Bitcoin could climb 10-fold in the medium term if the past repeats itself.
A respected crypto expert is convinced that Bitcoin ( BTC ) can climb to as much as 400,000 US dollars in the current upward trend. This would not even require a special effort, just a repetition of previous developments.
Yassine Elmandjra, an analyst at the crypto asset management ARK, made the corresponding assessments on February 4th, pointing out that Bitcoin is only at the beginning of the current upward trend.
400,000 within reach?
Compared to 2013 and 2017, the cycle of 2020/21 is still in the starting blocks, which results in a maximum price target of up to 390,000 US dollars in the forecast diagram.
With reference to the diagram (see below) Elmandjra writes: “This is how the Bitcoin price would develop if the current record run can trump the record run of 2017 to the same extent as in 2017 compared to the record run of 2013.”
To this end, he adds:
“The maximum price would come out at $ 390,000. We are currently at the red point. ”
Since some other indicators are also suggesting that Bitcoin is still going up in this upward trend, Elmandjra is not alone in his optimism. However, the crypto analyst Tuur Demeester points out that the record run of 2013 showed stronger growth than the one in 2017.
The real “power” of the current uptrend depends on many different factors and is probably not that easy to deduce. Other comparative data suggest , in turn , that the current strength is between the two past record runs.
Elmandjra calculates that a market value of $ 390,000 would mean a market capitalization of $ 8 trillion. US dollar would mean, which would be just under 80% of the market capitalization of gold. As Cointelegraph reports , however, Bitcoin has so far only reached 2% of the market value of the precious metal.
Is it the perfect starting point for further gains?
Either way, the experts are still optimistic, at least as far as the share price development is concerned in the short term.
The combination of a weakened US dollar, increased interest from institutional investors and solid support at $ 30,000 could keep the market-leading cryptocurrency on the up.
In this context, crypto investor Dan Tapeiro points out that the convergence divergence of the moving average (MACD) is also turning positive.
“Wow! It looks as if the sideways movement of #Bitcoin will soon be over, ”he concludes . And further:
“The course now has strong support at 30,000. We are breaking through the top of the wedge formation right now. The oversold MACD sends its regards. ”
Following a special conference by the major Bitcoin investor MicroStrategy, Tapeiro expects further interest from institutional investors. More than 1,400 top managers have this week at the conference participated . MicroStrategy boss Michael Saylor also supports the thesis that companies will invest more in the crypto market leader in the future.