit that price, others may agree that it is a more realistic prediction. There are the likes of John McAfee who said Bitcoin will be valued at $1 million by 2021. Tom Lee, Fundstrat Global Advisors founder also said Bitcoin will end 2018 at a price of $250,000.
Other predictions that are similar to that of MagicPoopCannon are those from Peter Brandt and TraderScarface. According to Brandt, Bitcoin will increment to $67,193 while TraderScarface is looking at $102,000 by 2021. In the same vein, a poll conducted by MagicPoopCannon on February 26 shows most people also expect Bitcoin to hit over $100,000 in the next four years.