- Blockroots CEO, Josh Rager has taken it to Twitter to share his beliefs that the future peaks for Bitcoin might not be as high as the market analyst’s expectations.
- A significant reason for why a robust growth remains possible is due to the Bitcoin halving that intended to take place during May this year.
Josh Rager, CEO of cryptocurrency education platform Blockroots, has taken it to Twitter to share his beliefs that the future peaks for Bitcoin might not be as high as the market analyst’s expectations.
After Bitcoin’s new impulses over the past few weeks from crossing the $8,000 mark in response to a geopolitical crisis, to now hovering near the $9,000 mark, market analysts have already extrapolated Bitcoin growth to exceed into the ranges between $100,000 – $1,000,000.
$BTC Unpopular Opinion:— Josh Rager ? (@Josh_Rager) January 17, 2020
The next Bitcoin peak high will not be as high as most people think
Lots of analysis out there point from $100k to $300k to $1M
Simple rate of return will show you bottom to peak return reduces by around 20% each cycle
IMO, next high hits $75k to $85k pic.twitter.com/EoWZqcWfbe
Just a word of caution for some of you who wait until $100k to $1M Bitcoin to take profits— Josh Rager ? (@Josh_Rager) January 17, 2020
Don't let greed get the best of you this time
When you see Bitcoin all over media and everyone outside CT talking about crypto, it's likely the top in, whether that's $50k, $75k, or $100k
Rager went on to submit his analysis of the market trend and showed that a simple rate of return model would display a bottom to the peak price reduction of around 20% during every upstream cycle.
With the help of his analysis chart, Rager extrapolated the price of Bitcoin to more realistically hit the next high of $75,000 to $80,000. Rager also advised investors and traders to be cautious if they expect the prices to go up to $100,000 or $1 million.
He suggests that it would be better to cash out when there are non-cryptocurrency media outbreaks on cryptocurrency, indicating the price has peaked, and a downtrend is about to ensue.
A significant reason for why a robust growth remains possible is due to the Bitcoin halving that intended to take place during May this year. Historically, Bitcoin prices have shown to rise massively after halvings.
The first Bitcoin halving saw prices fo from $12.31 to $994, a growth of 7,976%. The second halving saw a price growth from $650 to an all-time peak of Bitcoin at $19,535.
Therefore it is only expected that the 2020 halving will bring further price gains to BTC as the mining rewards get cut down to 6.25 BTC per block.
The crypto crowd seems to share mixed thoughts on the growth of Bitcoin as some seem to side with the extremely bullish ideas of Bitcoin prices skyrocketing up to $100k while others seem to think that it will more realistically hit $12k – $50k.