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- 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.
https://twitter.com/Josh_Rager/status/1218265268243304449?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1218265268243304449&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2020%2F01%2F18%2Fbitcoins-nex
https://twitter.com/Josh_Rager/status/1218265269585502209
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
