Bitcoin is undoubtedly the world’s strongest and most popular cryptocurrency that has created a strong foothold in the market.
Racing towards its all-time high of 20,000, Bitcoin shows a strong probability of reaching up to $160,000 considering the historical patterns.
The recent high-value institutional investments and mainstream adoption have reaffirmed its potential to become an alternative to traditional payments systems and currencies.
Bitcoin May reach $160,000 in the next bullish run.
The crypto token is rallying up fervently over the past few months, reminding the market watchers about its extreme bullish run in 2017, when it closed on it’s all-time high of 19,000, nearing 20,00 in December that year.
Considering the last three bullish runs for BTC, the target price of the $100,000 mark can be achieved even after the price drops are considered. As per the latest interview given by the Chief Investment Officer Brian Estes of the Off the Chain capital, BTC can even go up to $288,000 by the close of next year.
Deriving the figures based on the model utilizing the stock-to-flow ratio that measures the scarcity of gold and other commodities, Estes predicted that Bitcoin could rally to massive numbers.
Examining the data points highlighted in a tweet by crypto Youtuber Collins Talk BTC can surpass 100,000 benchmarks over the next bullish run as indicated by the last three rallyings in 2011, 2013, and 2017.
Another crypto watcher, Tom Fitzpatrick, a Citi Technical Analyst, noted that Bitcoin price could surge up to $318,000 by 2021 considering the increased adoption, limited supply, and easy global movement. Bitcoin halving happened in May this year, which reduced the supply of bitcoins in the market, creating an eternal bullish run that was further augmented by high institutional investments and mainstream crypto acceptance by firms like Square and PayPal.
Shortage of Bitcoin After Halving Skyrocketing the Price
Ever since PayPal launched crypto-based services to more than 300 million users and Square CashApp has consumed most of the new bitcoins creating a dearth of the same in the market. This has led to a sudden price surge observed in the last few weeks.
The bitcoin price varied on different exchanges and even crashed post the all-time high of close to $20,000 in 2017. Thus, there is the possibility of a crash; however, the patterns indicate that it can still get to the $160,000 mark with ease.
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