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Why Bitcoin (BTC) Hitting $100,000 is Possible According to a Binance Exec


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Why Bitcoin (BTC) Hitting $100,000 is Possible According to a Binance Exec

By many measures, the recent Bitcoin (BTC) bull run has just started. Despite being early on in this market cycle though, crypto investors have already begun to look ahead, speculating as to where certain digital assets will top out.

Related Reading: Economist Flips From Bitcoin Skeptic to Savant, Acknowledges Crypto’s Staying Power

Due to Bitcoin’s hegemony, most have focused their sights on the leading cryptocurrency, because as some see it, where BTC tops is where altcoins will. And according to a Binance executive, Bitcoin still has lots of room to run, upwards of 750%.

Bitcoin Could See Six Digits

In a recent fireside chat with trade news outlet BlockTV, Gin Chao, the Strategy Officer of crypto giant Binance, was asked about his thoughts on the potential of Bitcoin.

While noting that the value of BTC or Binance Coin (BNB) even doesn’t affect Binance’s strategy, Chao did note that historical trends hint that the cryptocurrency market has a large amount of upside potential.

In fact, he states that if you take previous cycles into account, of which there were at least three, Bitcoin could find itself in the $50,000 to $100,000 range — around four to eight times higher than the current price of $12,000, respectively.

As to why this will occur, he looks to the fact that there’s likely to be a “turning point” in the adoption of digital assets. And with investors starting to bifurcate the good digital assets from the bad, with Bitcoin obviously falling into the former category, a move to such a level could be had.

Gao isn’t the only industry analyst or executive to have looked to the high five-digit region as where Bitcoin may top in the coming years. For instance,

Think Markets U.K.’s Naeem Aslam recently remarked that as long as BTC stays above the 242-day moving average, which is somewhat unorthodox compared to the traditional 50 or 200-day, a correction is unlikely.

In fact, he quips that in the short term, $20,000 is likely; and in the long run, Bitcoin could foray into the $60,000 to $100,000 range — just around five to eight times higher than current levels. Crazy, eh?

This number isn’t baseless. As reported by NewsBTC previously, Level’s Josh Rager notes that over Bitcoin’s three completed cycles, the trough to peak gains decreased by around 80% each time, which is a concept defined by the law of diminishing returns.

As Rager notes, 2011’s rally saw a return of 320,000%; 2014, 58,500%; and 2017, 12,000%. Thus, if history is followed to a tee, BTC will rally by 2,400% off its bottom, giving it a potential high of just shy of $80,000, $78,500.

Some have been even more optimistic. But anyhow, the consensus seems to be that in the long run, barring that the Bitcoin network fails, BTC will see growth far beyond what was seen in previous cycles.

Featured Image from Shutterstock

The post Why Bitcoin (BTC) Hitting $100,000 is Possible According to a Binance Exec appeared first on NewsBTC.

Original source: https://www.newsbtc.com/2019/06/30/why-bitcoin-btc-hitting-100000-is-possible-according-to-a-binance-exec/

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