Since its horrible run ended earlier in February this year after a losing spree of six months, Bitcoin (BTC) has been on a bumper rally and has more than tripled in the last four months. This has led to several bullish predictions throughout the market, some sensible, while others too good to believe.
One such prediction has been coming from famous crypto influencer Max Keiser, who has predicted the time and again that Bitcoin will cross the $100,000 mark by the end of this year. In fact, he is arguably the first person to do so as early as 2011.
Initially, his claim looked too optimistic, as he has always said to be, but due to the heavy swings within the last few weeks have made a claim realistic. As time went by, more and more experts started to predict what Keiser predicted, and now, $100,000 is not just a prediction, but a target for this year.
John McAfee, on the other hand, had predicted in February this year that Bitcoin will touch $1 million by the end of 2020. The computer scientist and longtime crypto promoter believe that any short term BTC price drop, sudden or otherwise is irrelevant.
Keiser, who is also the co-founder of Heisenberg Capital and creator of HSX token, endorsed McAfee’s prediction of $1 million, stating that the scientist’s estimate is no longer off the table. While such high number predictions are growing, the majority of the industry analyst and experts have predicted that Bitcoin will just cross the all-time high of $20,000 and reach around $40,000 at the most. Bitcoin is currently juggling between $11,000 – $12,000 for the past few days and has stabilized comfortably.
McAfee, who is firm on his $1 million predictions for 2020, has stated that the altcoins are due for a mega boom in the near future. He predicted a big rally for Dogecoin a few days ago, and this time he has predicted the same for Apollo (APL), Docademic (MTC), and Monero (XMR).
What are the reasons for such bullish predictions?
Bullish predictions for Bitcoin are based on several factors, which are both economical and political. The sinking stock markets across the globe have made investors hunting for profitable growth take up crypto investments. Also, studies show that millennials, who are expected to dominate investments for the next 3-4 decades, are distancing themselves from investing in gold. These factors have made experts to believe that Bitcoin will takeover gold in terms of the most preferred value-storing asset in the next decade.
Apart from this, the current bullish trend is different from that of 2017 in many ways. The investors are far more mature this time around, being more aware and informed about crypto markets and functions. Unlike 2017 when people invested more because of a bandwagon effect, they are carefully studying the markets before choosing their coins. Markets have also gained enormous trust by the entry of traditional giants like Facebook, JPMorgan, PayPal, etc. in the space.
All of these factors, along with several others, indicate that Bitcoin, which currently has a market cap well over $200 billion, is expected to tumble the $7.3 trillion gold in the next couple of decades.