According to cryptocurrency analyst at ARK Invest, Yassin Elmanjra, in this bull cycle, BTC may grow tenfold from current values.
On Twitter Yassine explained your position. She pointed out that the gains during the 2017 bull cycle were 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 of the bitcoin price can 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, the market is now facing 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 rate is steadily moving towards $ 50,000 thanks to the movement of investments from the precious metals market to the cryptocurrency market.
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