Naeem Aslam, a crypto analyst from Think Markets explains why he sees bitcoin at as much as $400,000 during the next bull run.
Bullish predictions are everywhere in crypto, from John McAfee’s one-million-dollar prediction for bitcoin – which famously has the fate of his manhood riding on it – to $740,000 from mining pools, to $250,000 from Tim Draper, to more humble predictions of anything from around $30,000 to $50,000. A trader going by the handle Scienceguy9489 on Twitter predicted just yesterday that April 11th will see the lift-off date for the bull run which will take bitcoin up to $28k, ETH to $2k and LTC to $650. Wouldn’t it be nice!
A more adventurous prediction has come from Naeem Aslam, a crypto analyst working for Think Markets, an online asset brokerage based in London, who has said he sees anything between $100,000 and $400,000 as a feasible target for the next crypto bull run.
Not A Fool’s Paradise
Writing on the Think Markets blog, Aslam uses three charts to illustrate his prediction, claiming it is a case of using simple formulas and observation of previous patterns to arrive at this conclusion. He writes that, based on previous observations of the market, bull runs subsequent to the previous one, pull the price around 5x higher.
“… There is a high chance that the next bull run has a minimum potential of pushing the price 5 times higher. That is over $100K. I personally believe that each Bitcoin can go up as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation …”
When bitcoin hit just under $20,000, fifteen months ago, it set a new water-level mark for its all-time high. This number compared to $400,000 is 20x lower, so $400,000 is a seriously bullish prediction, however, as we learned in 2017, nothing is predictable. In fact in 2017, bitcoin’s $20,000 (okay, $19,423 or around depending on your source) ATH was indeed around 20x higher than the 2013 previous high of $1,121. Logically there is no reason why it shouldn’t make these leaps again.
Bulls At The Gate
The other charts Aslam references in his post, he argues show that bitcoin’s movement patterns are repeating themselves and following the same trends they did before they teed themselves up for the previous bull run. Whether or not this is the case, Aslam is by no means the only voice in the space punting that the market is thawing. Many are speculating that the bulls are at the gate as the resistance point of $4,000 seems to be more repeatedly tested. Whilst there are many differences in opinion on the top price possibilities, voices seem united in their opinion that it is not a matter of if, but rather when.
Crypto commentator $carface argues that it is inevitable. In a recent tweet, he highlights that bitcoin has boomed 4 times already, each time
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Alex has been putting words on paper since he was old enough to hold a pen; when he bought his first bitcoin in January 2017, those words discovered their place within crypto as well. He holds a master’s degree in international relations from Leiden University in the Netherlands, and his special expertise lies in European cryptocurrency regulation.