According to Yassin Elmanjra, a cryptocurrency analyst at ARK Invest, in this “bullish” cycle, BTC can grow ten times from the current values.
On Twitter, Yassin explained
your position. She pointed out that the growth during the 2017 bull cycle was much more significant than in 2013. And if this trend is confirmed in 2021-2022, then the cryptocurrency market is only at the first stage of large-scale growth. The peak price of bitcoin may be around $390,000.
“The top will be close to $390,000. The red dot on the chart is the current position of the cryptocurrency market, ” the analyst writes.
With a bitcoin price of $390,000, its capitalization will be about $8 trillion. That is, it will almost reach the capitalization of gold.
In any case, now the market has developed extremely favorable factors for bitcoin-the fall in the dollar, the” storm ” in the stock market and the economic crisis. This should lead to a rise in BTC in the short term.
Recently, a Bloomberg analyst said that the bitcoin exchange rate is confidently moving towards $50,000 due to the movement of investments from the precious metals market to the cryptocurrency market.