Bullish Bitcoin (BTC) – related predictions keep pouring in the crypto space. A recent one comes from Nicholas Merten who is a popular crypto trader and the owner of YouTube crypto channel DataDash.
He just said that according to a historical analysis for Bitcoin’s previous boom and bust cycles, a new bull run would take the most important digital asset to the price of $68,000.
He also said that the BTC rate of return over time would probably keep naturally decaying, as reported by The Daily Hodl.
Bitcoin can hit $68,000
He said that each bull run would be bringing about 1/5 return from the previous run. Here are his exact words:
“Bitcoin’s initial burst from $2 to around $1,000 represented a 51,000% return. The next bull run saw a 9,400% return, as Bitcoin went from around $200 to more than $19,000. By that logic, a new Bitcoin bull run would boost the price of BTC by about 2,300%, to around $68,000,” the online publication writes.
We recommend that you watch the video above in order to find out more details about the underlying mechanism of his prediction.
Bitcoin vs. gold
We recently addressed another optimistic prediction regarding Bitcoin.
Forbes sees in Bitcoin a viable competitor for gold even if the digital asset has not been around for such a long time.
Author Clem Chambers just said that BTC is gradually taking the place of gold.
In a recent article published on Forbes, the author addressed a bullish BTC price prediction and said that we are definitely out of the crypto winter.
Forbes’ author also made a price prediction regarding the most important digital asset in the crypto space.
“Now bitcoin is going up, and I will be saying “It’s going up.” I think it will hit $6,000 soon and go on to $10,000. At $10,000 I will look to recalibrate. For now, the crypto winter is over.”
Fergus Reynolds joined Crypto Daily Gazette as managing editor in January of 2018 and is helping to lead the digital media startup’s next phase of expansion. A veteran business journalist with more than 10 years experience economics, Fergus has published content for Huff Post and Buzz Fee and was among the earliest journalists covering bitcoin and the innovations it later inspired. Fergus tells us he has “several” bitcoins.