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That's what we call an over-optimistic BTC forecast



According to CryptoBull, a popular cryptocurrency analyst on Twitter, history is about to repeat and bitcoin's (BTC) course will again increase by 4,600%



03.Aug.20 4:05 PM
By Abigail Richards
Photo INNOV.RU

   561

That's what we call an over-optimistic BTC forecast
According to CryptoBull, a popular cryptocurrency analyst on Twitter, history is about to repeat and bitcoin's (BTC) course will again increase by 4,600%.

The analyst reports that the BTC rate already increased by 4,600% in 2016 and 2017. As a result, the value of bitcoin increased from $420 to its all-time high (ATH) of $20,000.

CryptoBull believes that bitcoin started a new rally when it broke through the $9,400 resistance level. If history does indeed repeat itself, an increase of 4,600% would bring the current price to $430,000 by the end of 2021.

That would put bitcoin's total market capitalisation at almost $8 trillion. That is very close to the market capitalisation of gold, which recently increased to $10 trillion. The bitcoin-bull states that this is unlikely to happen without some currency fluctuations.

However, it may sound a little exaggerated and Twitter is sceptical about the analysis. One criticism is that these cycles are often smaller than the previous ones. Recently, reporter Max Keiser, also a famous bull, predicted that bitcoin would rise to $ 400,000. He said the $20,000 ATH won't resist this time.

As always, take this type of analysis with a large grain of salt. Currently, there is a so-called “gap” in bitcoin's price which indicates that the next target may be at $11,600.



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