Bitcoin Price to $70K in 2024, $170K in 20208
Bitcoin is the first-ever cryptocurrency, and with it came the advent of blockchain technology. Both have the power to disrupt the financial space, and with such possible potential, the asset’s price has been predicted to reach a number of wild and lofty predictions, some of which reach as high as $1 million per BTC.
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But predictions are often just guesses or hopes and aren’t backed up by technical analysis or price charts that demonstrate how the asset may reach such incredible heights.
However, one crypto analyst using a long-term logarithmic growth curve to chart Bitcoin price over the course of its history and into the future can clearly show the path of how Bitcoin could achieve such price predictions.
The price predictions certainly chart nicely… pic.twitter.com/5J5BBGnGF9
— dave the wave (@davthewave) December 7, 2019
The answer lies within the logarithmic growth curve itself, which has acted as a support for Bitcoin price throughout its existence. Even Bitcoin’s tops appear to follow the same logarithmic growth curve, allowing technical analysts like the one featured above plot out where an asset may ultimately grow to in terms of price, and when such prices could be reached.
According to a pair of predictions put forth by the analyst, all based on following the potential of Bitcoin’s logarithmic growth curve, the leading crypto asset by market cap could reach the price of $70,000 per BTC in March 2024, or $170,000 per BTC come September 2028.
These expectations fall in line with the high prices most other crypto investors expect Bitcoin price to reach but achieves them at a much more reasonable rate. Given Bitcoin’s penchant for going parabolic, many expect the asset to reach such prices within the year or sooner.
Even Bitcoin’s highly-cited stock-to-flow model projects the crypto asset reaching prices of $55,000 per BTC come May 2020, when the cryptocurrency reaches its next halving, and the resulting BTC reward miners receive is cut by 50%, immediately throwing off the delicate balance of supply and demand.
Many analysts expect the shift in supply to cause the crypto asset to explode in value, as it has in the past.
But just because Bitcoin price can reach such numbers, the asset’s notorious volatility could take the price to any one of the many predictions, then correct back down to more reasonable prices, before the cycle starts once again.
Related Reading | Bitcoin To Spend 2020 In Accumulation Mode, Ideal Buy Zone
However, the constraints of the logarithmic growth curve suggest that Bitcoin’s volatility is decreasing, and will decrease even further as time goes on and the asset reaches its full valuations and potential, well over $100,000 per BTC towards the end of the new decade.
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